The 2023 presidential candidate of the Labour Party, Peter Obi, has accused President Bola Tinubu’s administration of presiding over what he described as “a collapse in foreign direct investment.”

He blamed what he called “poor leadership, weak governance, and uncoordinated reforms” for the country’s economic woes.

Obi, in a statement shared on official X (formerly Twitter) handle on Friday, noted that going by fresh figures from the National Bureau of Statistics, FDI into Nigeria plunged by about 70 per cent in the first quarter of 2025, falling to $126.29m from $421.8m recorded in the last quarter of 2024.

“While the President, ministers, and other government officials continue their global galivanting in search of FDI, our poor performance in key governance indicators – such as rule of law, regulatory quality, government effectiveness, and voice and accountability – continues to prove that you cannot attract sustainable foreign investment with poor leadership and governance,” Obi wrote.

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While noting that the country’s investment inflows were largely speculative, Obi said, “Of the total capital importation of about $5.64 bn in Q1 2025, FDI accounted for only about 2.24 per cent, compared to 8.2 per cent in Q4 2024.

“Disturbingly, about 90 per cent of the imported capital went into speculative money market instruments, with negligible impact on industrial growth or job creation, given the ease with which such ‘hot money’ can exit the economy.”

He argued the sharp drop in manufacturing inflows further underscored the lack of investor confidence in the country.

“Capital flows to the manufacturing sector declined by 32.1 per cent, falling to only $129.92 million in Q1 2025 from $191.92 million in the same quarter of 2023. There is no better confirmation of the lack of trust in this government, whose reforms remain uncoordinated and largely reactive,” he said.

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The former Anambra State governor further compared the country’s performance with other African nations that recorded major gains.

“In 2024, while global FDI flows declined, Africa’s FDI rose by about 75 per cent to $97 billion,” he stated.

“Egypt alone attracted $46.58 billion. Ethiopia received $3.98 billion, Côte d’Ivoire $3.80 billion, Mozambique $3.55 billion, Uganda $3.30 billion, DR Congo $3.11 billion, South Africa $2.47 billion, Namibia $2.06 billion, Senegal $2.02 billion, Guinea $1.83 billion, and Morocco $1.64 billion.”

According to him, Nigeria has been left trailing far behind.

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“Most disappointingly, our dear nation, the so-called ‘Giant of Africa,’ received only $1.08 billion – about one per cent of Africa’s total FDI – representing a decline of about 42 per cent from 2023. Worse still, after that 42 per cent drop between 2023 and 2024, FDI to Nigeria has further declined by 75 per cent between Q4 2024 and Q1 2025,” Obi lamented.

He warned that unless Nigeria fixed its governance problems, it would continue to lose investment to more stable African economies.

“We cannot achieve sustainable growth and development with ineffective leadership and a weak government,” he said.

Edo State Deputy Governor, Dennis Idahosa, on Saturday commended the impressive turnout of voters in the ongoing by-election for the Ovia Federal Constituency seat in the House of Representatives.

Idahosa gave the commendation after casting his ballot at Unit 3, Old Education Board, Iguobazuwa West Ward, Ovia South-West Local Government Area.

He described the process as seamless, peaceful, and encouraging.

Edo Deputy Governor, Dennis Idahosa, on the queue at the Ovia Federal Constituency to cast his vote.

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“I must commend the people for coming out in large numbers to vote. So far, everything is going well. We are expecting free, fair, and credible elections. Ovia people will be happy with the outcome. I am calling on more voters to come out and perform their civic duties.

“I just voted and I am going home while I wait for the result,” he said.

Meanwhile, at Okada West Ward Units 1, 4, and 6, voters were seen in long queues waiting to cast their ballots.

The Edo State chapter of the All Progressives Congress on Friday alleged that it had uncovered plans by the Peoples Democratic Party to cause chaos by attacking selected polling and collation centres during Saturday’s by-election in Edo Central and Ovia Federal Constituency.

In a statement signed by the state APC Chairman, Jarret Tenebe, the party also alleged that the state PDP Chairman, Tony Aziegbemi, and a top party chieftain, Chief Francis Inegbeniki, were part of the plot.

However, Aziegbemi, who chairs the PDP caretaker committee in the state, dismissed the allegation in a message to journalists, describing it as “absolute nonsense.”

PDP Publicity Secretary, Chris Nehikhare, also said the APC did not deserve a response, adding, “All we demand is a level playing field for a free, fair and transparent election.”

Inegbeniki also denied any plan to disrupt the election, describing the APC’s claims as “malicious, false, and misleading.”

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The APC statement read, “The All Progressives Congress wishes to inform the general public, and in particular, electorates in Edo State, that we have uncovered a dastardly plan by the remnants of the Peoples Democratic Party to cause chaos by attacking some selected polling and collation centres on Saturday in the Edo Central and Ovia Federal Constituency by-election.

“Last (Thursday) night, a large crowd of thugs suspected to have been imported from neighbouring states was seen gathered at Chief Francis Inegbeniki’s home in Opoji, Esan West Local Government Area of the state, and they were dispatched last night to various points in Edo Central.

“We have earlier reported to the security agencies that Inegbeniki played a major role in the murder of Inspector Akor, but sadly, he has been left to walk the streets freely unchallenged. One of those who attended the briefing informed us that they were brought from neighbouring states for the purpose of the senatorial election.

“Similarly, strange-looking youngsters in several unmarked buses were seen last night, parked at the residence of the state caretaker chairman of the PDP, Mr. Tony Aziegbemi, in Benin City, and again we have been told that the unidentified fierce-looking men have been dispatched to Ovia North East and Ovia South West Local Government Areas to disrupt the re-run election.”

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Tenebe urged the Nigerian Police to arrest the PDP leaders and others allegedly involved to prevent attacks on voters, stressing that elections should not be treated as war.

He said the APC remained committed to the principles of free, fair, and credible elections, adding that the party had campaigned vigorously and was ready to win both by-elections overwhelmingly.

“We are advising Aziegbemi and his cohorts that they should not stand in our way to victory, but if they insist on their evil plans to constitute themselves as hurdles, they will be the way. Saturday’s election shall be the testament and confirmation of the 2.5 million votes Edo people have promised President Bola Tinubu in the 2027 presidential election. We call on all eligible voters to turn out in their numbers to cast their votes unhindered,” Tenebe added.

In his response, Inegbeniki said, “My attention has been drawn to a libellous press release signed by a self-styled Emperor Jarret Tenebe, where my name was mentioned as one of those mobilising thugs to disrupt the Saturday election in Esan Land (Edo Central Senatorial District).

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“I take exception to that reckless statement coming from the mouth of a deserter soldier man. It is clear that Tenebe needs urgent mental health attention, and he should not be taken seriously.

“Tenebe has become a disgrace to the APC. He is known for his reckless talks; he talks before thinking.”

He urged the people of Edo Central to go about their civic duties peacefully and turn out to vote.

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“The APC must begin to watch the activities of Jarret Tenebe. He is known in the past to make this kind of reckless statement so that the APC can release money to him to counter the so-called imaginary thugs. This must be one of such statements to collect money from the APC.

“Once again, I deny any involvement in the death of Inspector Akor. I was not on Airport Road on the day of the incident, nor did I plan or conspire with anyone. I am innocent of the allegations. It is now clear that it was Tenebe who framed up the allegations against me just to smear my hard-earned reputation.

“Being an innocent and law-abiding Nigerian, I have already instituted a libel action against Jaret Tenebe and his cohorts. We are in court, and I believe I will get justice”, he stated.