Peter Obi urges smart leadership to increase investment and economic growth in Nigeria
Comparing it to the natural affinity between bees and honey, Peter Obi, the Labour Party’s presidential candidate in the 2023 elections, has emphasized the necessity for Nigeria to establish an atmosphere that is favorable to investment.
Obi emphasizes the significance of giving intangible assets like security, the rule of law, and efficient resource allocation top priority in order to unlock the nation’s productive potential in a statement posted on X.Obi said that the $1.1 trillion investment influx into the U.S. this month was mostly driven by favorable conditions and a concentration on intangible assets, but he refrained from drawing direct comparisons between the $250 billion GDP of Nigeria and the $28 trillion GDP of the United States. He pointed out that these kinds of achievements were achieved without excessive global travels by the U.S. president to woo investors.
Obi cited the achievements of nations like Vietnam, India, and Indonesia, whose calculated expenditures in vital sectors like healthcare, education, and eradicating poverty have greatly expanded their economies and drawn in foreign capital.
For example, the nominal GDP of Indonesia, which has a population of over 230 million, has grown eightfold from $165 billion in 2000 to $1.39 trillion in 2024. During the same time span, Vietnam and India both saw exponential development, with Vietnam going from $31 billion to $506 billion and India going from $476 billion to $3.73 trillion. Nigeria’s nominal GDP, on the other hand, increased by just three times, from $70 billion in 2000 to $210 billion in 2024.
Obi urged Nigeria to absorb and apply these countries’ economic growth-promoting tactics in order to learn from them. He noted that Indonesia currently draws ten times as much foreign direct investment as Nigeria, a difference that may be closed with the correct policies and leadership.
“There is still hope for a new, productive Nigeria,” Obi said in closing, reaffirming his faith in the country’s capacity to change with leadership and calculated reforms.
