The federal administration led by President Bola Tinubu has been advised by former Labour Party presidential candidate Peter Obi to give priority to fostering an atmosphere that encourages economic success.CONTINUE FULL READING>>>>>
Peter Obi Says Traveling Alone Won’t Draw Investment Tinubu Obi pointed out that the President’s frequent international trips have not resulted in the necessary FDI. Among other international destinations, President Tinubu has visited Senegal, the United Arab Emirates (UAE), France, China, Brazil, and Saudi Arabia since taking office. The goal of the trips, according to the Presidency, was to draw in foreign investors.
The former presidential candidate for the Labour Party said in a statement Monday morning that only the proper policies, strong leadership, and a favorable economic climate can draw in international investors, noting the accomplishments of US President Donald Trump. “Like a bee and honey relationship, investment naturally flows to locations where the environment is favorable.
“I want to just observe and note where investment flows and why: to places with an inevitable, favourable environment.” I have never—and will not—compare the United States of America, with its GDP of over $28 trillion, to our GDP of about $250 billion, which is less than 1% of the USA GDP.
For instance, this month’s $1.1 trillion investment inflow into the United States was a result of favorable conditions and intangible assets. He claimed that this was accomplished without the president traveling the globe to solicit these kinds of contributions.
Additionally, the former governor of Anambra State asked the government to take inspiration from nations like Vietnam, India, Indonesia, and others that have made significant investments in vital areas of their growth. “I’ve always believed that a productive society can be unleashed and entrepreneurship can flourish if the proper leadership is in place, giving priority to intangible assets, security, the rule of law, and resources distributed to productive areas wisely.
Consequently, this will draw investments on par with those in other populous developing countries, such as ours. For instance, Indonesia, which has a population of about 265 million, just 10–15% more than Nigeria’s 230 million, has made investments in vital sectors including poverty alleviation, healthcare, and education. They have made great progress and drawn in international investment thanks to this concentration.
The nominal GDP of nations like Indonesia, which was around $165 billion in 2000, has increased by more than eight times to approximately $1.39 trillion in 2024. “With a nominal GDP of about $476 billion in 2000, countries like India now have a GDP of about $3.73 trillion in 2024—an increase of almost eight times.”
“Countries like as Vietnam, which had a nominal GDP of roughly $31 billion in 2000, have increased by more than 16 times to a GDP of about $506 billion in 2024. The nominal GDP of our nation, Nigeria, was around $70 billion in 2000. By 2024, it has increased by more than three times to over $210 billion.
“At this point, we need to learn from these similar nations what they have done to attain such growth and fervently implement those tactics.” Currently, Indonesia is drawing almost ten times as much foreign direct investment as we are. “We should strive for this type of economic transformation by imitating the tactics of countries that have achieved success in comparable situations,” he said.CONTINUE FULL READING>>>>>
