President Bola Ahmed Tinubu has announced that Nigeria is on track to attract nearly $20 billion in foreign direct investment in 2026, attributing the expected inflow to ongoing economic reforms, deregulation efforts, and improved investor confidence.
He made the projection while speaking at the Africa CEO Forum held in Kigali, Rwanda, where he joined other African leaders in discussions focused on economic integration, industrialisation, and self-reliance across the continent.
Tinubu said his administration’s removal of regulatory barriers and efforts to stabilise the macroeconomic environment have created stronger incentives for foreign investors to enter Nigeria.
He expressed confidence that the reforms would position Nigeria as one of the leading investment destinations in Africa in the coming year.
The president also used the platform to call for greater African control over natural resources, insisting that the continent must move away from exporting raw materials and instead focus on value addition and local production.
According to him, Africa should process its mineral resources locally rather than exporting them in unrefined form, arguing that this would strengthen economies and create jobs.
He cited Nigeria’s mineral wealth, including rare earth resources, saying they should be used to drive local manufacturing such as battery production and other industrial outputs.
Tinubu also highlighted the success of the Dangote Petroleum Refinery, describing it as an example of effective public-private collaboration that has helped reduce Nigeria’s dependence on imported fuel.
He said government support, including licensing and crude supply arrangements, enabled the refinery to scale production and contribute significantly to domestic fuel supply and exports.
On economic policy, he defended reforms in taxation, infrastructure, agriculture, and digital development, noting that simplified tax systems now allow Nigerians to pay taxes through mobile platforms.
He also pointed to major infrastructure investments, including fibre optic expansion and agricultural development zones, as part of efforts to modernise the economy and improve productivity.
Tinubu further emphasised the importance of education, digital innovation, and youth engagement, saying Africa must prepare its young population for a technology-driven future.
He urged African countries to fully implement the African Continental Free Trade Area to strengthen regional cooperation and reduce economic fragmentation.
The Africa CEO Forum brings together African heads of state, business leaders, and investors to discuss strategies for sustainable growth and development across the continent.
