Former presidential candidate Peter Obi has criticised the federal government over the sharp decline in Nigeria’s foreign direct investment. In a post on X, the Labour Party politician said no amount of overseas trips by President Bola Tinubu or top officials would attract investors without strong governance at home.
Citing National Bureau of Statistics figures, Obi said FDI fell by 70 percent in the first quarter of 2025 to 126.29 million dollars, compared with 421.8 million dollars in the last quarter of 2024. He noted that only 2.24 percent of total capital imports in Q1 were FDI, with about 90 percent going into speculative money market instruments.
Also Read: Obasanjo faults African leaders over poor governance and excessive dependency on aid
The former Anambra governor contrasted Nigeria’s performance with other African countries, quoting a UN report showing Africa’s total FDI rose by 75 percent in 2024 to 97 billion dollars. Egypt received the largest share with 46.58 billion dollars, while Nigeria secured just 1.08 billion dollars, a 42 percent fall from 2023.
Obi said capital flows to manufacturing also declined by over 32 percent year-on-year, describing Nigeria’s reforms as uncoordinated and reactive. He warned that sustainable growth cannot be achieved without effective leadership, strong institutions, and improved governance indicators.
Leave feedback about this
You must be logged in to post a comment.