Manufacturing and fintech sectors drive Nigeria’s $5 billion investment inflow

The Federal Government has stated that Nigeria has attracted over $5bn in new investments across the manufacturing, fintech, and energy sectors, describing it as proof of growing investor confidence in its economic reforms.

President Bola Tinubu, represented by the Minister of State for Industry, Senator John Enoh, hailed the country’s economic trajectory on Friday while declaring open the 39th Lagos International Trade Fair, organised by the Lagos Chamber of Commerce and Industry at Tafawa Balewa Square.

He stated that the inflows reflected the impact of key policy measures under the Renewed Hope Agenda, including the removal of fuel subsidies, the unification of the foreign exchange system, and ongoing efforts to simplify business regulations.

“Over the past two years, we have attracted over $5bn in new manufacturing, fintech, and energy investments through policy clarity and investor engagement,” the President said. “These reforms are restoring transparency, rebuilding investor trust, and placing Nigeria on a sustainable fiscal path.”

Tinubu added that the government was determined to translate Nigeria’s potential into productivity by strengthening local industries and improving the ease of doing business. “Under the Renewed Hope Agenda, we are moving purposefully from potential to productivity, deepening investor confidence and championing innovation and trade,” he said.

He reaffirmed Nigeria’s ambition to take the lead in the African Continental Free Trade Area, stressing that the country must not only participate in the continental pact but drive its implementation. “Nigeria must not only participate in AfCFTA; we must lead it,” Tinubu stated.

The President praised the Lagos Chamber of Commerce and Industry for its role in sustaining the fair for nearly four decades and commended Lagos State’s infrastructure growth, describing the city as the “commercial heartbeat of Africa.”

In his remarks, President of the LCCI, Gabriel Idahosa, disclosed that the fair had already generated N250m through booth construction and the employment of 280 local artisans during its setup phase.

“This demonstrates a significant initial economic stimulus,” Idahosa said. “The fair is not just a platform for showcasing products; it is a catalyst for job creation, innovation, and intra-African trade.”

He said the 2025 fair, themed ‘Connecting Businesses, Creating Value,’ would feature over 2,000 exhibitors and attract about 500,000 visitors over 10 days, adding that the Africa Hall, supported by Afreximbank, would deepen intra-African trade under AfCFTA.

Idahosa highlighted new features introduced in the 2025 edition of the Lagos International Trade Fair, noting that the LCCI had expanded the event into a multi-exhibition model designed to give visitors “multiple experiences in one grand location.”

The LCCI president noted that the new structure allows participants to explore distinct sectors within a single vibrant ecosystem, covering areas such as manufacturing, services, agriculture, and digital innovation.

Idahosa emphasised the introduction of the Tech Hub, which he described as “the forefront of our commitment to digital transformation.” He explained that the hub would showcase technopreneurs and innovators across telecommunications, software, and ICT who are driving Nigeria’s rapidly growing digital economy.

“The tech sector remains one of the fastest-growing segments of our economy,” Idahosa said. “Through this platform, we aim to celebrate and support the pioneers creating technology-driven solutions that will propel Nigeria’s economic future.”

Representing the Lagos State Governor, Babajide Sanwo-Olu, the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, said Lagos was driving investment through improved infrastructure, industrial clusters, and digital systems.

She noted that the state had secured the right to host the 2027 Intra-African Trade Fair, in partnership with the Federal Government, as part of efforts to expand Nigeria’s continental trade footprint.

The trade fair, which runs till November 16, is expected to foster new partnerships and reinforce Nigeria’s growing status as a preferred destination for investment and industrial collaboration.