- NDC presidential candidate Peter Obi responded to the 2026 Nigeria Investment Climate Statement published by the US Department of State
- The US report flagged corruption, insecurity, arbitrary detention, and port inefficiency as major threats to investor confidence in Nigeria
- Obi cited Q1 2026 capital importation data showing that Foreign Direct Investment made up only 1.3% of total inflows into Nigeria
Legit.ng journalist Adekunle Dada has over eight years of experience covering metro, government policy, and international issues
FCT, Abuja - The 2027 Nigeria Democratic Congress (NDC) presidential candidate Peter Obi has attacked President Bola Ahmed Tinubu's administration over a report by the United States government that warned investors about serious risks associated with doing business in Nigeria.
Obi stated this in response to the US Department of State's 2026 Nigeria Investment Climate Statement.
Source: Facebook
He made this known in a statement issued via his X handle @PeterObi on Wednesday, October 14, 2026.
The US report identified corruption, insecurity, inconsistent regulatory enforcement, weaknesses in the judiciary, cargo delays, and power sector failures as factors that continue to undermine investor confidence in the country.
The report also warned that foreign businesses in Nigeria could face arbitrary detention, travel restrictions, and immigration enforcement as tools to pressure them during regulatory or commercial disputes.
US report flags port delays and detention risks
Among the specific concerns cited in the report was the risk that routine business visits could turn into detentions if a company comes under regulatory scrutiny.
The document noted that "Nigeria has previously employed coercive exit bans and arbitrary detention as leverage in commercial or regulatory disputes, and to extract data or financial concessions from multinational firms."
On port efficiency, the report said that while the Lekki Deep Seaport, which opened in 2023, handled $9.6 billion in trade and operated at 50 per cent capacity in 2025, older ports at Apapa and Tin Can Island still recorded cargo dwell times of more than 20 days because of manual examination processes.
Obi cites FDI figures to back his criticism
Obi argued that the US report exposes a contradiction at the heart of the Tinubu government's economic messaging.
He pointed to capital importation data for the first quarter of 2026, which showed total inflows of $10.37 billion. Of that figure, only $135.08 million, about 1.3 per cent, came in as Foreign Direct Investment, while Foreign Portfolio Investment accounted for roughly $9.86 billion, or about 95.1 per cent of the total.
Obi said the data showed that despite government claims of macroeconomic stability, Nigeria was failing to attract the type of long-term productive investment its market size should command.
He added that a government genuinely committed to economic growth would have responded to such a report from a major trading partner with urgent investigation and corrective action, particularly given Nigeria's need for foreign capital.
Peter Obi calls for resignation of Tinubu
Meanwhile, Legit.ng also reported that Peter Obi accused Tinubu's administration of presiding over what he described as “grand corruption”.
The NDC presidential candidate cited an alleged N8.83 trillion in unbudgeted expenditure highlighted in a recent International Monetary Fund (IMF) consultation report.
Reiterating an earlier call for Tinubu to resign, Obi said recent developments had reinforced his position that the President should step down.
Source: Legit.ng