For decades, successive administrations in Nigeria have engaged in a seemingly endless cycle of international trips, all in the name of sourcing foreign investment. Presidents, governors, and ministers alike have embarked on these expensive journeys with promises of bringing back much-needed capital to spur economic growth. However, these trips often result in little more than photo opportunities and empty memoranda of understanding. The stark reality is that these forays abroad amount to a classic case of going to Sokoto to look for what is inside one’s Shokoto.
Nigeria’s pursuit of foreign direct investment (FDI) has been misguided. Rather than jet-setting across the globe, our leaders should focus on strengthening domestic institutions and creating a conducive environment for investment. It is well-known that investors, both local and foreign, are primarily attracted to stable and predictable environments where their investments are secure, and where the rule of law is upheld.
Unfortunately, Nigeria continues to lag in these fundamental areas. The country’s business environment is still plagued by pervasive corruption, bureaucratic red tape, poor infrastructure, and an unreliable power supply. The legal system remains sluggish, often unable to enforce contracts promptly, and the security situation is fragile, with persistent threats from insurgents and kidnappers. These are the real obstacles that deter investment, not the lack of government officials making the rounds in global financial centers.
It is ironic, almost tragic, that while our leaders crisscross the world in search of foreign investors, local businesses and entrepreneurs are struggling to survive under hostile conditions. These are the very people who, if properly supported, could drive the economic growth the country so desperately needs. Yet, instead of investing in and strengthening local industries, our leaders seem more interested in chasing foreign funds that are unlikely to materialize without fundamental changes at home.
The truth is that foreign investors do not need to be cajoled or sweet-talked into investing in Nigeria. If the conditions are right, they will come on their own. Countries that have successfully attracted substantial FDI, such as Singapore, the United Arab Emirates, and Rwanda, did not do so by sending their officials on countless international trips. Instead, they focused on building robust institutions, ensuring good governance, and creating a business-friendly environment. Nigeria must take a cue from these success stories.
Our leaders must understand that the journey to sustainable economic growth begins at home. By prioritizing the strengthening of institutions, ensuring transparency, improving infrastructure, and fostering a secure environment, Nigeria can naturally attract the kind of investment that will lead to long-term prosperity. It is high time we stopped wasting resources on fruitless foreign trips and start addressing the issues that really matter.
In conclusion, the fixation on sourcing foreign investments abroad is not only wasteful but counterproductive. It is time for our leaders to realize that the key to attracting investment lies within Nigeria itself. Like the proverbial man searching for what is in his Shokoto in distant Sokoto, we must stop looking for solutions abroad and start fixing the problems at home. Only then can Nigeria truly unlock its economic potential and create a future where prosperity is homegrown.
