Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, has outlined 19 major investments and projects across key sectors to counter opposition claims that Tinubu’s economic reforms are discouraging investors.
In a post on X on Saturday, Onanuga highlighted developments between 2025 and 2026 in banking, oil and gas, power, mining, telecommunications, technology, data centres, ports, and logistics as evidence of sustained investor confidence in Nigeria.
He cited JPMorgan’s ₦50bn deposit with the Central Bank of Nigeria for a merchant banking licence, Absa’s consideration of expanding into merchant banking, and Standard Bank Group’s planned $200m investment in fintech firm OPay.
In oil and gas, he listed TotalEnergies and AMNI’s Ima gas project, ExxonMobil’s deepwater investments, and Shell’s proposed $20bn Bonga South West development.
Other projects include Siemens Energy’s $2.3bn Presidential Power Initiative, a $250m lithium plant in Nasarawa, Indorama’s $265m fertiliser project, MTN and Airtel’s data centre expansions, and APM Terminals’ $600m pledge for port infrastructure.
Onanuga described the projects as proof of “massive national progress,” dismissing claims that Tinubu’s administration has worsened Nigeria’s economic conditions since May 2023.
He argued that the investments demonstrate global confidence in Nigeria’s economy despite opposition criticism.
The listed projects are at varying stages, from completed facilities and signed agreements to proposals awaiting regulatory approval or final investment decisions.
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