Tinubu claims $50bn FDI pledges, but only $2.06bn inflow recorded
President Tinubu says his administration has secured over $50 billion in Foreign Direct Investment commitments through 87 Memoranda of Understanding since May 2023, but National Bureau of Statistics data shows only about $2.06 billion of actual FDI flowed into Nigeria in the same period. The pledges cover energy, manufacturing, logistics, agriculture, technology and infrastructure, with headline figures such as ExxonMobil's $10 billion for deepwater oil, APPL's €9.2 billion hydrogen project in Akwa Ibom, and Indorama's $8 billion for petrochemicals and fertiliser in Rivers State.
This wide gap between announced commitments and realised inflows has sparked mixed reactions, with commentators questioning whether the foreign trips—reportedly costing about N37.6 billion—are translating into deployable capital. FDI accounted for just roughly 4% of total capital importation, the rest being more mobile portfolio funds, raising concerns about job creation, industrial expansion and long-term growth.
Experts note that investment pledges do not become immediate cash; investors need time for financing, regulatory approvals and risk assessment. The real measure is capital that has actually been put to work. Will you judge the success of Nigeria's investment drive by verified inflows rather than by pledge announcements?