Onanuga Lists 19 Projects to Counter Claims Tinubu’s Reforms Scare Investors

Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, has listed 19 investments and proposed projects across several sectors to counter claims that the President’s economic reforms are discouraging investors from investing in Nigeria.

Onanuga made the list public in a post on X on Saturday, October 24, citing developments in banking, oil and gas, power, mining, telecommunications, technology, data centres, ports and logistics between 2025 and 2026.

He argued that the projects demonstrated continued investor interest in Nigeria, rejecting opposition claims that the administration’s policies had worsened the country’s economic situation since Tinubu assumed office in May 2023.

In the banking and finance sector, Onanuga highlighted JPMorgan’s move to establish a merchant bank in Nigeria, Absa’s consideration of converting its representative office into a merchant bank, and Standard Bank Group’s planned investment of up to $200 million in digital financial services company OPay.

In oil and gas, he cited TotalEnergies and AMNI’s Ima gas project, ExxonMobil’s deepwater investments and Shell’s proposed Bonga South West development. The projects are expected to support energy production and attract capital into Nigeria’s petroleum industry.

The list also included the $2.3 billion Presidential Power Initiative involving Siemens Energy, a lithium-processing plant in Nasarawa State and Indorama’s fertiliser project.

Onanuga further referenced investments in digital infrastructure, including MTN’s data centre, Airtel’s planned $120 million data centre in Eko Atlantic, and Amazon Leo’s reported acquisition of an operating licence for Nigeria.

In the maritime and logistics sector, he pointed to APM Terminals’ $600 million investment pledge, as well as preliminary agreements involving DP World for the proposed Ogun Deep Sea Port and a special economic zone. He also listed a $200 million partnership involving Abu Dhabi Ports and the Lekki corridor.

The presidential aide presented the developments as evidence that Nigeria remains capable of attracting investment despite criticism of the administration’s economic reforms.

However, the projects are at different stages of development. Some involve completed facilities or announced investments, while others remain proposals, are under consideration or depend on regulatory approvals and final investment decisions.

The list therefore reflects the government’s argument about investor confidence, although the announcement of a project or investment commitment does not necessarily mean that the full amount has been invested or that the project is operational.