On Tuesday, President Bola Tinubu’s Federal Government received a strong recommendation from the Conference of Nigerian Political Parties, or CNPP, to start working instead of just talking.
In reaction to Tinubu’s New Year’s Message, the CNPP issued a statement under the signature of James Ezemain, national publicity secretary, saying, “It is obvious that investment tops the President Bola Ahmed Tinubu administration’s agenda but will be very difficult to achieve in the obvious absence of security and rule of law.”
According to a portion of the statement, President Tinubu has told investors and other businesspeople that Nigeria is ready and open for business on every foreign trip he has taken, but this has not been sufficient.
“Instead of acting on its words, the Tinubu administration has persisted in making pledges over the last seven months, acting more like it is running for office.
“We must address the issue of insecurity and put an end to the nation’s killing of defenseless people.” The protection of citizens’ lives and property is the main goal of government.
“Secondly, maintaining the rule of law is crucial for Nigeria to draw significant FDI, since no investor will put money into a society where the government disobeys court decisions or where they can be obtained on the black market.
This explains why the National Bureau of Statistics (NBS) recently released capital importation data that indicated that the total foreign direct investment (FDI) that entered Nigeria in the first quarter (Q1) of 2023 was only $48 million. Additionally, the FDI inflow to the nation decreased by approximately 43% from $84 million in Q4 2022 to $48 million in Q1 2023. However, when comparing Q1 2022 to Q1 2023, FDI dropped significantly, from $155 million to $48 million, a significant 69% decline.
Because foreign direct investment (FDI) won’t increase in a nation without security and the rule of law, the CNPP urges the President Tinubu government to act rather than just speak the talk.