Peter Obi faults Tinubu over US warning on Nigeria’s investment climate

The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has criticised President Bola Tinubu’s administration over what he described as its failure to create a conducive environment for foreign investors, citing concerns raised by the United States government about Nigeria’s investment climate.

Obi, in a Facebook post on Wednesday, accused the All Progressives Congress (APC)-led government of celebrating macroeconomic stability while overlooking persistent challenges, including corruption, insecurity, inconsistent regulatory enforcement and weaknesses in the judicial system.

He said the concerns highlighted in the 2026 Nigeria Investment Climate Statement by the United States Department of State raised questions about the country’s ability to attract foreign direct investment (FDI) commensurate with its market size and economic potential.

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According to Obi, the report identified several factors undermining investor confidence, including cargo delays at the ports, power sector challenges, and concerns about the treatment of foreign businesses involved in regulatory or commercial disputes.

He cited the report’s warning that routine business trips could escalate into detention where companies face regulatory suspicion or charges from Nigerian authorities.

The former Anambra State governor also referenced concerns about the alleged use of travel restrictions, exit bans and arbitrary detention as leverage in commercial or regulatory disputes involving multinational companies.

Obi argued that the report should prompt an immediate response from the Federal Government, including investigations and concrete measures to address the issues identified.

“In a nation with an effective, competent and attentive government, this kind of adverse report would have elicited immediate intervention by the President and Commander in Chief ordering prompt investigation, follow-up and effective action,” he said.

He added that such action was particularly important given Nigeria’s need to attract foreign direct investment and strengthen its economic relationship with key international partners.

Obi further blamed the Tinubu administration for the challenges highlighted in the report, alleging that the government had failed to address the factors discouraging foreign investors from committing long-term capital to the country.

The NDC presidential candidate also questioned the composition of Nigeria’s capital importation, arguing that the figures indicated the country was attracting more short-term portfolio investments than direct investments capable of supporting productive economic activities.

He cited capital importation figures for the first quarter of 2026, which he said stood at $10.37 billion, with FDI accounting for $135.08 million, or approximately 1.3 per cent of the total.

According to him, foreign portfolio investment accounted for about $9.86 billion, representing approximately 95.1 per cent of total capital inflows, while loans and other capital streams made up the remainder.

Obi maintained that the figures underscored the need for the government to address structural challenges affecting Nigeria’s investment environment rather than focus solely on macroeconomic indicators.

“It is paradoxical that while the Tinubu administration is celebrating macroeconomic stability, it is unwittingly scaring away foreign investors,” he said.

He expressed optimism about Nigeria’s economic prospects, declaring that a more productive country was achievable.