Tinubu: Nigeria to Attract $20bn FDI in 2026 as Economic Reforms Gain Momentum

President Bola Tinubu has said Nigeria is on track to attract nearly $20 billion in foreign direct investment in 2026, attributing the projected inflow to reforms targeted at removing regulatory bottlenecks, improving transparency and stabilising the economy.

Tinubu spoke on Thursday at the Africa CEO Forum in Kigali, Rwanda, where he stressed the need for Africa to stop exporting raw materials without adding value. According to him, Nigeria is repositioning itself to maximise local production and industrial growth through strategic reforms and private sector collaboration.

“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,” the President said during a panel session moderated by British journalist Zainab Badawi.

The President insisted that Nigeria would no longer allow its mineral resources to leave the country without processing. He said the nation must take advantage of its vast deposits of rare earth minerals and metals to create finished products locally.

“No one can take metal out of Nigeria without adding value. I can produce batteries for cars with my minerals,” Tinubu stated.

He also defended government support for the Dangote Petroleum Refinery, describing the project as critical to Nigeria’s energy security. According to him, the partnership between government and private investors made the refinery possible.

“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,” he said.

Tinubu explained that his administration supported the refinery through favourable policies, including crude supply arrangements in naira to reduce pressure on foreign exchange and simplify transactions.

The President further called on African nations to finance their development using local resources rather than relying excessively on external support. He argued that Africa’s wealth in minerals and natural resources should become a tool for raising capital and driving industrialisation across the continent.