Peter Obi has sharply criticized the current Nigerian administration for what he describes as a failure of leadership that is driving away much-needed foreign direct investment (FDI).
In a statement posted on his X (formerly Twitter) page and referenced by PUNCH Online, Obi argued that sustainable economic growth cannot be realized under a government marked by weak institutions and ineffective governance.
He pointed to poor scores in areas such as the rule of law, regulatory quality, and government accountability as key reasons international investors are losing interest in Nigeria.
Obi mocked ongoing efforts by top officials, including the President and ministers, to attract foreign investors through international trips, saying such efforts are futile when the country’s internal governance indicators are so poor.
Citing data from the National Bureau of Statistics, he highlighted that Nigeria’s FDI dropped by nearly 70% in the first quarter of 2025, plunging to $126.29 million from \$421.8 million in the previous quarter.
More worryingly, he noted that just over 2% of Nigeria’s total capital importation in early 2025 came from FDI, compared to over 8% at the end of 2024.
Most of the incoming capital was directed toward speculative money market instruments, which do little to create jobs or support long-term industrial growth. The manufacturing sector also suffered a blow, with capital flows dropping by 32.1% year-on-year.
Obi emphasized that the country’s declining share of Africa’s overall FDI underscores the depth of the crisis.
Despite being labeled the “Giant of Africa,” Nigeria received only 1% of the continent’s FDI about $1.08 billion in 2024 a steep 42% drop from the year before, which worsened with another 75% decline in Q1 2025.
Meanwhile, Africa as a whole witnessed a surge in FDI, rising to $97 billion in 2024. Egypt topped the list of recipients, attracting $46.58 billion, with other countries like Ethiopia, Côte d’Ivoire, and South Africa seeing significant inflows as well.
Obi concluded by warning that without decisive leadership and a clear, coordinated policy direction, Nigeria will continue to lose out on critical investments that could transform its economy.
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