Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, has identified 19 investments and proposed projects that he says demonstrate continued investor interest in Nigeria despite criticism of the administration’s economic reforms.
In a post on X on Saturday, Onanuga highlighted developments recorded or announced between 2025 and 2026 across banking, oil and gas, electricity, mining, telecommunications, technology, data infrastructure, ports and logistics.
He criticised opposition figures for arguing that Tinubu’s policies had worsened the country’s economic situation since he took office in May 2023.
“Read how President Tinubu is scaring away investors, according to the hirelings of the opposition, who have become deniers of massive national progress,” Onanuga wrote.
He added that critics were refusing to acknowledge developments he said demonstrated progress under the administration.
JPMorgan, Absa and Standard Bank Feature in Financial Sector List
Three of the projects cited by Onanuga concern banking and financial services.
JPMorgan has deposited N50bn with the Central Bank of Nigeria as part of the regulatory process for securing a merchant banking licence. The bank is seeking to obtain the licence by the end of 2026 or early 2027.
South Africa’s Absa is considering converting its Nigerian representative office into a merchant bank, a move that could expand its operations in the country.
Standard Bank Group has also signed an agreement to invest up to $200m in OPay, the digital financial services company. The transaction is expected to close around OPay’s planned initial public offering, subject to the necessary regulatory approvals.
TotalEnergies, ExxonMobil and Shell Feature in Oil and Gas Plans
Onanuga cited investments and proposed developments involving TotalEnergies, AMNI, ExxonMobil and Shell as evidence of activity in Nigeria’s oil and gas industry.
TotalEnergies and AMNI announced a final investment decision on the Ima gas project in September 2026. The development is targeting production of 350 million cubic feet of gas per day from 2028.
ExxonMobil has outlined a $1.5bn commitment to deepwater fields for the 2025–2027 period. A possible development of the Owowo field, estimated to cost between $7bn and $8bn, was also included in the list.
Shell’s proposed Bonga South West project, valued at $20bn, was another investment cited by the presidential aide. A final investment decision is targeted for 2027.
Siemens Energy Project Included in Power Investment Plans
The $2.3bn Presidential Power Initiative involving Siemens Energy was among the developments highlighted in the electricity sector.
The initiative includes infrastructure intended to improve Nigeria’s power system. A 480MW substation in Abeokuta is expected to be completed by the end of 2026.
Lithium, Fertiliser and Steel Projects Feature in Industrial Sector
Onanuga also listed four developments involving mining, manufacturing and industrial production.
Chinese firms Jiuling and Canmax were linked to a $250m lithium processing plant in Nasarawa State, which was reported to have opened in July 2026.
Another entry was Indorama Fertiliser III, a $265m fertiliser plant completed by Daewoo E&C.
African Industries Group’s proposed solar-powered steel plant in Niger State was also included, alongside a memorandum of understanding with 3TREES for an initial investment of $100m.
Data Centres and Telecommunications Investments Highlighted
The presidential aide identified several projects involving telecommunications operators and technology companies.
Equinix’s LG3 data centre in Lagos, valued at $22m, was scheduled to open in the first quarter of 2026. However, the information provided did not confirm whether the facility had opened.
MTN’s first phase of the Dabengwa data centre was launched in July 2025.
Airtel is planning a $120m data centre with a capacity of 38MW at Eko Atlantic in Lagos.
Onanuga also cited Starlink’s reported 98,642 subscribers in the second quarter of 2026. The figures listed in the material placed the satellite internet provider as Nigeria’s second-largest internet service provider.
Amazon Leo, Amazon’s satellite internet service, was also included following reports that it had obtained an operating licence to provide services in Nigeria.
APM Terminals and DP World Feature in Port Development Plans
Three of the listed developments relate to maritime infrastructure, ports and logistics.
APM Terminals announced a $600m investment pledge in May 2026.
DP World signed preliminary agreements in October 2026 concerning the proposed Ogun Deep Sea Port and a special economic zone.
Abu Dhabi Ports was also listed for a $200m partnership involving the Lekki corridor, announced in May 2025.
Projects Remain at Different Stages of Development
The 19 entries presented by Onanuga include completed facilities, announced investments, planned developments and proposals still under consideration or awaiting regulatory approvals and investment decisions.
The list was presented as a response to claims that Tinubu’s economic reforms have discouraged investors from committing funds to Nigeria.
However, the projects vary in their implementation status, and some of the proposed investments depend on further approvals or decisions before they can proceed.
