Nigeria’s private sector is expanding rapidly across Africa, with the Federal Government revealing that 23 Nigerian companies now generate more than $1bn in annual revenue.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this on Wednesday as President Bola Tinubu arrived in Kigali for the Africa CEO Forum.
According to the minister, Nigerian firms are increasingly investing across the continent in banking, manufacturing, oil and gas, and financial services.
She cited the recent expansion moves by Zenith Bank, which recently acquired assets in Kenya and Côte d’Ivoire.
Oduwole said the growing continental footprint of Nigerian businesses reflects rising investor confidence in the country’s economic reforms.
“We have about 23 business champions that gross over a billion dollars in revenue per annum,” she said.
“These are investors that are investing not just in Nigeria but across the continent.”
The minister highlighted the participation of top Nigerian business leaders at the Africa Forward Summit in Nairobi as proof of Nigeria’s rising influence in African commerce.
Among those present were Aliko Dangote, Tony Elumelu, Aig-Imoukhuede, Dr Rabiu, and Kola Karim.
She noted that Dangote had announced plans for another refinery project in East Africa, while Nigerian technology company SecureID has expanded exports to 22 African countries and opened a factory in Nairobi.
Oduwole said the Tinubu administration’s reforms in exchange rate management, inflation control, transparency, and macroeconomic stability are beginning to yield results.
“All the work of the last three years is now translating into growth, and the signals are coming through,” she stated.
Following his arrival in Kigali, Tinubu held bilateral talks with Paul Kagame focused on digital trade and accelerating commerce under the African Continental Free Trade Area framework.
The minister also revealed that Nigeria is discussing new export opportunities with RwandAir to improve cargo movement across Africa.
She further praised the rollout of the National Single Window initiative, describing it as one of the administration’s most significant ease-of-doing-business reforms.
According to her, the initiative simplifies import and export processing through a unified digital portal.
The Africa CEO Forum, holding in Kigali from May 14 to 15, is expected to bring together African leaders, global investors, and chief executives to discuss trade, investment, and economic integration across the continent.
