Former Labour Party presidential candidate, Peter Obi, has urged the Bola Tinubu-led federal government to focus on creating an enabling environment for businesses to thrive, rather than relying heavily on frequent foreign travels to attract Foreign Direct Investment (FDI).
Speaking in a statement on Monday, Obi highlighted that President Tinubu’s numerous international trips—to countries such as Senegal, the United Arab Emirates (UAE), France, China, Brazil, and Saudi Arabia—have yet to yield the expected inflow of foreign investments. He emphasized that favorable policies and leadership are more effective in attracting investors than foreign engagements alone.
“Investment naturally flows to places where the environment is conducive, much like a bee and honey relationship,” Obi said.
He cited the United States under former President Donald Trump as an example, noting the $1.1 trillion investment inflow into the U.S. this month, achieved without extensive foreign travels. Obi explained that such success results from strong leadership, effective policies, and an attractive business environment.
Drawing lessons from countries like Indonesia, Vietnam, and India, Obi called on the Nigerian government to invest in critical sectors like healthcare, education, and poverty alleviation to stimulate development and attract foreign investments.
“Indonesia, with a population of about 265 million—10-15% more than Nigeria’s 230 million—has achieved significant development by focusing on critical areas. This has enabled them to grow their GDP from approximately $165 billion in 2000 to about $1.39 trillion in 2024, an increase of over eight times,” Obi stated.
He further noted Vietnam’s growth, with its GDP rising from $31 billion in 2000 to $506 billion in 2024, a 16-fold increase, and India’s transformation from a GDP of $476 billion in 2000 to $3.73 trillion in 2024, nearly an eight-fold rise.
In contrast, Nigeria’s nominal GDP has only increased from $70 billion in 2000 to about $210 billion in 2024, representing a threefold growth. Obi stressed the need for Nigeria to adopt strategies employed by these countries to achieve similar economic shifts.
“What we require at this stage is to learn from these comparable countries, replicate their strategies, and religiously apply them. Indonesia, for example, now attracts 10 times the FDI Nigeria does. This is the kind of economic transformation we should aim for,” he added.
Obi concluded by emphasizing the importance of prioritizing intangible assets, such as security, the rule of law, and proper allocation of resources to productive sectors, to unleash Nigeria’s economic potential and build a conducive environment for entrepreneurship and foreign investments.
