Labour Party presidential candidate Peter Obi, in a statement on January 27, 2025, emphasized the fundamental principle that investment naturally flows to environments that foster growth—just as bees are drawn to honey.
While he acknowledges the vast economic disparity between the United States, with its over $28 trillion GDP, and Nigeria’s roughly $250 billion GDP (less than 1% of the U.S.), Obi highlights a critical observation: investment gravitates towards nations with favorable conditions.
A prime example is the staggering $1.1 trillion investment inflow into the U.S. this month—achieved without the President embarking on global investment-seeking tours. Instead, it was driven by a strong economic environment and intangible assets that create investor confidence.
Obi reiterates that with the right leadership, prioritizing security, the rule of law, and productive resource allocation, Nigeria can unleash its entrepreneurial potential and attract substantial investments. He draws parallels with developing nations of similar population sizes that have made significant economic strides.
For instance:
- Indonesia (265 million people) increased its GDP from $165 billion in 2000 to $1.39 trillion in 2024—over 8 times growth.
- India (1.4 billion people) saw its GDP rise from $476 billion in 2000 to $3.73 trillion in 2024—nearly 8 times growth.
- Vietnam (100 million people) expanded from $31 billion in 2000 to $506 billion in 2024—over 16 times growth.
- Nigeria, however, grew from $70 billion in 2000 to about $210 billion in 2024—just 3 times growth.
Obi emphasizes the urgent need for Nigeria to study and apply the successful strategies of these countries. Indonesia, for example, now attracts ten times the foreign direct investment that Nigeria does—thanks to its focus on critical sectors like healthcare, education, and poverty alleviation.
For Nigeria, hope remains. A new, productive economy is still possible—with the right leadership and strategic policies. #POssible.
