Economy

Peter Obi Reacts As FG Says Tinubu’s Foreign Trips To Attract FDI Not Enough

Published

2 years ago

January 27, 2025

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Peter Obi Reacts As FG Says Tinubu’s Foreign Trips To Attract FDI Not Enough

Peter Obi reacts as FG says Tinubu’s foreign trips to attract FDI not enough. President Bola Tinubu is not flying around the world enough to attract foreign direct investment to Nigeria. He should go on more foreign trips, says foreign minister Yusuf Tuggar.

Nigerians have urged Mr Tinubu to discontinue globetrotting at the expense of the vulnerable public, urging the president to cut costs and prioritise insecurity and widespread hunger plaguing his compatriots.

However, Mr Tuggar said, “I don’t think that is a fair assessment. In fact, if you ask me, we are not travelling enough. We should do more. How much does travelling cost compared to the benefits?”

The foreign affairs minister stated this in an interview aired Sunday on Channels TV.

“The administration is new. The president is still new. He came into office in 2023. So, in global terms, he is still new,” Mr Tuggar explained. “He needs to interact with his fellow colleagues and heads of state to be able to establish relationships.”

The minister pointed out that Mr Tinubu’s foreign trips are already yielding positive results, citing some investment opportunities secured by the president.

The minister further accused Nigerians of judging the Tinubu administration “unfairly”, insisting the country stands to benefit from the president’s trips.
Mr Tinubu’s nemesis, former Governor Peter Obi, disagreed with the president’s need for frequent foreign trips.

Though I have never—and will not—compare the United States of America, with its over $28 trillion GDP, to our country, Nigeria, with a GDP of about $250 billion, less than 1% of the USA GDP, I want to simply observe, and note where investment flows and why: to places with an inevitable, favourable environment,” Mr Obi, who ran for president against Mr Tinubu in the last election said Monday in a statement on X.

The Labour Party politician added, “A typical example, the $1.1 trillion investment inflow into the USA this month, was because of desirable environments and intangible assets. This was achieved without the President jetting around the world to attract such investments.”

The former Anambra governor insisted that “with the right leadership, prioritising intangible assets, security, rule of law and resources allocated to productive sectors appropriately, that will unleash a productive society and allow entrepreneurship to thrive.”

This, in turn, according to Mr Obi, will attract investments “comparable to those in other developing nations with large populations, just like ours.”

“For example, 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.

“Countries like Indonesia, with a nominal GDP of approximately $165 billion in the year 2000, now have a GDP of about $1.39 trillion in the year 2024—an increase of over 8 times.

Countries like India, with a nominal GDP of approximately $476 billion in the year 2000, now have a GDP of about $3.73 trillion in the year 2024—an increase of nearly eight times,” said Mr Obi.

He also cited Vietnam, with a nominal GDP of “approximately $31 billion” in 2000, as now having “a GDP of about $506 billion” in 2024, an increase of over 16 times.

“Our country Nigeria, with a nominal GDP of approximately $70 billion in the year 2000, now has a GDP of about $210 billion in the year 2024—an increase of over three times.

Peter Obi

“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. Indonesia now attracting about 10 times the foreign direct investment than we do.

“This is the kind of economic shift we should aim for by replicating the strategies of nations that have succeeded in similar circumstances,” the politician stated.

Economy

Deepwater Development on the Cards as GCEO NNPC Limited Meets NAE MD

Published

18 hours ago

August 17, 2026

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Deepwater Development on the Cards as GCEO NNPC Limited Meets NAE MD

Group CEO of NNPC Limited, Engr. Bashir Bayo Ojulari, received in audience the Vice Chairman/Managing Director of Nigerian Agip Exploration Limited (NAE), Mr. Maurizio Pinna, in Abuja recently.
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Discussions centred on deepwater development with a focus on the work underway on the acreage held by the two companies as well as expected production.

NNPC, NAE

NAE operates the licences converted from OPL 245 together with NNPC Limited and SNEPCo. The acreage holds the Zabazaba and Etan deepwater fields, estimated at 500 MMbbl of reserves.
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Economy

NNPC, EITI Strengthen Cooperation on Deeper Disclosures, Global Standards

Published

19 hours ago

August 17, 2026

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NNPC, EITI Strengthen Cooperation on Deeper Disclosures, Global Standards

The Nigerian National Petroleum Company (NNPC) Limited and the Extractive Industries Transparency Initiative (EITI) have pledged to deepen their cooperation towards deeper disclosures, transparent reporting, and compliance with global EITI standards.
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The pledge came on the heels of a visit by the EITI Africa Country Director, Gilbert Makore, to the NNPC Towers recently. The visit forms part of the ongoing validation of Nigeria against the 2023 EITI Standard.

