Investment and the Nigerian Challenge
Peter Obi, former Nigerian presidential candidate, urged a rethink on Nigeria’s approach to attracting investment. He criticized the country’s reliance on global investor tours, emphasizing that investment naturally flows to prepared and conducive environments. Obi pointed out that nations with strong systems, infrastructure, and governance consistently attract investments.
Referencing the United States’ $1.1 trillion investment inflow, Obi used it as a compelling example. He explained that this success happened without the President traveling globally to seek investments, proving the importance of a favorable environment. Obi urged Nigeria to prioritize improving its local systems to enhance its attractiveness to investors.
Infrastructure as the Cornerstone
Obi stressed that infrastructure is a fundamental prerequisite for sustainable investment. He pointed to Indonesia, a country with a comparable population size to Nigeria, which prioritized healthcare, education, and poverty alleviation to foster development. Indonesia’s strategic investments in critical areas have enabled it to grow its GDP from $165 billion in 2000 to $1.39 trillion in 2024—an eightfold increase.
In comparison, Nigeria’s GDP has only tripled over the same period. Obi attributed this disparity to the lack of strategic investment in essential sectors like education, power supply, and healthcare. “Without fixing the basics, we cannot expect investors to find our environment favorable,” Obi remarked.
Inviting vs. Attracting Investors
Obi further emphasized the need to “attract” rather than “invite” investors. He explained that inviting investors often involves extensive diplomatic and marketing efforts, but these approaches rarely yield long-term benefits. In contrast, a country that invests in infrastructure, security, and the rule of law becomes naturally attractive to investors.
“Imagine a Nigeria where electricity is stable, roads are functional, and the rule of law is respected—investments will flow without anyone asking,” Obi said. He highlighted that other nations, like Vietnam and India, have implemented these strategies, achieving GDP growths of 16 and 8 times, respectively, since 2000.
Lessons from Comparable Nations
Obi called for Nigeria to study the economic models of countries like Indonesia, India, and Vietnam. He noted that these nations achieved remarkable economic transformations by focusing on human capital development and productive sectors. For example, Vietnam, with a population smaller than Nigeria, grew its GDP from $31 billion in 2000 to $506 billion in 2024 by prioritizing education, industrialization, and infrastructural development.
“These are clear examples of how strategic planning and governance reforms can unlock economic potential,” Obi said. He criticized Nigeria’s underwhelming progress, urging leaders to adopt and implement these proven strategies to achieve similar results.
The Role of Leadership in Economic Transformation
Obi concluded by emphasizing the role of leadership in creating an enabling environment for investments. He explained that prioritizing intangible assets like security, good governance, and the rule of law would unleash Nigeria’s productive capacity and entrepreneurial spirit. This, in turn, would attract significant investments comparable to those in other developing nations.
“All hope is not lost,” Obi said optimistically. “A new, productive Nigeria is possible, but it requires the right leadership, strategic planning, and a commitment to learning from successful nations.”
The Path Forward
For Nigeria to achieve its full economic potential, Obi’s message is clear: the nation must focus on creating a conducive environment for investments by addressing infrastructural gaps, improving governance, and fostering security. These measures will not only attract investors but also position Nigeria as a global economic powerhouse.
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