As President Tinubu goes about appointing ambassadors, I would love it if this process involves giving them foreign direct investment targets

Ayo Akinfe

[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 it’s all-time high in 2008, Nigerian FDI only totalled $4.7bn

[3] Most years, as many as 32 of Nigeria's 36 states do not attract one dollar in foreign direct investment (FDI)

[4] According to the National Bureau of Statistics (NBS), only Lagos, Anambra, Rivers and Ogun states and the Federal Capital Territory (FCT) attract regular FDI

[5] This is simply not sustainable as it means most states are more or less wholly dependent on oil handouts

[6] Basically, in too many sectors and too many states, Nigeria is not attracting the required capital to get going. With no FDI, how 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

ayoakinfe@gmail.com