Makore particularly commended NNPC Limited’s measurable progress on outstanding validation requirements and with disclosures that now track EITI expectations more closely.

Group CEO of NNPC Limited, Engr. Bashir Bayo Ojulari, who described the EITI as a useful platform for attracting investment and building stakeholder confidence, said it allows the company to show its governance and transparency records.

NNPC

Makore was accompanied on the visit by the EITI Validation Lead, Riley Zecca; the Nigeria Extractive Industries Transparency Initiative (NEITI) Director, Policy, Planning and Strategy, Dieter Bassi; Director, Technical, Sa’ad Balarabe; and Director, Communications and Stakeholder Management, Obiageli Onuorah.

Technical sessions with the NNPC’s Governance, Risk, and Compliance (GRC) Division were held to review the work done to close identified validation gaps.
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Crime

EFCC Commences Investigations of Suspect, $73,000, £15,957 & 827,800 SAR Intercepted at Kano Airport

Published

19 hours ago

August 17, 2026

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EFCC Commences Investigations of Suspect, $73,000, £15,957 & 827,800 SAR Intercepted at Kano Airport

The Kano Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has commenced investigation of a suspect, Haruna Yusuf and multiple undeclared foreign currencies, , $73,000( Seventy Three United States Dollar) £15,957 ( Fifteen Thousand, Nine Hundred and Fifty Seven Pound Sterling) & 827,800 Saudi Riyal intercepted by the Nigeria Customs Service, NCS, at the Mallam Aminu Kano International Airport, MAKIA.
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The investigation commenced after the handover of the suspect and the undeclared currencies by the Acting Customs Area Comptroller of the Kano/Jigawa Command, Deputy Comptroller U. U. Adamu at the Customs Area Command in Kano.

The intercepted currencies, which exceeded the legally permitted threshold, were discovered during routine primary and secondary screenings of arriving passengers between August 8 and August 12, 2026.

The Acting Zonal Director of the EFCC, Kano Directorate, Assistant Commander of the EFCC, ACE1 Friday S. Ebelo, received the suspect and the recovered funds on behalf of the Commission.

According to Adamu, the Customs made two separate interceptions.

On August 8, 2026, “at approximately 14:20 hours, officers conducting passenger screening at the baggage seat of MAKIA intercepted an unaccompanied Saudi Air luggage containing 827,800 Saudi Riyals and $53,300 The currencies were found concealed inside a footwear.” Adamu stated.

Similarly, on August 12, 2026 “at approximately 13:50 hours, officers of the Nigerian Custom Service also flagged a luggage belonging to one Mr. Haruna Yusuf, who arrived at MAKIA on board Ethiopian Airlines flight ET941. During secondary screening using Non-Intrusive Inspection Technology, $20,000 USD and £15,957 were found concealed inside sportswear shoes”, he said.

Adamu thereafter formally handed over the suspect, Mr. Haruna Yusuf, alongside all recovered exhibits to Ebelo for further investigation and prosecution. He noted that the handover was in accordance with Section 4(f) of the NCS Act 2023, which empowers the Service to collaborate with other border regulatory agencies.

Adamu further explained that, “these interceptions demonstrate the readiness and vigilance of our officers in detecting cross-border movement of undeclared foreign currencies above the allowed threshold. The Command will continue to deploy technology, professional expertise, and intelligence-driven measures, including inter-agency collaboration to strengthen border controls and protect the integrity of Nigeria’s financial systems.”

Receiving the suspect and exhibits on behalf of the Executive Chairman of the EFCC, Mr. Ola Olukoyede, Ebelo expressed profound gratitude to the Customs Service for its professionalism and cooperation with EFCC officers recently deployed to the airport.

“We must sustain this vigilance at all our entry points to counter the illegal movement of currency. The failure to declare large sums of currency and its equivalent is a violation of the Money Laundering (Prevention and Prohibition) Act, 2022,” he said.

He urged the public to comply with the law, emphasizing that declaring currency attracts no penalty, only the source of undeclared funds may raise legal concerns.

“Once more, we call on the general public: as much as we are Nigerians and we encourage trade in and out of the country, people must adhere to the laws of the land. You must declare the currency you are carrying. If you declare it, nobody will seize your currency,” he said.

EFCC

Ebelo reaffirmed the EFCC’s commitment to thorough investigations and prosecution, stating that the Commission would continue to follow the law diligently

Both Ebelo and Adamu applauded the longstanding synergy between the EFCC and NCS which has been critical to combating financial crimes and illegal cash movement across Nigeria’s borders.
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