Nigeria's domestic investment significantly undercounted, could boost GDP by 10% - Presidential adviser
Tope Fasua, Special Adviser to the President on Economic Matters, criticizes Nairametrics for focusing only on foreign investment flowing into Treasury Bills and money markets while ignoring Nigeria's growing domestic investment. He notes that of $10 billion foreign investment in Q1 2026, $6.5 billion went to Treasury Bills, and of $45 billion in 2025 investments, $13 billion was in money market instruments.
Fasua argues Nigeria's domestic investment is substantially undercounted, especially from the informal sector where workers invest savings into small businesses or property extensions. He points to verifiable progress: manufacturing exports up 50%, N87 billion solar panel exports in 2025, Dangote as world's largest JetA1 fuel exporter, and Nigerian companies now producing over 50% of daily crude oil output through takeovers of IOC assets.
He highlights lithium-processing companies with over $1.2 billion investment in Abuja, Nasarawa, Ebonyi and Kwara States, and notes imports down 30% year-on-year while exports up 40% in dollar terms. Fasua states that if domestic investment were properly counted, it could add another 10% to Nigeria's GDP.
The article emphasizes transformation across states like Ogun, Niger, Ekiti, Ondo, Enugu, Abia, Imo, Anambra, Kano, Kaduna and Gombe, with Lagos seeing real estate become third-largest GDP contributor. Fasua urges Nigerians to recognize domestic investment's role in visible economic growth and support local businesses through measures like local content policies and tax reform benefits.
Will you reconsider where Nigeria's real economic growth is coming from and support domestic investment in your community?