ABUJA, Nigeria (VOICE OF NAIJA)-President Bola Tinubu on Thursday said Nigeria is on track to attract nearly $20 billion in foreign direct investment in 2026 alone.
He linked the projection to ongoing reforms by his administration, including the removal of regulatory bottlenecks, macroeconomic stabilisation efforts, and increased transparency in governance.
Tinubu made the remarks while advocating for African self-reliance and stronger continental resource integration at the Africa CEO Forum in Kigali, Rwanda.
Speaking on a presidential panel moderated by British journalist Zainab Badawi alongside Gabonese President Brice Clotaire Oligui Nguema, he stressed that Africa must stop exporting raw materials while importing finished goods.
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He also maintained that the continent must fund its own development using its natural resources.
Tinubu said, “Removing all the bottlenecks gives you the necessary incentives for direct foreign investment into the country.
“This year alone, I can beat my chest that Nigeria is attracting close to $20 billion in foreign direct investments.”
Addressing questions on value addition and Africa’s long-standing practice of exporting raw materials cheaply while importing finished products at higher costs, Tinubu said Nigeria would no longer export unprocessed resources.
He said, “No one can take metal out of Nigeria without adding value.
“You can excavate the dust, all the minerals, and go, but no. I can produce batteries for cars with my minerals.
“Rare earth minerals are valuable, but if we value what is on the ground as a balance sheet item capable of funding and raising capital for exploration and production of our resources, why not do it for ourselves?”
Speaking on the Dangote Petroleum Refinery, which Badawi noted has a capacity of 650,000 barrels per day and supplies about 70 per cent of Nigeria’s fuel needs, Tinubu said such achievements were only possible through public-private collaboration.
“Nigeria could not survive with over 200 million people in peace without a refinery. A risk-taker like Dangote must be encouraged by the government.
“What I did was support him, give him free trade, his own licence, support him in sourcing the crude that is necessary.
“Today he is a net exporter of petroleum motor spirit, aviation fuel, and other commodities,” he stated.
On crude supply and payment arrangements in naira, Tinubu explained his administration’s approach to reducing foreign exchange pressure.
He said, “My formula is: what is the denominated currency in Nigeria? That is the naira. I have crude that you expect me to export, so I give you, as my local refinery, crude in naira. No letter of credit, no bank scrambling, no exchange rate instability.”
He also questioned the credibility of Western credit rating agencies, arguing that they often underestimate African economies.
“I wrote an article in the Financial Times. Have the rating agencies visited Rwanda and seen the potential, the tourism, the 9.4 per cent growth last year?
“Investment is very cowardly, unless you are transparent, accountable and forthright. That is why we must recapitalise all our financial institutions,” he stated.
On tax reforms, Tinubu referenced what he described as the Lagos model, saying it has now made Lagos the fifth-largest economy in Africa and is being scaled nationally.
“Tax reform must be written in English, understandable and not Japanese in English, a standard that everyone is able to pay.
“Not for avoidance, but for the genuine commitment of citizenship. Write it simple but not stupid. I have reformed that in Nigeria.
“You can pay your taxes from your telephone. You can access and evaluate yourself so easily from your phone,” he stated.
On agriculture, he highlighted 6,000 mechanised agricultural zones, a government buy-back programme, and the Sokoto–Badagry highway as part of efforts to boost food production and logistics.
He said, “Gone are the days when agriculture is no longer sexy. Government must identify energy sources for preservation of items, buy back from farmers when prices are very low and frustrating, have storage silos and when the market is better, help the farmers.
“It is not possible for the farmers to take a loan and think it will be profitable without high-yield seedlings being provided to them.”
On infrastructure development, Tinubu said Nigeria has already deployed over 90,000 kilometres of fibre optic network across the country.
“That is the only way we can bring lessons to children and communicate with farmers and ordinary traders. Africa must be able to put funding together to surpass the level of primitive telecommunication, bring in AI, e-commerce; we need to leapfrog,” he noted.
Speaking on youth development, he added, “I am a politician. If I don’t get them ready for that (digital revolution), they’ll vote me out.”
He further said, “Africa needs to put its money where its mouth is. The African Continental Free Trade Area should not be left on the drawing board; it should be activated properly, with regional collaboration and effective utilisation of our resources, not working in silos but in collaboration with one another. I believe in Africa first, because I started with Nigeria first,” he added.
The Africa CEO Forum, which continues through Friday in Kigali, is the continent’s largest gathering of business leaders and heads of state, focused on economic integration and private sector development.