I was trying to sell investment related ideas to some of my European friends who are interested in investing in Africa. They had listened to me patiently, then simply asked me the foreign exchange rate in Nigeria presently. As I was about to spew out the well rehearsed rendition of a Nigeria with oil, over whelming population advantage and a brand new government that has economic ideas and very investment friendly plans, they ambushed with the flat statement that I should put into consideration that for the past six months that the exchange rate of Naira to Dollar has changed about four times. then one muttered something about insecurity situation being too high while the other continued a chant about corruption as if it is a new invention. My competitor from another African country who was interested in these group of potential investors was excited about epileptic electricity unreliability and absence of other investment support infracstructures in Nigeria in this Twenty First Century. At a stage, I swallowed my siliva and relegated myself to the ignoble seat of ‘Siddon Look’. To sell Nigeria to investors now to foreign investors is now quite a mountain to climb.
Peter Obi on investments in Nigeria
The presidential candidate of the Labour Party, Peter Obi said Nigeria should attract foreign investors and not chase after them.
Obi stated this while speaking during an X-space live chat, tagged ‘ParrellelFact’ on Sunday.
His comment comes on the heels of President Bola Tinubu’s foreign trips to attract foreign direct investment (FDI) to the country in recent times.
Obi said, “Nobody goes around searching for foreign investors. Foreign investors are like bees; when you keep the honey, they will boom towards there. We need to attract foreign investors and not chase after them,” he said.
It is obvious, that this is a reaction to the globe trotting of the president of Nigeria in pursuit of foreign investors.
Tinubu and Foreign investments
But, President Tinubu, in his interview with The Nation on Sunday said the country is engaging with the global market- both foreign and domestic investors.
According to the president, Foreign Direct Investment is not ‘Chicken Change’ but a long-term financial commitment from serious enterprises and investors.
He said, “FDI is not ‘chicken change’. FDI is substantial, long-term financial commitments made by serious enterprises and investors. Right now, Nigeria is re-engaging with the global market – both foreign and domestic investors.
“We are telling the story of our significant and far-reaching reforms and rebuilding confidence in Nigeria as an accessible and safe investment.
“We are clearly communicating that ‘Nigeria is open for business’ and that the direction of travel is clear and fully committed”, he said.
Tinubu noted that the country’s efforts to woo foreign direct investors were yielding fruit.
“We’ve secured a $500 million deal with Germany to fund renewable energy projects, particularly in rural Nigeria”, he stated.“Our focused efforts to attract European FDI are yielding fruit, notably with the $116 million French investment in the I-DICE program, aimed at creating 65,000 start-ups and 150,000 jobs, particularly empowering women,” Tinubu added.
Recall that President Tinubu was at COP28 in Dubai, which ended last week.
The President, in September, also attended the G20 Summit in India, the UN General Assembly in New York, the United States of America and the G20 compact with Africa Conference in Berlin, Germany, and others to “sustain his momentum in advancing the cause of FDI in Nigeria”
Without bias, this writer will like to pitch my tent with Mr Obi on this matter. Our people say that a man whose house is on fire does concentrate on chasing rats. Nigeria and its leaders need to creat an investment freindly atmosphere before trying to invite supposed investors. Running around like a headless chicken to every golbal summit to beg for investors to Nigeria is like inviting guests to your very dirty and filthy and yet unsafe house.
