The Labour Party’s presidential nominee, Peter Obi, has stated that the Federal Government’s attempt to attract foreign investors abroad will yield no results without the establishment of a favorable business ecosystem.
Obi drew an analogy between foreign investors and bees and honey, stressing that a government without a domestic roadmap is wasting its time seeking investments abroad.
“I came back here and told someone that you don’t go looking for foreign investors. Anyone going around looking for foreign investors is wasting everyone’s time”
“Foreign investors are like bees and honey. If you put honey here, how the bees will converge, no one will tell you,” Obi said.
He urged the government to focus on creating a conducive environment for businesses to thrive, rather than going around the world looking for foreign investors.
Obi’s statement comes on the heels of President Bola Tinubu’s statement at the 78th session of the United Nations General Assembly in New York, United States, where he told American entrepreneurs to feel free and safe to invest in Nigeria.
Tinubu had outlined various measures aimed at bolstering the confidence of the global investment community in Nigeria, including the establishment of a conducive fiscal, monetary, and tax policy environment.
However, Obi believes that these efforts will be futile if the government does not first create a favorable business ecosystem at home.
“If you look at all the economic analysis, go and look at where Bangladesh will be in 2030 and up to 2050. But no one knows where we are going to be,” Obi said. “We are now in a country where people say one thing and do something else.”
