FG Unveils $50bn Investment Drive as Push for $1tn Economy Gains Momentum

Dr Jumoke Oduwole 
Minister, Industry, Trade and Investment 

"In addition to the investment commitments, Nigeria has recorded US$6.1 billion in non-oil exports, disbursed over ₦600 billion through the Bank of Industry, captured more than 500,000 Micro, Small and Medium Enterprises (MSMEs) in the national database, and supported nearly 300,000 Nigerians through skills development programmes." Says Oduwole.

The Federal Government has announced that Nigeria has secured over US$50 billion in foreign direct investment (FDI) commitments, signalling renewed momentum in its drive to build a US$1 trillion economy through industrialisation, trade expansion and private sector-led growth.

The announcement was made by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, at the opening of the Executive Session of the 17th National Council on Industry, Trade and Investment (NCITI) in Enugu on Wednesday.

Oduwole disclosed that, in addition to the investment commitments, Nigeria has recorded US$6.1 billion in non-oil exports, disbursed over ₦600 billion through the Bank of Industry, captured more than 500,000 Micro, Small and Medium Enterprises (MSMEs) in the national database, and supported nearly 300,000 Nigerians through skills development programmes.

She described the achievements as evidence that the Federal Government's Renewed Hope Agenda is yielding tangible economic gains, with emphasis on increased production, export growth, investment attraction and job creation.

Speaking on the theme, "Enhancing Competitiveness in Industry, Trade and Investment for Inclusive Growth and Global Market Integration," the minister outlined priority areas including industrial cluster development, manufacturing expansion, digital trade, implementation of the National Single Window, stronger intellectual property protection and deeper participation in the African Continental Free Trade Area (AfCFTA).

Oduwole charged ministries, departments and agencies to ensure that resolutions from the council are backed by clear responsibilities, timelines and measurable outcomes to fast-track Nigeria's industrial transformation.

Declaring the council open on behalf of Enugu State Governor Peter Mbah, Deputy Governor Ifeanyi Ossai called for decisive action to address high financing costs, regulatory bottlenecks and limited access to development finance, stressing that stronger collaboration between government and the private sector is critical to boosting industrial competitiveness.

Minister of State for Industry, Senator John Owan Enoh, reaffirmed the Federal Government's commitment to implementing the Nigeria Industrial Policy 2025 through the Industrial Revolution Work Group, with a focus on affordable industrial financing, value addition and expanding manufacturing's contribution to the nation's Gross Domestic Product (GDP).

Enugu State Commissioner for Trade, Investment and Industry, Dr. Samuel Ogbu-Nwobodo, highlighted the state's reforms in infrastructure, security, digital governance and ease of doing business, describing Enugu as an emerging investment destination.

Development partners, including the United Nations Industrial Development Organization (UNIDO), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), and the Nigerian Society of Engineers (NSE), pledged continued support for the Federal Government's industrialisation agenda.

The Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, Dr. Chris Osa Isokpunwu, expressed optimism that the council would produce actionable resolutions to accelerate industrial growth, expand trade, attract investment and drive inclusive economic development across the country.