…sign MoU with 10 countries
By: Mercy Peter
The Minister of Foreign Affairs, Yusuf Tuggar on Thursday revealed how the ministry under his watch was able to facilitate multi-billion dollar investment into the country.
Tuggar said Brazilian firms plans to invest in the country’s Livestock sector a whopping $7.8billion.
Tugar made the disclosure on Thursday while giving an account of his stewardship.
Nigeria and Brazil have signed a Memorandum of Understanding in investment worth $7.8 billion
The MoU for the $1.1bn GIP 1 was signed in 2018, while the $4.3bn Phase II of the project and the $2.5bn JBS were signed in Brazil during President Bola Tinubu’s visit to that country in late 2024, all amounting to $7.8bn.
He said: “ This is going to have one project per local government, so 774 projects.
“And the foreign minister of Brazil visited me again this same week, which is why we had the discussion towards niobium. . Niobium ore is a mineral that is found here in Nigeria. Brazil is a leader in producing, but not just producing, refining it.
“So the metals processing of niobium. They were very excited when we took this up. They want to come and invest in metals for processing capacity, building metals for processing capacity here in Nigeria.”
The Minister also listed the role of the ministry in the signing of the commercial phase of the $1.1 billion Green Imperative Project deal to boost agriculture productivity and enhance private-sector
investment in Nigeria Energy and Natural Resources.”
He also said the ministry facilitated investment worth $14 billion from India across multiple sectors.
This is beside another €250 million for Nigerian businesses.
The Minister also revealed that the Ministry successfully facilitated the repatriation of $52.8 million in stolen assets from the United States.
Tuggar said the ministry also signed strategic Memorandum of Understanding with ten countries. The MoUs aimed at improving the countries bilateral relations with the various countries.
The countries are: Germany, Saudi Arabia, China, and Equatorial Guinea, France,Cuba,Qatar,UK, India.
He said the ministry’s primary responsibilities has been to facilitate investment and economic partnerships that contribute to Nigeria’s growth and development.
To this end, he said the ministry has successfully secured a range of significant investment deals and forged strategic relationships which include: “Facilitating $14 billion worth of investment commitments from three Indian investors across diverse sectors, including ICT, agriculture, power, steel and manufacturing, defense, telecom, space communications, digital solutions, insurance, processed foods, real estate, and
hospitality. This massive investment is expected to not only provide substantial
financial returns but also stimulate job creation and technological innovation
within Nigeria.
“A €250 million investment was secured from the Netherlands to boost existing
businesses in Nigeria, creating further opportunities for economic growth.”
Additionally, a $2 billion investment with Germany on the Nigeria-Siemens
Power Project aims to revamp the nation’s power sector, enhancing electricity
supply and reliability.”
In the area of asset recovery and national development, the minister said the “Ministry successfully facilitated the repatriation of $52.8 million in stolen
assets from the United States, an effort that was finalized in January 2025. These
funds will be utilized for national development projects through a World Bank
grant to support the rural electrification agency, benefiting over 6 million
households.”
Another major achievement under his watch Tiggar said “ was the signing of a pact with Saudi Arabia to tap
into the $7.7 trillion halal economy. This cooperation will position Nigeria as a
leading player in the global halal market, opening doors to trade and investment
in halal-certified products.
Strengthening National Security for Peace and Stability.”
The Minister also listed as another achievement under his watch the British International Investment’s (BII) commitment to expand its investment in Nigeria
from $230 million to $1 billion, driving growth in infrastructure, energy, and technology.
The Ministry, he also said played a significant role in improving health and sanitation by
facilitating USAID’s $50 million Water for the World initiative, focusing on
access to clean water and hygiene in rural Nigeria.”
Also, in the area of digital and creative enterprises program, he said the ministry in the £100 million financing agreement for the Digital and Creative Enterprises
Program (I-DICE) which aimed at promoting innovation and entrepreneurship in Nigeria’s
digital economy.
This is also beside a other signing of MOUs worth $600 million between Nigeria
and France to further promote technological development and creative industries.
In the area of Diaspora Engagement, Tuggar said the Ministry’s launched Nigerians in Diaspora Database, has exceeded
11,000 registrations.
“This database strengthens engagement with the diaspora
community and informs policy planning,”he said.
On prisoner releases, the minister said “The Ministry negotiated the release of Nigerian nationals who had
been wrongfully detained in foreign countries, including the UAE and Saudi Arabia,
showcasing Nigeria’s commitment to the protection of its citizens abroad.”
