Tinubu: Nigeria Eyes $20B FDI in 2026

President Bola Tinubu declared Thursday that Nigeria is on track to attract nearly $20 billion in foreign direct investment in 2026, crediting his administration's reforms to remove regulatory hurdles, stabilize the macroeconomy and enhance transparency. He made the remarks during a presidential panel at the Africa CEO Forum in Kigali, Rwanda, the continent's largest gathering of business leaders and heads of state focused on economic integration and private sector growth.

Tinubu, speaking alongside Gabonese President Brice Clotaire Oligui Nguema and moderated by journalist Zainab Badawi, emphasized Africa's need for self-reliance by processing raw materials domestically rather than exporting them cheaply and importing finished goods. "No one can take metal out of Nigeria without adding value," he said. "Rare earth minerals are valuable, but if we value what is on the ground as a balance sheet item capable of funding and raising capital for exploration and production of our resources, why not do it for ourselves?"

He highlighted support for the Dangote Petroleum Refinery, which produces 650,000 barrels per day and covers about 70 percent of Nigeria's fuel needs, as a model of...