The candidate of the Labour Party in the 2023 presidential election, Peter Obi, has called for conscious efforts to improve the security and economic environment in a bid to attract foreign investments in the country.
Obi, in a statement on his verified X page on Monday, mentioned that Nigeria lacks a conducive atmosphere to attract foreign investment and grow the GDP of the country.
”Investment naturally flows to places where the environment is conducive, much like a bee and honey relationship,” Obi stated.
”Though I have never—and will not—compare the United States of America, with its over $28 trillion GDP, to our country, Nigeria, with a GDP of about $250 billion, less than 1% of the USA GDP, I want to simply observe and note where investment flows and why: to places with an inevitable, favourable environment.
”A typical example, the $1.1 trillion investment inflow into the USA this month, was because of desirable environments and intangible assets,” Obi added.
Obi bemoaned the incessant travels of President Bola Tinubu outside the country in a bid to attract foreign investments.
He noted that such state-sponsored trips will be avoided and resources saved if the country has the right leadership to attract investors.
”This was achieved without the president jetting around the world to attract such investments.
”I have always maintained that with the right Leadership, prioritizing intangible assets, security, rule of law and resources allocated to productive sectors appropriately, that will unleash a productive society and allow entrepreneurship to thrive.
”This, in turn, will attract investments comparable to those in other developing nations with large populations, just like ours,” he said.
The former governor of Anambra state noted that, ”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.”
Obi lamented the slow growth of the country’s GDP, urging the federal government to learn from developed countries.
”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.
”What we require at this stage is to learn from these comparable countries what they have done to achieve such growth and religiously apply those strategies,” Obi stated.
”Indonesia is now attracting about 10 times the foreign direct investment that 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.
”For us in Nigeria, all hope is not as a new productive remains possible,” Obi added.
