Former Presidential candidate, Peter Obi, has emphasized the importance of creating a conducive environment to attract investment, drawing parallels with the United States’ recent $1.1 trillion investment inflow.
Obi noted that this achievement was not due to the President’s global travels but rather the country’s favorable environment and intangible assets.
Obi stressed that Nigeria requires the right leadership to prioritize intangible assets, security, rule of law, and allocate resources to productive sectors. This, he believes, will unleash a productive society, foster entrepreneurship, and attract investments comparable to those in other developing nations with large populations, such as Indonesia.
Indonesia, with a similar population to Nigeria, has invested heavily in healthcare, education, and poverty alleviation, achieving significant development and attracting foreign investments.
The country’s GDP has grown from approximately $165 billion in 2000 to $1.39 trillion in 2024, an increase of over 8 times. Similarly, India’s GDP has grown from $476 billion to $3.73 trillion, while Vietnam’s GDP has increased from $31 billion to $506 billion during the same period.
In contrast, Nigeria’s GDP has grown from $70 billion to $210 billion, an increase of over 3 times. Obi emphasized the need for Nigeria to learn from these countries’ strategies and replicate their successes. He noted that Indonesia now attracts about 10 times the foreign direct investment than Nigeria, highlighting the need for a significant economic shift.
Ultimately, Obi remains optimistic about Nigeria’s future, stating that “all hope is not lost” and that a new productive path remains possible.
