Temitope Ajayi, the Senior Special Assistant to the President on Media and Publicity, clarified that the investments are genuine and backed by solid commitments from international and domestic investors.
The President Bola Tinubu-led administration has insisted that the country attracted $30billion foreign direct investments (FDI) as announced during Nigeria’s Independence Day broadcast, despite the barrage of criticisms trailing the claim.
Temitope Ajayi, the Senior Special Assistant to the President on Media and Publicity, clarified that the investments are genuine and backed by solid commitments from international and domestic investors.
Ajayi emphasised the distinction between attracting and securing investments, noting that investment commitments didn’t always translate into immediate cash inflows.
According to him, many of these investments “are still in progress” with machinery and raw materials arriving in Nigeria and final decisions, being made on large-scale projects.
In his October 1 Independence Day broadcast, President Tinubu had announced that his administration had attracted over $30billion in foreign direct investments (FDI) within its first 16 months.
This announcement, however, sparked intense debate among social media users and television commentators, with critics rushing to fact-check the president’s claim.
In rebuffing the criticism, Ajayi said, “Investment commitments don’t always translate into immediate cash inflows.”
He pointed out that during the G20 Summit in India last year, Tinubu secured $14 billion in investment pledges from Indian businesses, including $8billion from Indorama to expand its petrochemical and fertilizer plant, $800million from Bharti Airtel for network expansion, and $3billion from Jindal Steel for steel production.
Additionally, Airtel has already begun construction on a $500 million data center in Lagos, which further strengthens Tinubu’s claims.
In the energy sector, the presidential aide, said that ExxonMobil announced a $10billion investment in Nigeria’s deepwater oil production during a recent meeting with Vice President Kashim Shettima, while Total Energies committed to a $550 million investment in gas exploration.
Other major companies, he said, have also reaffirmed their confidence in Nigeria’s economic potential.
Coca-Cola has revived its paused $1 billion investment plan, while APPL is developing a €9.2 billion hydrogen project in Akwa Ibom State, projected to create 25,000 jobs. Afreximbank, Maersk, and Shell have also committed billions to various sectors of the Nigerian economy, from port infrastructure to energy and manufacturing.
The investments demonstrate the administration’s efforts to attract foreign investment and boost Nigeria’s economy.
