KIGALI, RWANDA – In a sweeping display of economic diplomacy and corporate strength, the Federal Government of Nigeria officially announced on Wednesday that the nation’s private sector has reached a historic milestone, with 23 domestic companies now generating more than $1bn in annual revenue each. This revelation came as President Bola Tinubu arrived in Kigali, the Rwandan capital, to participate in the prestigious Africa CEO Forum, a summit designed to foster continental economic integration and mobilize global capital.
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, briefed journalists shortly after the President’s arrival, framing the current surge in outward Nigerian investment as a direct consequence of three years of rigorous and often difficult macroeconomic reforms. Speaking from Kigali, the final leg of a high-profile three-nation diplomatic tour that included stops in Paris and Nairobi, Oduwole argued that the expansion of Nigerian businesses across Africa serves as concrete proof that investor confidence is at an all-time high. She suggested that rather than witnessing capital flight, Nigeria is now exporting economic influence and corporate expertise to every corner of the continent.
The data provided by the ministry paints a picture of a Nigerian corporate elite that is no longer content with domestic dominance but is actively seeking to become the engine of the African Continental Free Trade Area. According to Oduwole, these 23 "business champions" are spearheading a new era of Nigerian industrial and financial colonialism, characterized by strategic acquisitions and the establishment of manufacturing hubs in East and West Africa. This trend is most visible in the financial services sector, where Nigerian banks are aggressively moving into markets like Kenya and Côte d’Ivoire.
Specific examples of this regional push were highlighted during the briefing. Zenith Bank, one of Nigeria’s financial heavyweights, recently completed an acquisition in Kenya and followed it with another significant acquisition in Côte d’Ivoire just last week. This expansion is mirrored in the manufacturing and energy sectors. The Minister noted that Nigerian oil and gas firms are currently announcing plans for new refineries in East Africa, while manufacturers are breaking ground on new facilities in Nairobi to serve the burgeoning East African Community market.
The presence of Nigeria’s business titans at international summits has become a hallmark of the administration’s trade strategy. Oduwole referenced the Africa Forward Summit held in Nairobi just a day prior, co-hosted by Kenyan President William Ruto and French President Emmanuel Macron. At that summit, Nigerian entrepreneurs sat as equals alongside heads of state and global CEOs. The delegation included some of the continent's most recognizable names, such as Alhaji Aliko Dangote, Dr. Abdulsamad Rabiu, Aigboje Aig-Imoukhuede, Tony Elumelu, and Kola Karim.
During the Nairobi summit, Aliko Dangote made headlines by announcing a massive commitment to East Africa, which includes plans for a new refinery in Kenya. This move is seen as a strategic pivot to replicate the success of the Dangote Refinery in Lagos on a continental scale. Furthermore, the Minister highlighted the success of SecureID, a Nigerian smart card manufacturing company that already exports to 22 African countries. SecureID recently opened a state-of-the-art factory in Nairobi, a facility that Oduwole visited personally earlier this week to underscore the government's support for non-oil exports.
The Minister was emphatic that this scaling of Nigerian businesses is not a matter of chance. She credited the Tinubu administration’s focus on stabilizing the macroeconomy, controlling inflation, managing exchange rate volatility, and ensuring policy certainty and transparency. She argued that businesses do not make multi-billion dollar long-term commitments across borders unless they have profound confidence in the home government’s fiscal and monetary trajectory. The goal, she stated, is for Nigerians to create jobs across the continent, invest in regional infrastructure, and ultimately remit taxes and profits back to the Nigerian treasury to bolster the domestic economy.
Upon his arrival in Kigali, President Tinubu immediately engaged in high-level diplomacy, holding a bilateral meeting with Rwandan President Paul Kagame. Oduwole described the meeting as exceptionally cordial, noting that both leaders have been designated as co-champions on digital trade under the AfCFTA framework. Their discussions focused on accelerating the pace of intra-African trade through digital innovation and improved logistics. A key part of this strategy involves deepening ties with regional carriers. Nigeria is currently in talks with RwandAir to explore how the airline can be utilized to export more Nigerian-manufactured goods across the continent. This follows an air cargo corridor arrangement signed with Uganda Airways last year, forming a logistical backbone for Nigerian products entering the East African market.
The President’s visit to Kigali concludes a tour that began in Paris, where he met with global financial heavyweights, including representatives from Citibank, Amundi, BlueCrest, and several prominent United States fund groups. From France, the President traveled to Nairobi for the Africa Forward Summit, where he addressed approximately 40 African and French CEOs on the critical themes of green industrialisation and capital consolidation. These engagements are part of a broader "Nigeria is Open for Business" campaign aimed at integrating the Nigerian economy into global supply chains while maintaining its leadership role in Africa.
Domestically, the Minister pointed to a series of structural reforms that she believes are now yielding visible results. Chief among these is the National Single Window, an intervention designed to streamline trade by creating a single portal for all import and export processing. Oduwole described this as a landmark achievement, noting that while previous administrations had struggled for decades to implement such a system, the current government rolled out Phase One in March 2025, less than a year after the President’s initial announcement. This project has been hailed by the private sector for significantly reducing the bureaucratic bottlenecks at Nigerian ports.
Further port reforms are underway at Apapa and Tin Can Island, building on commitments made during the President’s recent state visit to the United Kingdom. These efforts are being complemented by massive infrastructure projects, including the coastal road and various rail and road networks, as well as the Securities and Investment Act and a revamped tax architecture. Together, these reforms are intended to create a compounding effect that lowers the cost of doing business and increases the competitiveness of Nigerian products in the global market.
Recognizing that the benefits of the AfCFTA must reach beyond the federal level, the Ministry of Industry, Trade and Investment has launched an ambitious subnational tour. Starting in Kano and covering the North-West region, the ministry is working with state and local governments to identify and develop specific products for export. The "one product per local government" initiative is designed to ensure that rural areas and smaller enterprises can participate in the continental trade boom. By providing training and practical support, the government hopes to democratize the export process and create a diversified base of export-ready products across all 774 local government areas.
The Africa CEO Forum, which officially runs through May 15 in Kigali, serves as the primary stage for these ambitions. It brings together the continent’s most influential chief executives and global investors to deliberate on how to mobilize the capital necessary for large-scale infrastructure and industrial projects. For Nigeria, the forum is an opportunity to showcase its "business champions" and solidify its position as the financial and industrial heart of Africa. As the President engages with his counterparts and global business leaders, the message remains clear: Nigeria’s economic reforms are translating into growth, and its private sector is ready to lead the charge toward a more integrated and prosperous Africa.
