Tinubu Responds to Obi’s Critic on chasing after foreign investors - The Top Society

Tinubu Responds to Obi’s Critic on chasing after foreign investors

TOPSOCIETYNG
The presidential candidate of the Labour Party in the 2023 election, Peter Obi, has taken a swipe at President Bola Ahmed Tinubu over his frequent foreign trips. Obi expressed his views during an X-space event on Sunday tagged ‘Parallelfact’, emphasizing the need for Nigeria to focus on attracting foreign investors rather than actively seeking them out.
“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,” Obi stated.
Foreign investors
President Bola Ahmed Tinubu on the ithet hand, responded to these remarks during an interview with the Nation Newspaper on the same day, where he received the Man-of-the-Year award. Tinubu defended his international engagements, stating that Nigeria is actively engaging with the global market, targeting both foreign and domestic investors.
Tinubu emphasized that Foreign Direct Investment (FDI) is a significant, long-term financial commitment made by serious enterprises and investors. He highlighted the ongoing efforts to present Nigeria as an attractive and secure investment destination, stating, “We are clearly communicating that ‘Nigeria is open for business’ and that the direction of travel is clear and fully committed.”

“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.

We 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.

The President mentioned some successful initiatives, noting, “We’ve secured a $500 million deal with Germany to fund renewable energy projects, particularly in rural Nigeria.” He also highlighted the positive outcomes of efforts to attract European FDI, citing a $116 million French investment in the I-DICE program aimed at creating startups and jobs, especially empowering women.
President Tinubu acknowledged his participation in international events, such as COP28 in Dubai, the G20 Summit in India, the UN General Assembly in New York, and the G20 compact with Africa Conference in Berlin, Germany. He explained that these engagements were part of a broader strategy to advance the cause of FDI in Nigeria.
The debate between Obi and Tinubu underscores differing perspectives on the approach to securing foreign investments, with Obi advocating for an attractive environment, and Tinubu highlighting the benefits of active engagement in global forums to promote Nigeria’s investment potential.
The success of these strategies will likely remain a topic of discussion as the country seeks to boost its economic growth through increased foreign investments.
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