Nigeria Secures Over $20 Billion in Investments Under President Tinubu’s Administration

Nigeria’s Vice President Kashim Shettima has announced that President Bola Tinubu’s administration has secured investments valued at over $20 billion for the country.

Shettima highlighted these achievements during his speech at the 2024 Vanguard Economic Discourse, held at the Civic Centre in Victoria Island, Lagos, on Thursday.

Represented by his Special Adviser on Economic Affairs, Tope Fasua, Vice President Shettima detailed several key potential investments secured under President Tinubu’s administration.

These include $14 billion from India and $250 million from the Netherlands. Additionally, he mentioned a significant investment of $500 million for lithium development in Nasarawa State and another $500 million from Germany for renewable energy projects.

“Mr. President has secured more than $20 billion in potential investments for the country, including $14 billion from India, $250 million from the Netherlands, and commitments of $500 million for lithium development in Nasarawa State, as well as another $500 million from Germany for renewable energy,” Shettima stated.

He also noted the progress of the Siemens power sector projects, which are expected to significantly enhance Nigeria’s energy sufficiency shortly.

The Vice President emphasized the government’s commitment to leveraging the African Continental Free Trade Agreement (AfCFTA) to benefit Nigerian exporters and enhance economic growth despite global economic uncertainties.

Shettima highlighted the administration’s dedication to investing in the nation’s most valuable resource—its people—through various development programs.

He noted the government’s strategy to add value to Nigeria’s natural resources, aligning with President Tinubu’s vision to expand capacity in critical economic sectors such as manufacturing, technology, and industry.

“Please know that our promises stand. We will do everything within our power to deliver on these promises. We are steadfast in our goal of achieving a $1 trillion economy and in protecting our most vulnerable citizens. Once again, we appeal for your understanding, support, perseverance, and sacrifice for our great country, Nigeria,” Shettima concluded.

This announcement highlights President Tinubu’s administration’s efforts to attract foreign investment and bolster economic growth, demonstrating a commitment to sustainable development and economic resilience.