Peter Obi calls for strategic leadership to boost Nigeria’s economic growth, investment

Peter Obi, the Labour Party’s presidential candidate in the 2023 elections, has emphasised the need for Nigeria to create a conducive environment for investment, likening it to the natural attraction between bees and honey.

In a statement shared on X, Obi underlines the importance of prioritising intangible assets such as security, the rule of law, and effective resource allocation to unleash the country’s productive potential.

While refraining from direct comparisons between Nigeria’s $250 billion GDP and the United States’ $28 trillion GDP, Obi pointed out that the $1.1 trillion investment inflow into the U.S. this month was largely driven by favorable conditions and a focus on intangible assets. He noted that such successes were achieved without excessive global travels by the U.S. president to woo investors.

Obi highlighted the success stories of countries like Indonesia, India, and Vietnam, whose strategic investments in critical areas such as healthcare, education, and poverty alleviation have significantly boosted their economies and attracted foreign investments.

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For instance, Indonesia, with a population comparable to Nigeria’s 230 million, increased its nominal GDP from $165 billion in 2000 to $1.39 trillion in 2024, an eightfold growth. India and Vietnam recorded similar exponential growth during the same period, with India rising from $476 billion to $3.73 trillion and Vietnam from $31 billion to $506 billion. By contrast, Nigeria’s nominal GDP grew from $70 billion in 2000 to $210 billion in 2024—just a threefold increase.

Obi called for Nigeria to learn from these nations by adopting and implementing their strategies to drive economic growth. He pointed out that Indonesia now attracts ten times the foreign direct investment that Nigeria does, a gap that can be bridged with the right leadership and policies.

“All hope is not lost, as a new productive Nigeria remains POssible,” Obi concluded, emphasising his belief in Nigeria’s potential for transformation through strategic reforms and leadership.