The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has listed 19 investments and proposed projects across key sectors to counter claims that the President’s economic reforms are discouraging foreign investors from investing in Nigeria.
Onanuga highlighted the projects in a post on X on Saturday, citing developments in banking, oil and gas, power, mining, telecommunications, technology, data infrastructure and maritime logistics as evidence of continued investor interest in the country.
He criticised opposition figures for allegedly refusing to acknowledge the progress recorded under the Tinubu administration since it assumed office in May 2023.
According to the presidential aide, the investments and proposed projects reflect growing business activities across different sectors of the Nigerian economy.
In the banking and financial services sector, Onanuga cited JPMorgan’s application for a merchant banking licence, Absa’s consideration of expanding its Nigerian operations into merchant banking, and Standard Bank Group’s planned investment of up to $200m in fintech company OPay.
Shell’s proposed $20bn Bonga South West project is another major development cited by the presidential aide, with a final investment decision targeted for 2027.
Power, Mining and Industrial DevelopmentOnanuga also listed the $2.3bn Presidential Power Initiative involving Siemens Energy, which is expected to improve electricity transmission and distribution infrastructure.
The initiative includes a 480-megawatt substation in Abeokuta, Ogun State, expected to be completed by the end of 2026.
In the mining and industrial sectors, he cited a $250m lithium processing plant in Nasarawa State developed by Chinese firms Jiuling and Canmax, as well as Indorama’s $265m fertiliser project completed by Daewoo Engineering and Construction.
Other projects included a proposed solar-powered steel plant by African Industries Group in Niger State and a memorandum of understanding signed by 3TREES for an initial $100m investment.
Telecommunications and Data Infrastructure
The presidential aide also pointed to investments in telecommunications and digital infrastructure, including projects by MTN, Airtel, Equinix and Starlink.
