by Ayo Akinfe
If we are serious about getting out of our economic rut, incoming ambassadors need to be given foreign direct investment targets which must be met unfailingly
[1] No matter how you look at it, Nigeria has no choice other than to attract foreign direct investment (FDI) if she wants to expand and diversify her economy
[2] In 2022, total FDI into Nigeria only added up to a paltry $3.3bn, according to the World Bank. Even at its all-time high in 2008, Nigerian FDI only totalled $4.7bn
[3] Last year, as many as 32 of Nigeria’s 36 states did not attract one dollar in foreign direct investment (FDI) during the first quarter of 2022
[4] According to the National Bureau of Statistics (NBS), only Lagos, Oyo, Katsina and Anambra and the Federal Capital Territory (FCT) attracted any FDI during the first three months of 2022
[5] According to the NBS’ Nigeria’s capital importation, the total value of capital imported into Nigeria in the first quarter of 2022 stood at $1.6bn, compared with $2.2bn in the preceding quarter
[6] Basically, in too many sectors and too many states, Nigeria is not attracting the required capital to get going. With no FDI, ho do you create jobs?
[7] However you look at it, this needs to become an urgent priority. Every ambassador and high commissioner needs to be given a stringent FDI target that must be met. In the private sector, managers, reps, salespeople, etc all have to meet targets set for them
[8] If any ambassador or high commissioner does not meet his target, he or she should be recalled after a year
[9] Envoys to G7 nations should be made to put together entire FDI directorates with a desk in each sector of the economy/agriculture, manufacturing, power supply, railways, healthcare, sports, education, housing, etc
[10] Just to see how far we are lagging behind, check out the top global 10 FDI destinations for 2021:
[1] US – $4.97trn
[2] Netherlands – $4.33trn
[3] China – $3.57trn
[4] Luxembourg- $3.33trn
[5] UK- $2.61trn
[6] Hong Kong – $1.91trn
[7] Singapore- $1.79trn
[8] Ireland- $1.36trn
[9] Switzerland – $1.2trn
[10] Germany – $1.1trn
