Politics

Obi Blames Tinubu For 70% Investment Crash

Published

4 months ago

August 16, 2025

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.

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.

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.

“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.

Politics

PDP Crisis: INEC Rejects Turaki-led NWC

Published

2 days ago

December 23, 2025

Editor

The Independent National Electoral Commission, INEC, has said it will not recognise the Kabiru Turaki-led National Working Committee, NWC, of the Peoples Democratic Party, citing existing court judgments and unresolved legal processes.

This was as contained in a letter dated December 22, 2025, signed by INEC Secretary, Dr Rose Oriaran-Anthony.

The Commission stated that it could not act on demands to acknowledge or upload on its website the list of national officers said to have been elected at the National Convention held on November 15 and 16, 2025, in Ibadan.

According to INEC, its position was guided by subsisting court decisions and pending litigation relating to the leadership crisis within the PDP.

The electoral body further noted that it would be improper to recognise any factional officers while the matter remains before the courts.

Politics

Govt That Fails To Protect Its Citizens Has No Business Remaining In Office – Kwankwaso

Published

2 days ago

December 23, 2025

Editor

Senator Rabiu Musa Kwankwaso, leader of the Kwankwasiyya Movement and 2023 presidential candidate of the New Nigeria Peoples Party (NNPP), has accused the Federal Government under President Bola Ahmed Tinubu of lacking the political will to tackle Nigeria’s worsening insecurity.

Kwankwaso spoke on Tuesday in Kano while unveiling 2,000 operatives of the Kano State Neighbourhood Security Network.

He urged President Tinubu to “rise to the occasion and truly act as the Commander-in-Chief” in addressing banditry and other security challenges.

According to him, Nigeria’s military “remains one of the most gallant in the world,” having served in international peacekeeping missions in Darfur, Liberia, and other conflict zones.

However, he said the armed forces are not being adequately supported to perform optimally.

“Today, many innocent Nigerians are being killed, while the perpetrators walk freely as if nothing happened. The government must apologise to Nigerians for its laxity in the fight against insecurity,” he said.

Kwankwaso, who once served as Minister of Defence, added: “When I was Defence Minister, I knew the capability of the Nigerian military. They are courageous and professional but need clear direction, support, and political will to do the needful.”

He stressed that Nigeria’s armed forces had historically ranked among the best globally and urged the government to equip them properly to change the current security situation.

Kwankwaso also said that if elected president in 2027, he would recruit over one million additional military personnel to strengthen national security.

“Any government that fails to protect the lives and property of its citizens has failed woefully and has no business remaining in office,” he declared.

He further called on the Federal Government to integrate community-based security initiatives, like the Kano Neighbourhood Security Network, into the national security system to boost morale and improve intelligence-driven operations against criminals.

Politics

ADC Announces Temporary Closure Of Secretariat

Published

2 days ago

December 23, 2025

Editor

The African Democratic Congress, ADC , says it has temporarily closed its National Secretariat as part of the end-of-year break.

A statement by its National Publicity Secretary, Bolaji Abdullahi, said full operations are scheduled to resume in the New Year.

According to the statement, the secretariat will close on December 23, 2025, and reopen on January 5, 2026.

The party, however, said essential skeletal services will remain available throughout the period, while all other official activities at the National Secretariat will be suspended to allow staff and party officials observe the Christmas and New Year holidays.

“This is to inform the public that the African Democratic Congress National Secretariat will close for the year on 23rd December 2025 and will resume full operations on 5th January 2026.

“During this period, only skeletal services will be available, while all other official activities at the Secretariat will be temporarily suspended,” the statement said.

The party thanked its members, partners and supporters for their continued loyalty and cooperation throughout the year, noting that their support remains critical to the growth and stability of the party.

The ADC also said it is committed to its ideals and to democratic engagement as it prepares for activities in the coming year.