The Presidential candidate of Nigeria Democratic Congress, NDC, Peter Obi, has criticised President Bola Tinubu’s administration over its handling of economy, alleging that government policies and institutional challenges are discouraging foreign investors from bringing capital into Nigeria.
Obi argued that government’s celebration of macroeconomic stability was inconsistent with concerns raised by United States government about country’s investment climate.
In statement issued on Wednesday titled ‘Scaring Investors While Celebrating Macroeconomic Stability,’ former Anambra State governor cited corruption, insecurity, regulatory inconsistencies, weaknesses in judicial system, port congestion and unreliable electricity as factors affecting investor confidence.
He maintained that issues highlighted in 2026 Nigeria Investment Climate Statement by US Department of State should prompt urgent action by Nigerian government.
According to Obi, report also warned prospective investors about risks of arbitrary detention, travel restrictions and use of immigration enforcement in disputes involving foreign businesses.
He argued that findings required response from Presidency, including investigations into concerns raised and measures to address problems identified.
Obi accused All Progressives Congress, APC-led administration of failing to respond adequately to challenges, describing situation as evidence of what he considers shortcomings in government’s economic management.
“As APC-led government continues in their delusional celebration of Nigeria’s macroeconomic stability, warning from United States Government to prospective investors on inherent risks in Nigeria further affirms general and correct assessment that President Bola Tinubu-led government is incompetent, ineffective and corrupt,” he said.
NDC candidate added that Nigeria needed to protect its reputation among international trading partners, particularly as country seeks to attract more foreign direct investment, FDI.
Obi also expressed concern about composition of capital inflows into Nigeria, arguing that country was attracting insufficient long-term foreign investment relative to size of its economy and market potential.
Citing figures for first quarter of 2026, he said Nigeria recorded $10.37 billion in total capital importation during period.
Of that amount, he stated that foreign direct investment accounted for $135.08 million, representing approximately 1.3 per cent of total. Foreign portfolio investment, meanwhile, stood at about $9.86 billion, or 95.1 per cent, with loans and other capital sources accounting for remainder.
Obi argued that figures raised questions about quality and composition of capital entering country, particularly relatively small share attributed to direct investment.
Foreign direct investment generally involves lasting interest in businesses or productive assets, while portfolio investment typically involves financial assets such as shares and bonds. Two categories can therefore have different implications for long-term economic activity.
Former governor said government’s claims of improving macroeconomic conditions should be accompanied by efforts to address obstacles confronting businesses and prospective investors.
“It is paradoxical that while Tinubu administration is celebrating macroeconomic stability, it is unwittingly scaring away foreign investors. What a shame,” he said.
Obi’s criticism centred on issues he said were identified in US investment climate assessment, including regulatory uncertainty, security challenges, judicial weaknesses and delays in movement of cargo through Nigeria’s traditional seaports.
He cited report’s concerns about cargo dwell times exceeding 20 days at Apapa and Tin Can Island ports, despite improvements associated with Lekki Deep Seaport.
According to figures he quoted, Lekki facility handled $9.6 billion in trade in 2025 and operated at about 50 per cent capacity.
Obi maintained that addressing such operational and institutional challenges was necessary to improve Nigeria’s appeal to international businesses.
He also argued that government seeking greater foreign investment should investigate adverse assessments of country’s business environment and take practical steps to resolve issues identified.
NDC candidate concluded by expressing confidence that Nigeria could improve its economic prospects through changes to governance and business environment.
“A New and Productive Nigeria is possible and Nigeria will be OK,” he said.
