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The 2023 labor presidential candidate, Peter Obi, has denied the Director General of the World Trade Organization (WTO) Ngozi Okonjo-iweala that the Nigerian economy has been stable under the President of Bola Tinubu, quoting a sharp decline in foreign investment as proof of cons.
Okonjo-iweala, spoke to the state council correspondent on Thursday after a full visit to the Tinubu President, said the administrative reform “moved in the right direction” and had helped challenge the economy.
However, in a post on X on Friday, Obi believes that the new economic indicator is describing a different picture. He appointed data from the National Statistics Bureau (NBS) which showed that direct foreign investment (FDI) to Nigeria fell almost 70% in the first quarter of 2025, down to $ 126.29 million from $ 421.8 million recorded in the last quarter of 2024.
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According to Obi, of the total capital imports of a total capital of $ 5.64 billion in Q1 2025, FDI contributed only 2.24%, compared to 8.2% in Q4 2024, with around 90% of the entry flow to speculative money market instruments that contributed slightly to industrial growth or employment creation.
He also recorded a decrease in 32.1% in the flow of capital to the manufacturing sector and in contrast to the poor Nigerian performance with all Africa, which attracted $ 97 billion in FDI in 2024, an increase of 75% from the previous year. Egypt led the continent with $ 46.58 billion, while Nigeria only attracted $ 1.08 billion, representing a decline of 42% from 2023 and only 1% of the total entrance to Africa.
“With poor governance indicators and ineffective leadership, there is no number of international trips or investment summit that will bring sustainable foreign investment,” Obi said. “The amount does not support the claim that our economy is stable.”
