Nigeria’s President, Bola Ahmed Tinubu, has said the country is on track to attract nearly $20 billion in foreign direct investment (FDI) in 2026, as Africa’s largest economy seeks to position itself as a manufacturing and energy hub following a series of economic reforms.
Speaking at the Africa CEO Forum in Kigali, Rwanda, Tinubu said his administration’s removal of foreign exchange controls, subsidy reforms and regulatory changes were helping to restore investor confidence in Nigeria after years of economic instability.
“This year alone, I can beat my chest that Nigeria is attracting close to $20 billion in foreign direct investments,” Tinubu said during a presidential panel moderated by British journalist Zainab Badawi.
Nigeria has spent the past two years attempting to stabilise its economy after a sharp currency devaluation and record inflation, which have triggered concerns among investors.
Tinubu used the forum to argue for greater industrialisation across Africa, saying the continent should stop exporting raw materials without processing them locally.
