Nigeria leveraging economic diplomacy to attract foreign investments—Minister

Minister of Foreign Affairs, Yusuf Tuggar, has reaffirmed Nigeria’s commitment to protecting its citizens abroad while expanding diplomatic and economic partnerships worldwide. Speaking at the Ministerial Press Briefing on Thursday in Abuja, Tuggar emphasized the need for stronger diplomatic interventions to ensure Nigerians are treated with dignity across the globe. He highlighted the government’s efforts to boost confidence in the Nigerian passport and deepen diaspora engagement through initiatives such as the Nigerians in Diaspora Database, which has recorded over 11,000 registrations. He said that Nigeria is leveraging economic diplomacy to attract foreign investments, citing commitments from Indian investors worth $14 billion across multiple sectors and a €250 million funding agreement from the Netherlands. He also pointed to the success of Nigeria’s Eurobond issuance, which was oversubscribed by 300%, reflecting strong investor confidence.
Tuggar revealed that Nigeria has signed strategic agreements with Germany, Saudi Arabia, China, France, Cuba, Qatar, the UK, India, and Brazil, covering key sectors such as power, oil and gas, agriculture, and infrastructure. He also announced Nigeria’s approval to export groundnuts, cashew, and ginger to China, while negotiating a currency swap deal to ease trade. On Nigeria’s relations with the United States, Tuggar highlighted ongoing collaborations, including the repatriation of stolen funds and efforts to extend the African Growth and Opportunity Act (AGOA) to support the export of Nigerian finished products. He said that Brazil has committed $1.1 billion to the Green Imperative Project, which will boost agricultural development across Nigeria’s 774 local government areas.
According to him, the Brazilian government is also investing in Nigeria’s livestock sector. In India, Indorama is expanding with an $8 billion investment, while Jindal Group is setting up a $3.5 billion steel plant in Akwa Ibom. Tuggar celebrated Nigeria’s growing influence in Africa, noting the country’s recent success in securing positions in the African Union’s Peace and Security Council. He confirmed that Nigeria will host the African Central Bank in Abuja, strengthening financial integration across the continent. On energy, he provided updates on the Nigeria-Morocco Gas Pipeline, which will transport gas to Europe through 15 countries, and the Trans-Saharan Gas Pipeline project involving Algeria and Niger Republic. He also highlighted new partnerships with Germany on solar and hydro energy, as well as an agreement with Geoscan for lithium mining. The minister reaffirmed Nigeria’s push for better visa access for students in the UK and ongoing discussions with Saudi Arabia on agricultural investments, particularly in halal food production.
He also mentioned Egypt’s plans to invest in Nigeria’s river basin development. Tuggar stressed the importance of promoting Nigerian culture and creativity on the global stage. He said that the Foreign Affairs Ministry has showcased over 20 Nigerian artists at its headquarters and continues to promote local culinary experts to visiting dignitaries.