The presidential candidate of the Labour Party, Peter Obi
said Nigeria should attract foreign investors and not chase after them.
Obi stated this while speaking during an X-space live chat,
tagged ‘ParrellelFact’ on Sunday.
His comment comes on the heels of President Bola Tinubu’s
foreign trips to attract foreign direct investment (FDI) to the country in
recent times.
Obi said, “Nobody goes around searching for foreign
investors. Foreign investors are like bees; when you keep the honey, they will
boom towards there. We need to attract foreign investors and not chase after
them,” he said.
But, President Tinubu, in his interview with The Nation on
Sunday said the country is engaging with the global market- both foreign and
domestic investors.
According to the president, Foreign Direct Investment is not
‘Chicken Change’ but a long-term financial commitment from serious enterprises
and investors.
He said, “FDI is not ‘chicken change’. FDI is substantial,
long-term financial commitments made by serious enterprises and investors.
Right now, Nigeria is re-engaging with the global market – both foreign and
domestic investors.
“WWe are telling the story of our significant and
far-reaching reforms and rebuilding confidence in Nigeria as an accessible and
safe investment.
“We are clearly communicating that ‘Nigeria is open for
business’ and that the direction of travel is clear and fully committed”, he
said.
Tinubu noted that the country’s efforts to woo foreign
direct investors were yielding fruit.
“We’ve secured a $500 million deal with Germany to fund
renewable energy projects, particularly in rural Nigeria”, he stated.
“Our focused efforts
to attract European FDI are yielding fruit, notably with the $116 million
French investment in the I-DICE program, aimed at creating 65,000 start-ups and
150,000 jobs, particularly empowering women,” Tinubu added.
Recall that President Tinubu was at COP28 in Dubai, which
ended last week.
The President, in September, also attended the G20 Summit in
India, the UN General Assembly in New York, the United States of America and
the G20 compact with Africa Conference in Berlin, Germany, and others to
“sustain his momentum in advancing the cause of FDI in Nigeria”.
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