Tag: FDI

Kaduna: “Gov. Sani attracted $3.2bn investments in under 3yrs’ – C4KER Centre

Aminu Imam
Gov. Sani on FDI

The Centre for Kaduna Economic Renewal (C4KER) has declared that Governor Uba Sani attracted over $3.2 billion in foreign investment commitments and mobilised more than ₦1 trillion in domestic capital in less than three years, describing the development as an unprecedented economic turnaround for the state. Speaking at a media conference at the weekend, Chairman of the Centre, Umar Mohammed, said that since May 2023, Kaduna State has secured over 27 major company investments and Memoranda of Understanding (MoUs), with 10 projects already operational or under construction and six additional…

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Katsina: Chinese investors to inject $150m into multi-sector projects

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Katsina Chinese investors

A group of Chinese businessmen are set to invest an initial sum of $150 million or more than ₦200 billion in various sectors of Katsina State’s economy. This was made known when a delegation of 25 Chinese investors under group names COVEC, were in the state to discuss with the state government on modalities to the investment procedure. A statement by a spokesperson to the state governor, Ibrahim Mohammed, identified areas the investors would inject their resources to include the development of 2,500 hectares at Sabke Dam for maize cultivation…

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30 states spent ₦11.75bn on trips in Q1 ’25 only to attract zero FDI – Report 

Aminu Imam
FDI Report

Thirty Nigerian states spent a combined ₦11.75 billion on international trips and training in the first quarter of 2025 with no foreign direct investment (FDI) to show for it. According to the Capital Importation report published by the National Bureau of Statistics, (NBS) on Tuesday, all of the FDI that came into the country between January and March went to only seven locations: the Federal Capital Territory (FCT), Lagos, Ogun, Oyo, Kaduna, Kano and Ekiti. The Foundation for Investigative Journalism, (FIJ), report analysed the first quarter financials of the states…

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‘Tinubu’s mining reforms yield 6-fold revenue increase, $800m FDI’ – Alake

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Alake

Nigeria’s solid minerals sector, driven by the Tinubu administration’s new policy of local value-addition and a tightened licensing regime, attracted over $800 million in processing projects last year. The sector also generated over ₦38 billion in revenue in 2024, up from just ₦6 billion the previous year, despite receiving only 18% of its ₦29 billion budgeted allocation. Minister of Solid Minerals Development, Dr. Dele Alake, revealed this during a feature interview for an upcoming State House documentary marking President Tinubu’s second anniversary, said the sector has witnessed an increase in…

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’32 Nigerian States record zero foreign investments in 2024′ – NBS

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NBS on FDI

A whopping 32 States out of 37 states in Nigeria attracted zero capital importation (foreign investments) in the first 9 months of 2024, up from 27 States in the whole of 2023. This is a according to the latest Capital Importation data from the National Bureau of Statistics (NBS) for the third quarter of 2024. According to the data, Nigeria attracted $1.2 billion in the third quarter of 2024, when compared to $2.6bn and $3.3bn in the second and first quarter of the year respectively. Total capital importation in the…

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ExxonMobil proposes $10bn investment in Nigerias Deepwater oil

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ExxonMobil proposes

U.S. oil supermajor, ExxonMobil, has proposed an investment of $10 billion in Nigerias deepwater oil resource development. According to the spokesman and senior special assistant to the Vice-President, Stanley Nkwocha, in a statement issued yesterday, Vice-President, Kashim Shettima welcomed ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations, describing it as a clear testament to the administration’s economic reforms and investment-friendly policies, said the statement. Recall that Shettima, on Wednesday, held a high-level meeting with ExxonMobil executives on the sidelines of the on-going 79th Session of the United Nations…

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Coca-cola announces $1bn investment in Nigeria

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Coca cola announces2

As Tinubu assures on economy President Bola Tinubu has reiterated his administrations commitment to creating a robust financial system and a business-friendly economy that will attract more foreign direct investments. The President made the commitment yesterday in Abuja, as the Coca-Cola Company announced plans to invest $1 billion in Nigeria over the next five years. The announcement was made at a meeting between the President and the global leadership team of Coca-Cola Company, led by its president and Chief Financial Officer (CEO), John Murphy and the Chairman of Nigerian Bottling…

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FG secures $7bn foreign direct investment to boost oil sector Edun

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Minister Edun

Minister of Finance, Wale Edun, has said that Nigeria secured a $7 billion Foreign Direct Investment, (FDI), in order to boost the countrys oil and gas sector. Edun disclosed this during an interview in a television programme at the weekend. In terms of figures, seven billion dollars is estimated to come in from the oil sector, with another major improvement in the economic environment, the national single-window project, which is an e-community and trade facilitation platform, which will revolutionise what goes on at the ports, he said. Meanwhile, in the…

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Tinubu welcomes multi-sectoral agreements with Qatar

Aminu Imam

Set to receive investment team in Abuja President Bola Ahmed Tinubu, and the Emir of the State of Qatar, His Highness, Sheikh Tamim bin-Hamad Al-Thani, yesterday in Doha, witnessed the signing of historic agreements between both nations, opening a gateway for leveraging the potential of mutual cooperation in pivotal sectors of education, enterprise development, investment promotion, youth empowerment, mining, tourism, and sports. Before the signing ceremony at the Qatar Presidential Palace, President Tinubu assured his host of Nigerias preparedness to welcome investors into the country, noting the ongoing reforms that…

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Foreign investors hit brakes on Nigeria over volatile naira

Aminu Imam

Foreign investors are holding off on new investments into Nigeria until the its currency, the Naira finds some stability. According to a source familiar with the matter, Foreign investors that thought the peak of the exchange rate would be N1,550/$ and came in have now picked mark-to-market losses on the currency. They are touching their stop losses and are reversing their inflows. And we dont have the liquidity to support that. A fresh inflow of around $700 million was expected to come but that has now been suspended as investors…

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