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

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] 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