Feature: Nigerian Ambassadors should be given FDI targets


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


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