The Minister of Industry, Trade, and Investment, Jumoke Oduwole, has disclosed that the 30 foreign trips undertaken by President Bola Tinubu have attracted proposed investments worth $50.8bn into the country.Oduwole spoke on Tuesday during the ministerial press briefing series organised by the Ministry of Information and Cultural Orientation in Abuja.The minister, citing reports that the Nigerian economy needs about $50bn to be steady in terms of foreign exchange, said the president already generated much more investments through his official visits to foreign countries.She also stated that the country has expanded trade and investment discussions with five key global economies—Brazil, India, France, and the United Arab Emirates—to boost economic growth and create wealth for its citizens.
She noted that the government was working towards ensuring that the investments come through.Oduwole said, “As of December, Mr President’s over 30 international trips have generated $50.8bn in announcements. That is huge for our country. The ministry’s work comes in tracking those announcements and making sure that they come 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 $2.5bn 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.”Oduwole, alongside her counterpart John Eno, stated that Nigeria aims to position itself as a prime investment destination, unlocking a $50bn Foreign Direct Investment commitment.
