The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has listed 19 investments and proposed projects across various sectors to counter claims that the President’s economic reforms are scaring investors away from Nigeria.
Onanuga, in a Saturday post on X, highlighting developments between 2025 and 2026, cited activities in banking and finance, oil and gas, power, mining, telecommunications, technology, data centres, ports and logistics as evidence of continued investor interest in the country.
He wrote, “Read how President Tinubu is scaring away investors, according to the hirelings of the opposition, who have become deniers of massive national progress.
“They and their masters refuse to acknowledge what the whole world can see. To them, Tinubu has made Nigeria worse since May 2023. Fela Anikulapo Kuti aptly called them opposite people.”
In the banking sector, he listed JPMorgan’s move to secure a merchant banking licence, Absa’s consideration of converting its Nigerian representative office into a merchant bank, and Standard Bank Group’s planned investment in digital financial services firm OPay.
JPMorgan deposited N50bn with the Central Bank of Nigeria as part of its application for a merchant banking licence, while Absa is considering expanding its Nigerian operations into merchant banking. Standard Bank Group also signed an agreement to invest in OPay, with the transaction expected to close around the fintech company’s planned initial public offering, subject to the applicable approvals.
In the oil and gas sector, Onanuga cited the Ima gas project being developed by TotalEnergies and AMNI, ExxonMobil’s investments in deepwater fields and Shell’s proposed Bonga South West development.
TotalEnergies and AMNI announced a final investment decision on the Ima gas project in September 2026, with production expected to reach 350 million cubic feet of gas daily from 2028.
Power, Maritime
On power, the presidential aide highlighted the $2.3bn Presidential Power Initiative involving Siemens Energy, while the mining and industrial sector entries included a $250m lithium processing plant in Nasarawa State and Indorama’s $265m fertiliser project.
He also listed developments in telecommunications and data infrastructure, including MTN’s data centre project, Airtel’s planned $120m data centre in Eko Atlantic and Amazon Leo’s reported acquisition of an operating licence for Nigeria.
In the maritime and logistics sector, Onanuga cited APM Terminals’ $600m investment pledge and preliminary agreements signed by DP World concerning the proposed Ogun Deep Sea Port and a special economic zone.
The presidential aide presented the developments as a rebuttal to opposition claims that Tinubu’s administration had worsened Nigeria’s economic conditions since taking office in May 2023.
However, the projects cited are at different stages, ranging from completed facilities and announced investments to proposals under consideration and developments awaiting regulatory approval or final investment decisions.
The 19 investments and projects listed are:
Banking and finance
1. JPMorgan: N50bn deposit as part of the regulatory process for a merchant banking licence, which the bank hopes to secure by the end of 2026 or early 2027.
2. Absa: Consideration of converting its Nigerian representative office into a merchant bank.
3. Standard Bank Group: An agreement to invest up to $200m in OPay, with the transaction expected to close around the fintech company’s planned IPO.
Oil and gas
1. TotalEnergies and AMNI: Final investment decision on the Ima gas field, targeting production of 350 million cubic feet daily from 2028.
2. ExxonMobil: A $1.5bn commitment to deepwater fields for 2025–2027 and a possible $7–8bn Owowo development.
3. Shell: The proposed $20bn Bonga South West project, with a final investment decision targeted for 2027.
Power
1. Siemens Energy: The $2.3bn Presidential Power Initiative, with a 480MW Abeokuta substation expected by the end of 2026.
Mining and industry
1. Nasarawa lithium plant: A $250m plant by Chinese firms Jiuling and Canmax, reported to have opened in July 2026.
2. Indorama Fertiliser III: A $265m fertiliser plant completed by Daewoo E&C.
3. African Industries Group: A proposed solar-powered steel plant in Niger State.
4. 3TREES: A memorandum of understanding for an initial $100m investment.
Telecommunications, technology and data centres
1. Equinix LG3: A $22m Lagos data centre scheduled for the first quarter of 2026; its opening was not confirmed in the material provided.
2. MTN: The first phase of its Dabengwa data centre, launched in July 2025.
3. Airtel: A planned $120m, 38MW data centre in Eko Atlantic.
4. Starlink: 98,642 subscribers in the second quarter of 2026, making it Nigeria’s second-largest internet service provider, according to the figures cited.
5. Amazon Leo: Acquisition of an operating licence to roll out services in Nigeria.
Ports and logistics
1. APM Terminals: A $600m investment pledge announced in May 2026.
2. DP World: Preliminary agreements for the proposed Ogun Deep Sea Port and a special economic zone, signed in October 2026.
3. Abu Dhabi Ports: A $200m partnership involving the Lekki corridor, announced in May 2025.