Ayobamiji Komolafe 
Former Anambra State Governor, Peter Obi has called for an urgent shift in Nigeria’s economic strategy to attract substantial foreign investments and foster sustainable growth.
In a thought-provoking statement issued on Monday, Obi highlighted the crucial role of creating a favourable investment environment, drawing lessons from the economic successes of nations like Indonesia, India, and Vietnam.
The 2023 Presidential candidate of the Labour Party (LP) pointed out that investment naturally gravitates to countries with conducive environments, much like bees are drawn to honey.
He referenced the recent $1.1 trillion investment inflow into the United States (US) as an example, attributing the achievement to a desirable environment and strategic focus on intangible assets.
Comparing Nigeria’s economic trajectory to other developing nations, Obi lamented the country’s modest growth, saying Nigeria’s GDP grew from approximately $70 billion in 2000 to $210 billion in 2024, an increase of just three times over two decades.
READ ALSO:
- Economic Reforms: World Bank Engages FG on Critical Developmental Agenda
- Economic reforms and our mindset
- Be Patient, Tinubu’s Economic Reforms Yielding Fruits, Youth Leaders Tell Nigerians
This accomplishment, he noted, was achieved without the need for the U.S. President to travel globally in search of investments.
In contrast, with a similar population size of 265 million, Indonesia increased its GDP from $165 billion in 2000 to $1.39 trillion in 2024, an eightfold growth.
Similarly, India’s GDP surged from $476 billion to $3.73 trillion over the same period, while Vietnam recorded a staggering increase from $31 billion to $506 billion, representing a sixteenfold rise.
Obi attributed the remarkable growth of these nations to deliberate investments in critical areas such as healthcare, education, and poverty alleviation.
He noted that these countries prioritized intangible assets, strengthened their rule of law, ensured security, and allocated resources effectively to productive sectors.
These measures, he argued, unleashed their societies’ potential, fostered entrepreneurship, and made them attractive destinations for foreign direct investment.
He also highlighted that despite having a comparable population to Nigeria, Indonesia now attracts ten times the foreign direct investment that Nigeria does.
According to Obi, there is an urgent need for Nigeria to adopt similar strategies to create a productive society capable of competing on the global stage.
Obi further stressed the importance of visionary leadership that prioritizes economic reforms tailored to Nigeria’s unique circumstances.
He believes that by learning from nations that have transformed their economies under similar conditions, Nigeria can unlock its vast potential and achieve the kind of growth that will improve the lives of its citizens.
