Investment Flows into Nations by Investing in Healthcare, Education, and Poverty Alleviation — Not Jetting Around Looking for Them, Says Obi

Peter Obi, the Labour Party presidential candidate, has emphasised the importance of creating a conducive environment by prioritising investments in critical sectors such as healthcare, education, and poverty alleviation. 

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, he noted.

In a post on X, Obi draws comparisons with nations like Indonesia, Vietnam, and India, which have achieved remarkable economic growth through strategic sectoral investments. He argued that such measures attract sustainable foreign investments far more effectively than frequent international trips by leaders. 

I have always maintained that with the right Leadership, prioritizing intangible assets, security, rule of law and resources allocated to productive sectors appropriately,  that will unleash a productive society and allow entrepreneurship to thrive. This, in turn, will attract investments comparable to those in other developing nations with large populations, just like ours, For example, Indonesia, 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. This focus has enabled them to achieve significant development and attract foreign investments.

This statement comes amid reports that President Bola Ahmed Tinubu has embarked on over 15 international trips since assuming office in May 2023 to woo foreign investors—a strategy Obi contends has not yielded significant economic results.

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. 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, Obi stated.

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Oluwasegun Sanusi

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