Peter Obi, the presidential candidate of the Labour Party in the last presidential election, has emphasised the importance of rule of law to economic growth.
Obi noted that one of the intangible assets to the GDP of advanced economies is rule of law.
Obi stated this while speaking during an X-space live chat, tagged ‘ParrellelFact’ on Sunday.
His comment comes on the heels of President Bola Tinubu’s foreign trips to attract foreign direct investment (FDI) to the country in recent times.
“Nobody goes around searching for foreign investors. Foreign investors are like bees; when you keep the honey, they will boom towards there. We need to attract foreign investors and not chase after them,” he said.
But, President Tinubu, in his interview with The Nation on Sunday said the country is engaging with the global market- both foreign and domestic investors.
According to the president, Foreign Direct Investment is not ‘Chicken Change’ but a long-term financial commitment from serious enterprises and investors.
He said, “FDI is not ‘chicken change’. FDI is substantial, long-term financial commitments made by serious enterprises and investors. Right now, Nigeria is re-engaging with the global market – both foreign and domestic investors.
“We are telling the story of our significant and far-reaching reforms and rebuilding confidence in Nigeria as an accessible and safe investment.
“We are clearly communicating that ‘Nigeria is open for business’ and that the direction of travel is clear and fully committed”, he said.
Tinubu noted that the country’s efforts to woo foreign direct investors were yielding fruit.
“We’ve secured a $500 million deal with Germany to fund renewable energy projects, particularly in rural Nigeria”, he stated.
“Our focused efforts to attract European FDI are yielding fruit, notably with the $116 million French investment in the I-DICE program, aimed at creating 65,000 start-ups and 150,000 jobs, particularly empowering women,” Tinubu added.
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