The Nigerian government under President Bola Tinubu‘s administration has entered into 26 Memoranda of Understanding (MoUs) with various foreign countries and agencies, securing commitments valued at more than ₦4.2 trillion.
These agreements span multiple sectors, including infrastructure, education, trade, investment, tourism, security, information technology, culture, energy, gas, and sports.
The agreements’ total value may be higher, as several MoUs did not disclose their financial details, according to a document from the Ministry of Foreign Affairs.
One notable agreement was signed with India in February 2024 to enhance trade between the two nations. In November 2023, Nigeria signed a $500 million deal with Germany focused on renewable energy and gas. Additionally, a significant MoU with Russia on nuclear energy was finalized on September 27, 2023.
Regarding infrastructure, Nigeria signed a $2 billion deal with China on October 20, 2023, to develop various projects. Another MoU with China, signed on December 9, 2023, involves establishing a $150 million Lithium-Ion battery manufacturing and processing facility in Nigeria.
In the education sector, Nigeria secured MoUs with Russia and Qatar on December 22, 2023, and March 3, 2024, respectively.
In trade and investment, Nigeria signed an agreement with India in February 2024 to further increase trade between the two countries. On March 3, 2024, an MoU was signed with Qatar to establish a Joint Business Council between NACCIMA and the Qatar Chamber.
Another MoU, signed on March 19, 2024, with Lab Four, aims to create 50,000 full-time business process outsourcing jobs in Nigeria over the next three years.
To strengthen national security, Nigeria signed two agreements with the United Nations Office on Counter-Terrorism on August 30, 2023, focusing on countering terrorism and violent extremism.
Additionally, on January 30, 2024, an MoU was signed with the United States to train commanders of the Police Special Intervention Squad in combating banditry and other crimes.
For cultural preservation, an MoU was signed with the United States on February 16, 2024, to focus on preserving a UNESCO Cultural Heritage Site in Adamawa State.
In technology, Nigeria secured a $600 million I-DICE Financial Agreement with France on November 3, 2023, to support digital and creative enterprises.