The Presidency has pointed to planned investments involving JPMorgan, Shell, ExxonMobil, Siemens Energy and other major companies to argue that President Bola Tinubu’s economic reforms have not driven investors away from Nigeria.
The President’s Special Adviser on Information and Strategy, Bayo Onanuga, listed 19 investments and projects across different sectors in a post on 𝕏 on Saturday, October 24, 2026, in response to criticism of the administration’s economic policies.
Naija News reports that the projects cover banking, oil and gas, electricity, mining, manufacturing, telecommunications, data centres, ports and logistics.
Onanuga accused opposition figures of refusing to acknowledge what he described as progress under Tinubu since he assumed office in May 2023.
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.”
Banking and Finance
In the banking and finance sector, Onanuga highlighted JPMorgan’s move to obtain a merchant banking licence in Nigeria, Absa’s consideration of expanding its operations and Standard Bank Group’s planned investment in fintech company OPay.
JPMorgan deposited ₦50 billion with the Central Bank of Nigeria as part of the regulatory process for its proposed merchant banking licence. The bank hopes to secure the licence by the end of 2026 or early 2027.
Absa is considering converting its Nigerian representative office into a merchant bank, while Standard Bank Group signed an agreement to invest up to $200 million in OPay.
The OPay transaction is expected to close around the fintech company’s planned initial public offering, subject to the required approvals.
Oil and Gas Industry
In the oil and gas sector, the presidential aide cited investments and proposed developments involving TotalEnergies, AMNI, ExxonMobil and Shell.
TotalEnergies and AMNI announced a final investment decision on the Ima gas project in September 2026. The project targets production of 350 million cubic feet of gas daily from 2028.
Onanuga also listed ExxonMobil’s commitment of $1.5 billion to deepwater fields between 2025 and 2027, alongside a possible $7 billion to $8 billion investment in the Owowo development.
Shell’s proposed Bonga South West project, estimated at $20 billion, was also included, with a final investment decision targeted for 2027.
The projects represent different stages of development, with some involving announced commitments and others still awaiting final investment decisions.
Power, Mining And Manufacturing Industry
On electricity, Onanuga highlighted the $2.3 billion Presidential Power Initiative involving Siemens Energy.
One of the projects under the initiative is a 480-megawatt substation in Abeokuta, Ogun State, which is expected to be completed by the end of 2026.
In the mining and industrial sector, he cited a $250 million lithium processing plant in Nasarawa State developed by Chinese firms Jiuling and Canmax. The facility was reported to have opened in July 2026.
He also listed Indorama Fertiliser III, a $265 million fertiliser plant completed by Daewoo E&C, and a proposed solar-powered steel plant by African Industries Group in Niger State.
Another project was a memorandum of understanding signed by 3TREES for an initial investment of $100 million.
Telecom and Technology
The telecommunications and technology sector also featured in the list, with Onanuga highlighting projects involving MTN, Airtel, Starlink, Equinix and Amazon Leo.
MTN launched the first phase of its Dabengwa data centre in July 2025, while Airtel is planning a $120 million data centre with a capacity of 38 megawatts at Eko Atlantic in Lagos.
Equinix’s LG3 data centre, valued at $22 million, was scheduled for the first quarter of 2026, although its opening was not confirmed in the information provided.
Onanuga also cited figures showing that Starlink had 98,642 subscribers in Nigeria in the second quarter of 2026, making it the country’s second-largest internet service provider based on the figures referenced.
Amazon Leo was also included following reports that it had obtained an operating licence to roll out services in Nigeria.
Ports And Logistics
In the maritime and logistics sector, Onanuga listed APM Terminals’ $600 million investment pledge announced in May 2026.
He also cited preliminary agreements signed by DP World in October 2026 concerning the proposed Ogun Deep Sea Port and a special economic zone.
Another project was a $200 million partnership involving Abu Dhabi Ports and the Lekki corridor, announced in May 2025.
Join the conversation
Comments
Want to discuss? Please read our Commenting Policy first.