The Nigerian government, under President Bola Tinubu, has successfully negotiated 26 Memoranda of Understanding (MoUs) with international countries and agencies, totaling over ₦4.2 trillion in commitments. These agreements encompass a wide range of sectors including infrastructure, education, trade, investment, tourism, security, IT, culture, energy, gas, and sports.
According to a report from the Ministry of Foreign Affairs, the actual value of these agreements could be higher as some MoUs did not disclose financial specifics. Noteworthy agreements include:
- India: In February 2024, Nigeria signed an MoU aimed at boosting trade relations.
- Germany: A $500 million deal was finalized in November 2023 focusing on renewable energy and gas.
- Russia: An MoU on nuclear energy was signed on September 27, 2023.
- China: On October 20, 2023, Nigeria secured a $2 billion agreement for infrastructure projects. Another MoU signed on December 9, 2023, involves a $150 million Lithium-Ion battery manufacturing facility.
- Russia and Qatar: MoUs signed in December 2023 and March 2024, respectively, focus on education.
- India and Qatar: Agreements in February and March 2024 aim to enhance trade and establish a Joint Business Council.
- Lab Four: An MoU signed on March 19, 2024, targets creating 50,000 full-time outsourcing jobs in Nigeria over three years.
- United Nations: Two agreements with the UN Office on Counter-Terrorism, signed on August 30, 2023, focus on counter-terrorism and extremism.
- United States: An MoU signed on January 30, 2024, will train Nigerian police commanders in combating banditry. Another agreement on February 16, 2024, will aid in preserving a UNESCO Cultural Heritage Site in Adamawa State.
- France: A $600 million I-DICE Financial Agreement signed on November 3, 2023, supports digital and creative enterprises in Nigeria.
These agreements highlight President Tinubu’s administration’s commitment to leveraging international partnerships to advance Nigeria’s development across various sectors.
