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Labour Party presidential candidate in the 2023 presidential election and former Anambra State governor, Mr. Peter Obi, has urged Nigeria to emulate nations like Indonesia, India, and Vietnam in creating a conducive environment for investments.
In an insightful post shared on X, Obi highlighted the critical role of strong leadership, strategic prioritisation, and productive resource allocation in fostering economic growth.
“Investment naturally flows to places where the environment is conducive, much like a bee and honey relationship,” Obi stated.
Drawing a comparison between Nigeria and other nations, he noted that while the United States recently recorded $1.1 trillion in investment inflow in a single month, this was achieved without extensive globetrotting by its president. Instead, the U.S. relies on favourable environments and intangible assets to attract investments.
Obi cited Indonesia as a prime example, noting its transformation over the years. “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,” he explained.
According to Obi, Indonesia’s GDP has grown from $165 billion in 2000 to $1.39 trillion in 2024—an eightfold increase.
He also highlighted Vietnam’s remarkable economic leap from $31 billion in 2000 to $506 billion in 2024, a sixteenfold growth. Similarly, India expanded its GDP from $476 billion in 2000 to $3.73 trillion in 2024. In contrast, Nigeria’s GDP grew from $70 billion in 2000 to $210 billion in 2024, representing just a threefold increase.
“This is the kind of economic shift we should aim for by replicating the strategies of nations that have succeeded in similar circumstances,” Obi emphasised.
He lamented that Indonesia now attracts 10 times the foreign direct investment that Nigeria does, despite having comparable population sizes.
Obi reiterated his belief in Nigeria’s potential to achieve similar economic success with the right leadership and policies.
“I have always maintained that with the right leadership, prioritising intangible assets, security, rule of law, and resources allocated to productive sectors appropriately, we can unleash a productive society and allow entrepreneurship to thrive,” he posted on X.
For Nigeria to bridge the gap, Obi called for the adoption of policies that have worked in other developing countries with large populations.
“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,” he concluded, adding, “All hope is not lost, as a new productive Nigeria remains possible.”
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