The 2023 presidential candidate of the Labour Party (LP), Peter Obi, has called for Nigeria to replicate strategies from thriving economies around the world.
Mr. Obi, who made the call on X (formerly Twitter) on Monday, stressed the need for a ‘favourable environment’ in attracting investments to boost the economy.
He wrote: “Investment naturally flows to places where the environment is conducive, much like a bee and honey relationship. Though I have never—and will not—compare the United States of America, with its over $28 trillion GDP, to our country, Nigeria, with a GDP of about $250 billion, less than 1% of the USA GDP, I want to simply observe, and note where investment flows and why: to places with an inevitable, favourable environment.
“A typical example, the $1.1 trillion investment in-flow into the USA this month, was because of desirable environments and intangible assets. This was achieved without the President jetting around the world to attract such investments.”
The former Anambra State Governor maintained that with the right leadership, prioritising intangible assets, security, rule of law and resources allocated to productive sectors appropriately will unleash a productive society and allow entrepreneurship to thrive.
This, he said, will in turn, attract investments comparable to those in other developing nations with large populations, just like Nigeria.
Obi explained that Indonesia for example, with a similar population of around 265 million—just 10-15% more than Nigeria’s 230 million—has invested in critical areas like healthcare, education, and poverty alleviation.
He stressed that the focus has enabled them to achieve significant development and attract foreign investments.
The politician continued: “Countries like Indonesia, with a nominal GDP of approximately $165 billion in the year 2000, now have a GDP of about $1.39 trillion in the year 2024—an increase of over 8 times. Countries like India, with a nominal GDP of approximately $476 billion in the year 2000, now have a GDP of about $3.73 trillion in the year 2024—an increase of nearly 8 times.
“Countries like Vietnam, with a nominal GDP of approximately $31 billion in the year 2000, now have a GDP of about $506 billion in the year 2024—an increase of over 16 times. Our country Nigeria, with a nominal GDP of approximately $70 billion in the year 2000, now has a GDP of about $210 billion in the year 2024—an increase of over 3 times.”
He added: “What we require at this stage is to learn from these comparable countries what they have done to achieve such growth and religiously apply those strategies. Indonesia now attracting about 10 times the foreign direct investment than we do.
“This is the kind of economic shift we should aim for by replicating the strategies of nations that have succeeded in similar circumstances.”
