Bola Ahmed Tinubu has said Nigeria is on track to attract close to $20 billion in foreign direct investment in 2026, citing ongoing reforms aimed at improving the country’s investment climate.
Tinubu made the statement on Thursday while speaking at the Africa CEO Forum in Kigali, where he joined a presidential panel moderated by British journalist Zainab Badawi alongside Brice Clotaire Oligui Nguema.
The Nigerian leader said his administration’s removal of regulatory bottlenecks, macroeconomic reforms, and transparency measures were already attracting strong investor confidence.
“Removing all the bottlenecks gives you the necessary incentives for direct foreign investment into the country,” Tinubu said.
“This year alone, I can beat my chest that Nigeria is attracting close to $20 billion in foreign direct investments.”
The president also advocated greater economic self-reliance across Africa, stressing that the continent must stop exporting raw materials without adding value locally.
According to him, Nigeria is repositioning itself to process and utilise its mineral resources domestically.
“No one can take metal out of Nigeria without adding value,” Tinubu stated.
“I can produce batteries for cars with my minerals.”
Speaking on the operations of the Dangote Petroleum Refinery, Tinubu said collaboration between the government and private investors was essential to achieving energy security in Nigeria.
He praised businessman Aliko Dangote for investing in the refinery project and explained that the government provided policy support to ensure its success.
“Nigeria could not survive with over 200 million people in peace without a refinery,” he said.
“A risk-taker like Dangote must be encouraged by the government.”
Tinubu added that supplying crude oil to the refinery in naira had reduced pressure linked to foreign exchange instability and banking processes.
“My formula is: what is the denominated currency in Nigeria? That is the naira,” he said.
The president also criticised international credit rating agencies, arguing that African economies are often undervalued despite their growth potential.
He referenced Rwanda’s economic growth and tourism sector while questioning whether rating agencies adequately assess the continent’s opportunities.
On tax reforms, Tinubu said Nigeria was simplifying its tax system to improve compliance and accessibility for citizens.
“Tax reform must be written in English, understandable and not Japanese in English,” he stated.
“You can pay your taxes from your telephone.”
Tinubu also highlighted investments in agriculture, infrastructure, and digital connectivity.
According to him, Nigeria has established 6,000 mechanised agricultural zones, introduced farmer support initiatives, and embarked on the Sokoto-Badagry highway project to strengthen trade and logistics.
He further disclosed that more than 90,000 kilometres of fibre optic network had already been laid across the country to support digital communication, e-commerce, and artificial intelligence development.
“That is the only way we can bring lessons to children and communicate with farmers and ordinary traders,” he said.
Speaking on the importance of youth inclusion in technology and governance, Tinubu said political leaders must prepare young people for the digital economy.
“I am a politician. If I don’t get them ready for that, they’ll vote me out,” he said.
The president also called for stronger implementation of the African Continental Free Trade Area, urging African nations to collaborate more closely instead of operating independently.
“Africa needs to put its money where its mouth is,” Tinubu added.
The Africa CEO Forum, held annually in Kigali, brings together African business leaders, investors, and heads of state to discuss economic integration and private sector development across the continent.
