I would just love it if Bianca Ojukwu hits the ground running introducing foreign direct investment targets for all our ambassadors

Ayo Akinfe

[1] No matter how you look at it, Nigeria has no choice other than to attract foreign direct investment (FDI) if she wants to diversify her economy. Our biggest problem as an economy is that we are too dependent on one primary commodity for our survival

[2] In 2023 total FDI into Nigeria only added up to a paltry $1.87bn according to the World Bank. Even at it’s all time high in 2008, Nigerian FDI only totalled $4.7bn

[3] Our state governor and ambassadors are simply not doing enough to attract FDI into Nigeria. In 2022 for instance , as many as 32 of Nigeria's 36 states did not attract one dollar in foreign direct investment (FDI) during the first quarter of the year

[4] According to the National Bureau of Statistics (NBS), only Lagos, Oyo, Katsina and Anambra and the Federal Capital Territory (FCT) attracted any FDI during the first three months of 2022. I hope Bianca arrests this by setting stringent FDI targets for all our ambassadors and high commissioners

[5] Basically, in too many sectors and too many states, Nigeria is not attracting the required capital to get going. With no FDI, how do you create new jobs?

[6] However you look at it, this needs to become an urgent priority. Every ambassador and high commissioner needs to be given a stringent FDI target that must be met. I would like to see similar targets set for state governors and local government chairmen

[7] In the private sector, managers, reps, salespeople, etc all have to meet targets set for them. Why do we have a similar scenario in the public sector?

[8] I want to see Bianca crack the whip here. If any ambassador or high commissioner does not meet his target, he or she should be recalled after a year

[9] In addition, envoys to G7 nations should be made to put together entire FDI directorates with a desk in each sector of the economy. They should have stringent FDI targets for agriculture, manufacturing, power supply, railways, healthcare, sports, education, housing, etc

[10] In the run-up to the 2027 elections, the National Assembly should pass a bill establishing mandatory FDI targets for all ambassadorial positions. Anyone failing to meet these targets will be breaking the law

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