Presidential spokesman Bayo Onanuga has pointed to 19 investments and proposed projects across Nigeria’s economy to challenge opposition claims that President Bola Tinubu’s economic reforms are discouraging investors.
Onanuga, the President’s Special Adviser on Information and Strategy, highlighted the developments in a post on X on Saturday, citing activity in banking, oil and gas, electricity, mining, telecommunications, technology and maritime infrastructure.
He accused opposition figures of overlooking what he described as evidence of national economic progress since Tinubu assumed office in May 2023.
The list, however, covers projects at different stages, including completed facilities, investment commitments, proposals under consideration and developments awaiting regulatory approval or final investment decisions.
In financial services, Onanuga cited JPMorgan’s application for a merchant banking licence, Absa’s consideration of expanding into merchant banking and Standard Bank Group’s agreement to invest up to $200 million in fintech company OPay.
JPMorgan reportedly deposited N50 billion with the Central Bank of Nigeria as part of its licensing process, while Absa is considering converting its Nigerian representative office into a merchant bank. Standard Bank’s proposed OPay investment remains subject to the applicable approvals.
The oil and gas sector featured three major developments: TotalEnergies and AMNI’s Ima gas project, ExxonMobil’s deepwater investments and Shell’s proposed Bonga South West development.
TotalEnergies and AMNI announced a final investment decision on the Ima project in September 2026. The development targets production of 350 million cubic feet of gas daily from 2028.
Onanuga also cited ExxonMobil’s $1.5 billion commitment to deepwater fields for 2025–2027 and a possible $7 billion to $8 billion investment in the Owowo project. Shell’s proposed $20 billion Bonga South West development was included, with a final investment decision targeted for 2027.
In electricity, the presidential aide highlighted the $2.3 billion Presidential Power Initiative involving Siemens Energy, including a 480-megawatt substation in Abeokuta expected by the end of 2026.
Industrial and mining projects on the list included a reported $250 million lithium-processing plant in Nasarawa State involving Chinese firms Jiuling and Canmax, Indorama’s $265 million fertiliser project and a proposed solar-powered steel plant by African Industries Group in Niger State.
He also cited a memorandum of understanding covering an initial $100 million investment by 3TREES.
Technology and telecommunications accounted for five entries. These included Equinix’s $22 million Lagos data centre, MTN’s Dabengwa data centre, Airtel’s planned $120 million facility at Eko Atlantic, Starlink’s reported subscriber growth and Amazon Leo’s reported acquisition of an operating licence for Nigeria.
The list also covered three maritime and logistics developments: APM Terminals’ $600 million investment pledge, preliminary agreements by DP World for a proposed Ogun Deep Sea Port and special economic zone, and a $200 million Abu Dhabi Ports partnership involving the Lekki corridor.
Onanuga presented the developments as evidence that investor activity was continuing despite criticism of the administration’s economic policies.
The projects’ differing stages of development remain an important distinction, however, as announced commitments and proposed investments do not necessarily represent funds already spent or facilities currently operating. Their eventual contribution to the economy will depend on implementation, financing, approvals and delivery.
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