‘Global gallivanting won’t attract investors’ — Obi slams FG over shrinking FDI

Obi

Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, has criticised the federal government over the sharp drop in Nigeria’s foreign direct investment (FDI).

In a post on X on Friday, Obi said no amount of overseas trips will attract investors without good governance at home.

His comments come after President Bola announced a two-nation trip to Japan and Brazil.

Obi accused Tinubu and top officials of “global gallivanting” while the country’s investment climate worsens.

“While the president, ministers, and other officials continue their global galivanting in search of FDI, our poor performance in key governance indicators — rule of law, regulatory quality, government effectiveness, and voice and accountability — proves you cannot attract sustainable foreign investment with poor leadership and governance,” Obi posted.

Quoting data from the National Bureau of Statistics (NBS), Obi said FDI fell by 70 percent in the first quarter (Q1) of 2025 to $126.29 million, down from $421.8 million in Q4 2024.

“Of the total capital importation of about $5.64 billion in the first quarter of 2025, FDI accounted for only about 2.24%, compared to 8.2% in Q4 2024,” he said.Thecable