Since May 2023, the administration of President Bola Ahmed Tinubu has secured over $50 billion in foreign direct investment pledges through 87 memoranda of understanding. However, National Bureau of Statistics data reveals that only $2.06 billion—roughly 4.3% of total capital imported during this period—has materialized as actual foreign direct investment. Analysts note that while these pledges signal investor interest, the gap reflects the long-term nature of direct investment, which requires rigorous risk assessment, regulatory approval, and final investment decisions before capital is deployed. Total capital importation has risen, but the bulk of inflows remains driven by mobile portfolio investments rather than long-term, job-creating direct projects.