In a comprehensive official statement issued from the State House in Abuja at 9:22 AM on Saturday, October 24, 2026, the Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, unveiled a strategic portfolio of 19 major ongoing investments and proposed development projects.
The detailed release aims to directly counter rising opposition critiques and public concerns claiming that the administration’s economic reforms are scaring investors away from the country. ​According to the chief presidential aide, the structural policy shifts introduced under the administration, including the deregulation of foreign exchange markets and fiscal subsidy rationalisations, are delivering long-term stability and restoring global investment interest in Nigeria.
Onanuga asserted that capital flows into the nation are expanding across multiple critical sectors rather than contracting. ​The strategic blueprint highlights several prominent financial and industrial commitments currently taking shape. In the banking and finance sector, corporate interest remains robust as global firms seek to broaden their local footprint.
Financial giant JPMorgan recently deposited ₦50 billion as part of the regulatory requirements for a merchant banking license, which the institution expects to secure by late 2026 or early 2027. Concurrently, Absa Group is formally assessing plans to convert its Nigerian representative office into a full-fledged merchant bank, while Standard Bank Group has finalized an agreement to inject up to $200 million into digital payment giant OPay ahead of its anticipated initial public offering. ​
The energy, oil, and gas sectors continue to drive the largest shares of foreign capital commitments. Energy major ExxonMobil has pledged $1.5 billion toward deepwater offshore developments spanning 2025 through 2027, while holding discussions on a potential $7 billion to $8 billion investment in the Owowo oilfield development.
Shell has advanced proposals for its $20 billion Bonga South West deepwater project, targeting a Final Investment Decision (FID) by 2027. Additionally, energy conglomerates TotalEnergies and AMNI reached an FID on the gas-rich Ima field in September 2026, aiming to produce 350 million cubic feet of gas daily starting in 2028. ​
National utility networks and industrial processing hubs are seeing accelerated capital deployment under the administration’s reform umbrella. Onanuga pointed to Siemens Energy’s progress under the $2.3 billion Presidential Power Initiative, which features the completion of the 480-megawatt Abeokuta substation slated for commissioning by the end of 2026.
On the industrial manufacturing front, Daewoo E&C recently completed the $265 million Indorama Fertilizer III plant, African Industries Group proposed a solar-powered steel mill in Niger State, and building materials maker 3TREES signed a memorandum of understanding covering an initial $100 million commitment. ​The nation’s telecommunications, logistics, and digital ecosystem have similarly maintained foreign momentum.
Telecommunications operator Airtel is moving forward with a $120 million, 38-megawatt data center in Eko Atlantic City, while satellite internet venture Starlink expanded its presence to become Nigeria’s second-largest internet service provider with nearly 99,000 active subscribers.
In global logistics, APM Terminals announced a $600 million operational expansion, DP World signed preliminary agreements for the Ogun Deep Sea Port and Special Economic Zone, and Abu Dhabi Ports formalised a $200 million development partnership centered around the Lekki economic corridor.
Amazon Leo also obtained its operational license to deliver satellite broadband services across the federation. ​Addressing critics who argue that inflation and currency devaluation are dampening market enthusiasm, Onanuga stressed that the projects cited span various formal stages, ranging from active completed facilities to proposals under final regulatory review.
He noted that the administration’s fiscal adjustments are establishing a predictable, market-driven environment that gives long-term institutional investors confidence to deploy capital into Nigeria. ​The Presidency reiterated its commitment to executing its structural roadmap, maintaining that the foreign investment influx confirms that international capital views Nigeria as a viable, high-growth emerging market destination.
