The Federal Government has secured foreign investments worth $14 billion from India and successfully facilitated the repatriation of $52.8 million in stolen assets from the United States. Minister of Foreign Affairs, Amb Yusuf Tuggar, who disclosed this at a media briefing yesterday in Abuja, said these investments were facilitated by his ministry.
Yusuf also said that the ministry has signed a strategic Memorandum of Understanding (MoU) with 10 countries. They included: The United Kingdom, China, Germany, France, India, Saudi Arabia, Qatar, Cuba, Brazil and Equatorial Guinea.
According to him, the MoUs were aimed at improving bilateral relations with these countries. The $14 billion investment, he said, was secured from three Indian investors across diverse sectors, including ICT, agriculture, power, steel and manufacturing, defence, 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.
“In addition, a €250 million investment was secured from the Netherlands to boost existing businesses in Nigeria, creating further opportunities for economic growth. “Similarly, we have also secured a $2 billion investment with Germany on the Nigeria-Siemens Power Project which aims to revamp the nation’s power sector, enhancing electricity supply and reliability,” he said.
On asset recovery, Tuggar said the ministry successfully facilitated the repatriation of $52.8 million in stolen assets from the United States, an effort that was finalised in January 2025. “These funds will be utilised for national development projects through a World Bank grant to support the rural electrification agency, benefiting over six million households.
“Another major achievement is 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,” he said.
Tuggar also addressed public concerns on the delay in the appointment of ambassadors and reassured Nigerians that the list of ambassadorial nominees will soon be forwarded to the Senate for approval. He, however, explained that career diplomats serving in mission offices worldwide are currently managing the embassies and that diplomatic operations were going on smoothly.
“The delayed nomination of ambassadors is what it is. It is the nature of governance and politics. You work with the circumstances you find yourself in. I want to assure you that in the near future, names of the nominated ambassadors will be forwarded to the Senate.
It is something that is concluded. “We have missions’ officers running the embassies for now. We have immigration, defence, military officers and several others. It does not mean that the missions are halted simply because an ambassador has not been appointed. We are working. Our missions are functioning,” he said.
