Nigeria Minister of Industry, Trade and Investment, Dr Jumoke Oduwole has asserted bag Nigeria’s $50 billion investment figure represents announcements and commitments rather than funds already invested.
Speaking during an interview with ARISE NEWS on Tuesday, Oduwole said the Federal Government’s task was to turn the commitments into actual investments, factories, businesses and jobs, while insisting that Nigeria would protect its interests in negotiations over critical minerals with the United States.
“As of January 2025, Mr. President’s international visits and really investment promotion had yielded about $50 billion in investment announcements. That’s from over 80 MOUs signed by different ministries, departments, and agencies across various countries, from Brazil to France to UK, different things.”
She said some projects had already moved beyond announcements, citing investments in fertiliser, petrochemicals, manufacturing and other sectors.“Now, what our job is, is to make sure that those announcements are translated into real-time investments.”
She cited an $8 billion investment by Indorama in the fertiliser and petrochemical sector and Coca-Cola’s $1.5 billion commitment as examples of investments the government was working to bring to fruition. “And so, from investments such as the IDES that I mentioned, that is now being deployed, to investments like $8 billion from Indorama in fertiliser and petrochemical sector, that’s a stage investment. Coca-Cola also has invested about, they committed to $1.5 billion also.”
Oduwole also pointed to the healthcare manufacturing company Vestagard, saying discussions with the firm had resulted in operations beginning in Lagos free zones. “That investment, that meeting has brought fruit. They’ve started operations in Lagos free zones. At its peak, that company will be producing about 10 million malaria-treated nets that will be exported to the rest of Africa and also used within Nigeria.”
She said converting investment announcements into projects takes time, particularly when dealing with patient capital. “It’s a slow process, especially slow capital. Everybody knows Nigerian capital market portfolio investors are rushing in here. It’s one of the best markets in the world right now. But slower, patient capital takes time.”
On Nigeria’s critical minerals partnership with the United States, Oduwole said the agreements were frameworks and intentions rather than legally binding commitments. “For the Critical Minerals Framework, when you sign MOUs, first of all, they are intentions. They’re not legally binding.”
She said Nigeria wanted partnerships that would develop its mineral value chains inside the country rather than simply exporting raw materials. “We’ve said that we want countries and not just the US that will develop our minerals value chain, for instance, from lithium all the way to batteries right here in Nigeria.”
Asked what Nigeria would give the US under the framework, Oduwole rejected the suggestion that the country was giving away its mineral resources. “We’re not giving anything. We’re not letting go of anything. And we don’t need to be afraid. And we don’t need to be reactive. We’re in the world and we have to negotiate. And we have to negotiate what matters for Nigerian businesses.”
Oduwole explanied Nigeria had to negotiate partnerships on its own terms while taking advantage of growing global demand for critical minerals. “So there’s nothing anybody’s going to take away from us without it being on our own terms. It’s up to us to negotiate.”
She said Nigeria should not leave its mineral resources underground or allow informal mining to continue without developing the sector. “At the same time, you don’t want to leave critical minerals or rare earths in the ground or leave it to informal artisanal mining. It’s time that we formalise that sector.”
Oduwole said the government wanted mineral processing and manufacturing to create jobs, particularly in states with significant mineral deposits.“It’s time that we developed and derived the benefits. It’s time that we have factories here that can deliver jobs.”
She said the government was engaging governors in states including Nasarawa, Zamfara, Niger and Kaduna over opportunities in critical minerals. “When formal mining takes place, that is jobs for arrested youth. They’ll be too tired in the evenings to do anything else than to sleep, because they’ll have jobs and they’ll be able to fend for their families.”
Oduwole said Nigeria was also working with international partners to reduce investment risks and attract businesses into the mining sector. “With the World Bank, we’ve done some de-risking. We know what the feasibilities are. And we know now that businesses are ready to come and invest in Nigeria, in Nigerian mines, brownfield, actually.”
On manufacturing, Oduwole said the government had maintained direct engagement with businesses and was addressing specific problems affecting the sector. “And so we continue to have a direct relationship with the manufacturing sector because it’s a priority for the administration.”
She said government interventions had included the industrial policy, the Domestic Investors Summit and a Platinum Business Champions programme for large businesses. “With the Domestic Investors Summit, on the spot, 75% of issues were solved. 25% of the rest were solved within five days.”
Oduwole also defended the Bank of Industry’s work, saying she was unaware of the controversy over funds allegedly being withheld from the bank. “I don’t know about that controversy about funds not being made available.”
She said the Bank of Industry continued to implement its mandate, including through the IDICE programme. “I know that the Bank of Industry has continued to push on its mandate. I know, for instance, with the IDICE programme, over 600 million for creative sector, for innovation, for digital sector, that is being dispersed.”
On the government’s wider economic ambitions,
Oduwole said reaching a $1 trillion economy would require progress across several areas. “There’s no magic wand. We all have to do the hard work. It takes some time. But we’re focused. And you can see that we’re on track.”
She said services, which account for more than half of Nigeria’s GDP, remained a major area of focus, particularly digital skills and remote jobs. “So in disaggregating services, we’ve prioritised digital skills and digital jobs, remote jobs. And so that’s why I’ve been pushing the hire from Nigeria.”
Oduwole also highlighted Nigeria’s trade expansion, including increased exports to China and efforts to improve access to markets across Africa and beyond.“We’re already dominating the rest of Africa. We’re pushing to other countries. You can see that 80 percent increase in our exports to China just in a year.”
She said the government was also working to improve trade infrastructure and market access as part of its strategy to expand the economy. “The major infrastructure projects by this administration, from the Lagos Calabar to the Sokoto-Badagry, they’re opening not just roads, they’re opening corridors of trade, corridors of enterprise, delivering jobs, even in construction.”
Oduwole said the government’s focus was ultimately on translating economic reforms into jobs, exports and wider prosperity. “Those are the baselines of achieving a $1 trillion economy.”
Erizia Rubyjeana
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