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Peter Obi Criticizes FG Over 70% Crash in Foreign Investments

Phinadon Mag

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Peter Obi, the 2023 Labour Party presidential candidate, has strongly criticized the Federal Government (FG) over the significant decline in Nigeria’s Foreign Direct Investment (FDI). In a press statement released on Friday, Obi attributed the alarming 70% drop in FDI to poor leadership, weak governance, and uncoordinated reforms.

Obi dismissed the government’s frequent overseas trips in search of investment as mere “global galivanting,” arguing that these efforts fail to address the underlying issues that deter investors. He emphasized that Nigeria’s poor performance in critical governance indicators, including the rule of law, regulatory quality, government effectiveness, and voice and accountability, significantly undermines its attractiveness to sustainable foreign capital.

Citing data from the National Bureau of Statistics (NBS), Obi highlighted that FDI plummeted by approximately 70% in the first quarter of 2025, falling from $421.8 million in Q4 2024 to a mere $126.29 million. He further noted that FDI accounted for only 2.24% of the total $5.64 billion capital imported in Q1 2025, a sharp decline from the 8.2% recorded in the previous quarter.

“Disturbingly, about 90% of the imported capital went into speculative money market instruments, which have little to no impact on industrial growth or job creation. This ‘hot money’ can leave the economy just as quickly as it came in,” he cautioned.

Obi also expressed concern over the 32.1% decline in investment in the manufacturing sector, which fell to $129.92 million in Q1 2025 from $191.92 million in the same period of 2023. He sees this as a clear indicator of declining investor confidence in the government’s economic direction.

While global FDI to Africa surged by 75% to $97 billion in 2024, Nigeria attracted a paltry $1.08 billion, representing only about 1% of the continent’s total and a 42% decrease from 2023. In contrast, Egypt led the continent with $46.58 billion, followed by Ethiopia, Côte d’Ivoire, Mozambique, Uganda, DR Congo, South Africa, Namibia, Senegal, Guinea, and Morocco.

“After a 42% drop in FDI between 2023 and 2024, Nigeria has now suffered another 75% decline between Q4 2024 and Q1 2025,” Obi lamented. “We cannot achieve sustainable growth and development with ineffective leadership and weak governance,” he concluded.

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Senate Confirms Sani Muhammad Ndanusa as Ambassador.

Ikechukwu Emmanuel

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The Nigerian Senate has confirmed the appointment of Engineer Sani Muhammad Ndanusa as a non-career ambassador and high commissioner.

The confirmation followed the consideration and adoption of the report submitted by the Senate Committee on Foreign Affairs, chaired by Senator Sani Abubakar, representing Niger North. President Bola Ahmed Tinubu had nominated Ndanusa for the diplomatic position, after which he appeared before the committee for screening.

Presenting the committee’s recommendations during plenary on Tuesday, Senate President Godswill Akpabio announced Ndanusa’s confirmation after lawmakers unanimously endorsed the nomination through a voice vote.

Akpabio congratulated the nominee and expressed confidence that Ndanusa would draw on his professional experience to advance Nigeria’s foreign policy objectives and strengthen the nation’s relations with other countries.

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Ogun Police Rescue 11 Ghanaian Nationals in Sagamu Visa Scam.

Ikechukwu Emmanuel

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The Ogun State Police Command has rescued 11 Ghanaian nationals allegedly held hostage in Sagamu after being lured to Nigeria with promises of Canadian and Spanish visas.

The victims—seven males and four females—were rescued during an intelligence-led operation conducted by operatives of the Anti-Kidnapping Unit. According to a statement issued by the command’s spokesperson, DSP Oluseyi Babaseyi, the operation followed intelligence received on October 19, 2026, concerning a suspected hideout.

Preliminary investigations indicated that the victims were allegedly deceived by a fellow Ghanaian national who promised to facilitate their travel abroad. Each victim reportedly paid GH₵40,000 before being brought to Nigeria and detained against their will.

The victims are currently receiving care and support, while detectives work to identify and arrest other members of the alleged criminal network.

The Commissioner of Police, CP Bode Ojajuni, commended the Anti-Kidnapping Unit for its prompt response and professionalism. He reaffirmed the command’s commitment to protecting lives and combating transnational crime, stating that Ogun State would not become a safe haven for criminals.

The police urged members of the public to verify overseas travel and visa arrangements before making payments and to report suspicious activities to the authorities.

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Federal Government Confirms Ebola Case in the FCT.

Ikechukwu Emmanuel

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The Federal Government has confirmed one laboratory-diagnosed case of Ebola Virus Disease (EVD) in the Federal Capital Territory (FCT).

The case was confirmed on Tuesday, October 20, 2026, after a woman who recently arrived in Nigeria on an international flight from Uganda was admitted to a private hospital in the FCT. She had received treatment at the facility for several days before being isolated. She is currently receiving medical care.

The Coordinating Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, stated that contact tracing had commenced. So far, 44 close contacts have been identified, including healthcare workers, patients, caregivers and travel contacts.

The Federal Government, through the Nigeria Centre for Disease Control and Prevention (NCDC) and FCT health authorities, is taking measures to contain the infection and prevent further transmission.

Authorities have urged Nigerians to remain calm and vigilant, practise regular hand hygiene, and report suspected exposure or symptoms to public health officials. The NCDC toll-free call centre is available 24 hours a day on 6232 for information and suspected case reporting.

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