The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has faulted President Bola Tinubu over a United States government warning to investors about risks associated with Nigeria’s investment climate.
This comes days after the US government cautioned investors that standard business trips to Nigeria could escalate into detention if a company comes under regulatory suspicion or faces charges from Nigerian authorities.
Reacting to the development on Wednesday, Obi criticised the Tinubu-led administration for celebrating Nigeria’s macroeconomic stability despite concerns raised by the US government over the country’s business environment.
He stated that the warning reinforced concerns about the government’s handling of corruption, insecurity, and other challenges affecting investor confidence.
The 2026 Nigeria Investment Climate Statement by the US Department of State identified corruption, insecurity, inconsistent regulatory enforcement, weaknesses in the judicial system, cargo delays, and power sector challenges as factors undermining investment in Nigeria.
The report also cautioned investors about the possible use of arbitrary detention, travel restrictions, and immigration enforcement to pressure foreign businesses.
Quoting the report, Obi said: “U.S. businesses are advised that standard business trips can escalate into detention if the firm is under regulatory suspicion or faces charges by Nigerian authorities.”
He added that the report highlighted port inefficiencies as a significant hidden cost to investment, noting that cargo dwell times at the Apapa and Tin Can ports exceeded 20 days due to manual examinations.
Obi argued that the report should prompt an immediate response from the Nigerian government, including investigations and measures to address the concerns raised.
“In a nation with an effective, competent and attentive government, this kind of adverse report would have elicited immediate intervention by the President and Commander in Chief ordering prompt investigation, follow-up, and effective action,” he said.
The former Anambra State governor also accused the APC-led administration of being responsible for the problems identified in the report, stressing that the challenges were undermining Nigeria’s ability to attract Foreign Direct Investment (FDI) commensurate with its market size and economic potential.
Citing capital importation figures for the first quarter of 2026, Obi noted that Nigeria recorded $10.37 billion in total inflows, but only $135.08 million, representing about 1.3 per cent, came from Foreign Direct Investment (FDI).
He pointed out that foreign portfolio investment accounted for approximately $9.86 billion, or 95.1 per cent of the total inflows, while loans and other capital streams accounted for the remainder.
Obi described the situation as paradoxical, emphasising that the administration’s celebration of macroeconomic stability contradicted the concerns undermining investor confidence.
“It is paradoxical that while the Tinubu administration is celebrating macroeconomic stability, it is unwittingly scaring away foreign investors. What a shame,” he remarked.
He, however, expressed optimism about Nigeria’s future, reiterating that the country could achieve meaningful progress and economic development.
