By Abiola Olawale
The Minister of Industry, Trade, and Investment, Jumoke Oduwole, has disclosed that the foreign trips President Bola Ahmed Tinubu usually embark on are needed for the growth of Nigeria’s economy.
This is as she announced that the country had secured investment deals totalling $50 billion from Tinubu’s international engagements.
The revelation was made during a press briefing in Abuja on Tuesday. According to her, the Federal Government under Tinubu is aggressively pushing to attract foreign direct investment (FDI) amid ongoing economic reforms.
The trips, which have taken him across Europe, Asia, the Middle East, and North America, were strategically aimed at showcasing Nigeria’s potential as a prime investment destination, the Minister added.
She remarked: “As of December 2024, Mr President’s over 30 international trips have generated $50.8 billion in announcements.
“Where the ministry’s work comes in is tracking those announcements and making sure that it (sic) comes to fruition.
“For example, about two weeks ago, the Brazilian trip on the sidelines of G20, where the largest meat exporters in the world, meat producers in the world, announced that they would invest $2.5 billion in Nigeria.
“That’s the sort of work that the ministry does to make sure that if there’s an announcement of an investment or a trade relationship, that we make it happen.
“Aside from tracking these investments, our role as the federal ministry of Industry Trade and Investment is to handle those businesses, to remove the regulatory and bureaucratic bottlenecks, to share information, the transparency and the efficiency of public service delivery, to support them in whatever incentives are possible for them, and to bring that money home.”
She added that the investment pledges span critical sectors, including energy, agriculture, infrastructure, and technology.
Speaking on achievements, the minister said Nigeria had bid to host the International-African Trade Fair (IATF) and was shortlisted.
She added: “It’s a very, very catalytic game changer for any economy. Nigeria paid for it in November and we were shortlisted.
“I shouldn’t let the cat out of the bag, but we’re hopeful that we will get this and put on a strong show.
“We’re very bullish about exporting our quality products because our products are in demand and they are good all across the continent and the world.
“So we’ll continue to work on that and just watch out for the space. We’re also looking into something around direct cargo flights across Africa for our traders, bringing the cost down for cargo flights and further facilitating trade.”
