Adewole Adebayo, the 2023 presidential candidate of the Social Democratic Party (SDP), has challenged the federal government’s claim that President Bola Tinubu secured $50 billion in investments through foreign trips.
Speaking during an interview on 90MinutesAfrica with Rudolf Okonkwo, Adebayo said the Tinubu $50bn investment claim lacks verifiable evidence in Nigeria’s economic data.
‘No Visible Impact’ on Nigeria’s Economy
Adebayo argued that such a massive inflow would have produced measurable changes in key economic indicators, including the national budget, corporate financing, stock exchange listings, and gross domestic product (GDP).
“The statement that President Tinubu’s frequent foreign trips have attracted $50 billion worth of investments into the economy sounds impressive, but the evidence of it is lacking,” he said.
According to him, even major global economies would treat $50 billion as a significant inflow. He maintained that if the funds had materialised, the impact would be visible in public and private sector accounts.
“I have looked at public budgets, bank recapitalisation exercises and PPP financing structures. Nothing close to such money is there,” Adebayo stated.
Government Insists Investments Are Real
The controversy follows remarks by Jumoke Oduwole, Minister for Industry, Trade and Investment, who said Tinubu’s 30 foreign trips as of December 2024 generated $50.8 billion in proposed investments.
Speaking at a ministerial briefing in Abuja on March 4, 2025, Oduwole cited pledges made during international engagements, including a reported $2.5 billion commitment from global meat producers during the president’s visit to Brazil on the sidelines of the G20.
She noted that Nigeria requires about $50 billion to stabilise its foreign exchange market and emphasised the need to convert proposals into actual inflows.
Similarly, Nentawe Yilwatda, National Chairman of the All Progressives Congress (APC), defended the president’s travels as strategic and economically driven.
Allegations of Centralised Power
Beyond the Tinubu $50bn investment claim, Adebayo criticised what he described as increasing centralisation of political and economic power under the current administration.
He alleged that the government is consolidating control across institutions, including the military, civil society, media and electoral bodies.
“This has gone beyond the five leprosy fingers of Abacha that Bola Ige talked about. It is now a black hole,” Adebayo said.
The presidency has not issued a fresh response to his latest remarks, but officials maintain that foreign engagements are aimed at strengthening Nigeria’s economic prospects.
