Onanuga lists 19 projects to counter claims Tinubu’s reforms scare investors
President Tinubu’s aide, Bayo Onanuga, has listed 19 investment projects to counter opposition claims that the administration’s economic reforms are scarin Read More: https://punchng.com/onanuga-lists-19-projects-to-counter-claims-tinubus-reforms-scare-investors/
Bayo Onanuga, Bola Tinubu's Special Adviser for Information and Strategy, detailed 19 investments and projects across sectors in a recent X post. These initiatives aim to counter claims that Tinubu's economic reforms are deterring investors. Onanuga highlighted developments in banking, oil and gas, power, mining, telecommunications, technology, data centres, ports and logistics from 2025 to 2026.
In banking, JPMorgan secured a N50bn deposit for a merchant banking licence, Absa considered converting its Nigerian representative office into a merchant bank, and Standard Bank Group planned a $200m investment in OPay. Oil and gas firms like TotalEnergies, AMNI, ExxonMobil, and Shell showcased projects such as the Ima gas field, deepwater fields, and the Bonga South West development.
Power sector initiatives include Siemens Energy's $2.3bn Presidential Power Initiative, while mining and industrial sectors saw a $250m lithium plant in Nasarawa and a $265m fertiliser project. Telecommunications and data infrastructure developments featured MTN's data centre project, Airtel's $120m data centre in Eko Atlantic, and Amazon Leo's operating licence acquisition.
Maritime and logistics saw APM Terminals' $600m investment pledge and DP World's agreements on the Ogun Deep Sea Port and a special economic zone. Onanuga countered opposition claims that Tinubu's administration had worsened Nigeria's economic conditions since May 2023.
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