Looking at these global pre-Covid figures, Nigeria needs either a 10-fold increase in foreign direct investment or for oil prices to rise to $500 a barrel

Ayo Akinfe

Foreign direct investment (FDI) figures

(1) US -$4bn
(2) UK - $2bn
(3) Hong Kong - $1.9bn
(4) China - $1.5bn
(5) Ireland - $1.47bn
(6) Brazil - $778.5m
(7) Mexico - $500m
(8) India - $367.5m
(9) Vietnam - $318.7m
(10) South Africa - $139.2m

For Nigeria, the annual FDI figure was $118m. Given that we do not have a thriving domestic bourgeoisie who can fill the vacuum, how are we going to manage?

When I look at Dangote’s $20bn investment in that Lekki oil refinery, I keep asking how can Nigeria attract that kind of FDI on an annual basis. We need it if we are to diversify our economy and get out of this rut!