Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), has accused the administration of President Bola Tinubu of driving foreign direct investment (FDI) away from Nigeria through its policies and programmes.
In a statement on Wednesday titled “Scaring Investors While Celebrating Macroeconomic Stability,” the former Anambra State governor described the government as incompetent, ineffective and corrupt.
Obi said it was delusional for the All Progressives Congress (APC)-led government to celebrate macroeconomic stability while the United States government was warning investors about the risks of doing business in Nigeria.
He pointed to the 2026 Nigeria Investment Climate Statement by the U.S. Department of State, which listed corruption, insecurity, inconsistent regulatory enforcement, weak courts, cargo delays and power sector problems as factors undermining investor confidence.
According to Obi, the report also cautioned that arbitrary detention, travel restrictions and immigration enforcement could be used to pressure foreign businesses operating in Nigeria.
He quoted the report as saying: “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.”
The report, he noted, also described port inefficiency as a “hidden tax” on investment. It said that although the Lekki Deep Seaport, opened in 2023, eased pressure in 2025 by handling $9.6 billion in trade at 50 per cent capacity, cargo dwell times at the Apapa and Tin Can ports still exceed 20 days because of manual examinations.
Obi said a competent government would have responded to such a report immediately, with the President ordering an investigation and taking action to correct the negative perception. He argued that this was even more important given Nigeria’s need for FDI.
“Unfortunately, our incompetent APC-led government cannot give what they don’t have, as they are the real perpetrators of the issues raised by the U.S. Government,” he said.
He added that the low level of FDI reflected the problem. Of the $10.37 billion in total capital importation in the first quarter of 2026, only $135.08 million, about 1.3 per cent, was FDI. About $9.86 billion, roughly 95.1 per cent, went into foreign portfolio investment, with loans and other capital streams making up the rest.
“It is paradoxical that while the Tinubu administration is celebrating macroeconomic stability, it is unwittingly scaring away foreign investors. What a shame,” Obi said.
He concluded: “A New and Productive Nigeria is possible and Nigeria will be OK.”
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