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Former presidential candidate, Peter Obi, has thrown a shade at President Bola Tinubu who often travels abroad to attract foreign investment. In a statement , Obi revealed that Nigeria can attract foreign investments if it invests in healthcare, education, and poverty alleviation....READ THE FULL CONTENT FROM THE SOURCE | READ THE FULL CONTENT FROM THE SOURCE
According to him, investment naturally flows to places where the environment is conducive, much like a bee and honey relationship.
The former governor of Anambra State made reference to US President Donald Trump, stating that the $1.1 trillion investment in-flow into the US this month was because of desirable environments and intangible assets.
“This was achieved without the President jetting around the world to attract such investments,” he said.
Obi maintained that with the right leadership, prioritizing intangible assets, security, rule of law and resources allocated to productive sectors appropriately, a productive society will be unleashed and entrepreneurs will thrive.
“This, in turn, will attract investments comparable to those in other developing nations with large populations, just like ours.
“For example, Indonesia, with a similar population of around 265 million—just 10-15% more than Nigeria’s 230 million—has invested in critical areas like healthcare, education, and poverty alleviation. This focus has enabled them to achieve significant development and attract foreign investments.
“Countries like Indonesia, with a nominal GDP of approximately $165 billion in the year 2000, now have a GDP of about $1.39 trillion in the year 2024—an increase of over 8 times.
“Countries like India, with a nominal GDP of approximately $476 billion in the year 2000, now have a GDP of about $3.73 trillion in the year 2024—an increase of nearly 8 times.
“Countries like Vietnam, with a nominal GDP of approximately $31 billion in the year 2000, now have a GDP of about $506 billion in the year 2024—an increase of over 16 times.
“Our country Nigeria, with a nominal GDP of approximately $70 billion in the year 2000, now has a GDP of about $210 billion in the year 2024—an increase of over 3 times,” he said.
He advised Nigeria to learn from what those counties did to achieve such growth and religiously apply those strategies.
“Indonesia now attracting about 10 times the foreign direct investment than we do.
“This is the kind of economic shift we should aim for by replicating the strategies of nations that have succeeded in similar circumstances,” he concluded.
– FG defends Tinubu’s foreign trips –
The Federal Government through the Minister of Foreign Affairs, Yusuf Tuggar, has defended the foreign trips embarked on by President Tinubu.
According to Tuggar, more of such trips is needed, especially when they attract huge investment to Nigeria.
“This administration is still new. He was sworn-in in 2023. In global terms he is still a new President. He needs to interact with his colleagues, fellow heads of state to be able to establish relationships and you can see the fruits of these trips. Look at the benefits.
“You travel once and you get $2bn of investment like he did in Brazil…in fact, we are not travelling enough. I should suggest that we should do more.
“Nigeria has the money. How much does travelling cost compared to the benefits. And how much does it cost when you’re comparing it to the things that the President has already addressed. “How much were we wasting on fuel subsidy, electricity subsidy and all those subsidies?” The minister queried…READ THE FULL CONTENT FROM THE SOURCE
