FG Moves To Unlock $50.8 Billion Investments In Manufacturing

Nigeria’s Federal Government is taking significant steps to boost the country’s manufacturing sector.

Minister of Industry, Trade and Investment, Jumoke Oduwole, announced on Tuesday that the government is working to realize $50.8 billion investment commitments made by foreign partners during President Bola Ahmed Tinubu’s international trips.

Dr. Oduwole said the ministry was tracking the investment announcements to ensure they come to fruition.

She spoke during the 2025 ministerial press briefing organised by the Ministers of Information and National Orientation Mohammed Idris in Abuja.

She said: “I will just mention the tracking of Mr. President’s investment announcements.

“Someone had put out a statistic that the Nigerian economy needed $50 billion to be steady in terms of foreign exchange.

“We did the numbers and as of November, Mr. President’s international trips had generated $50.8 billion in commitments.

“The ministry tracks those announcements to ensure they come to fruition.”

She said Nigeria was deepening trade relations with five key countries and repositioning itself as the African Continent Free Trade Area ACFTA trade champion.

The minister said the government was prioritising outsourcing of services because, according to her, youths can earn dollars without jetting out.

On trade facilitation, she said the national single window project was at the implementation stage.

On bilateral and multilateral trade, she said: “The President has ordered that the country should be investment ready even to the legal framework.”

Oduwole said the government was putting measures in place to revolutionise the manufacturing sector.

Furthermore, she said President Tinubu has inaugurated the industrial revolution work group, and will not relent until there is a positive lift in the country’s industrial landscape.

She reaffirmed the government’s commitment to reducing the cost of transporting goods and services by air, land, and sea to boost production across the country.

“We are exploring direct cargo freight across Africa for our traders because Nigerians engage in significant trade. This will help bring them together.

“We aim to lower cargo freight costs. That is one of the key initiatives the ministry is undertaking to fulfil our mandate,” Oduwole said.

She added: “As we can see, the cost of production is gradually decreasing, and we will continue working to strengthen our economy.”

Oduwole said the ministry was collaborating with independent power producers (IPPs) nationwide.

“This partnership with the private sector aims to enhance power supply, which will significantly boost the country’s economic growth,” she said.

Oduwole confirmed ongoing efforts to improve tariff schedules, ensuring that products can move freely across different payment systems.

She said the ministry was working with the Nigeria Customs Service and the Nigeria Immigration Service to streamline procedures, rules, and value chains for trade facilitation and remove bottlenecks.

According to her, the ministry is also focused on making Nigeria an attractive investment destination, which requires a conducive environment and favourable tariffs.

“That is why we continue to engage with the fiscal and monetary arms of government.

“Our goal is to champion trade and industry, ensuring policies support business growth and economic expansion,” she stated.

She highlighted collaborations with over 50 federal agencies to improve business processes and transparency.

“My team and I are dedicated to simplifying processes and enhancing transparency, which is a priority for me.

“We continuously seek new pathways to prevent unintended consequences in our policies and ensure they support businesses and traders,” Oduwole said.

She emphasised that Nigerian businesses were already expanding across Africa, moving ahead of government-led initiatives.

To achieve its objectives, the ministry has partnered with key ministries, strengthening collaboration to drive investment, trade, and industry.

“We are working closely with the Ministry of Agriculture and Food Security, the Ministry of Arts, Culture, Tourism and Creative Economy, and the Ministry of Communication, Innovation and Digital Economy.

“Through these partnerships, we aim to create an environment where investment, industry, and trade can thrive within Nigeria’s economy,” she added.