Trending 
The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has cited 19 investments and proposed projects across key sectors to counter claims that the President’s economic reforms are driving investors away from Nigeria.
Onanuga, in a post on X (formerly Twitter) on Saturday, listed developments in banking, oil and gas, power, mining, telecommunications, technology, data infrastructure, ports and logistics.
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.
— Bayo Onanuga, OON, CON (@aonanuga1956) October 24, 2026
Onanuga accused the opposition of ignoring what he described as evidence of economic progress under the Tinubu administration.
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.”
Among the developments he cited were JPMorgan’s application for a merchant banking licence, Absa’s consideration of expanding its Nigerian operations into merchant banking and Standard Bank Group’s planned investment of up to $200 million in fintech company OPay.
JPMorgan deposited N50 billion with the Central Bank of Nigeria as part of its application for a merchant banking licence, while Standard Bank Group signed an agreement to invest in OPay, subject to applicable approvals and the planned initial public offering.
In the oil and gas sector, Onanuga listed 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 took a final investment decision on the Ima gas project in September 2026, with production expected to reach 350 million cubic feet of gas per day from 2028.
On power, he cited the $2.3 billion Presidential Power Initiative involving Siemens Energy, including a 480MW Abeokuta substation expected by the end of 2026.
The mining and industrial projects listed included a $250 million lithium processing plant in Nasarawa State, Indorama’s $265 million fertiliser project, a proposed solar-powered steel plant by African Industries Group in Niger State and a $100 million investment agreement involving 3TREES.
Onanuga also highlighted investments and planned projects in Nigeria’s telecommunications and data infrastructure sector.
These included Equinix’s $22 million LG3 data centre in Lagos, MTN’s Dabengwa data centre, Airtel’s planned $120 million, 38MW data centre at Eko Atlantic, Starlink’s 98,642 subscribers in the second quarter of 2026 and Amazon Leo’s reported acquisition of an operating licence to provide services in Nigeria.
Read More : Insecurity Drives Nigeria’s Police Reform Push
In the maritime and logistics sector, he cited APM Terminals’ $600 million investment pledge, preliminary agreements involving DP World for the proposed Ogun Deep Sea Port and special economic zone, and a $200 million partnership between Abu Dhabi Ports and Nigerian partners involving the Lekki corridor.
Onanuga said the developments contradicted claims that Tinubu’s policies had driven investors away from Nigeria.
However, the projects listed by the presidential aide are at different stages, ranging from completed facilities and announced investments to proposals, agreements under consideration and projects awaiting regulatory approval or final investment decisions.
