Mkpoikana Udoma
Port Harcourt — Former presidential candidate Peter Obi has called on Nigeria to adopt the economic strategies of nations with similar population sizes, such as Indonesia, India, and Vietnam, to unlock its potential for growth and attract substantial foreign investments.
In a statement, Obi emphasized that a conducive environment, prioritizing intangible assets like security, rule of law, and proper allocation of resources, is crucial to creating a productive society capable of attracting investments.
“Investment naturally flows to places where the environment is favorable, much like a bee to honey. With the right leadership and focus on critical sectors, Nigeria can replicate the success of other developing nations with large populations,” he said.
Obi highlighted Indonesia’s transformation as a case study, noting that the Southeast Asian nation increased its nominal GDP from $165 billion in 2000 to $1.39 trillion in 2024—an eightfold growth.
“Similarly, India and Vietnam have seen their GDPs grow by nearly eight times and sixteen times, respectively, over the same period.
“In contrast, Nigeria’s nominal GDP grew from $70 billion in 2000 to $210 billion in 2024, an increase of only threefold.”
Obi attributed this disparity to the lack of focus on critical areas such as healthcare, education, and poverty alleviation, which have been pivotal in the success of other nations.
“Indonesia, with a population of around 265 million, just slightly more than Nigeria’s 230 million, attracts ten times the foreign direct investment that we do. This is a clear indication that we must learn from their strategies and implement them religiously,” Obi stated.
He also pointed out that the recent $1.1 trillion investment inflow into the United States is a testament to the importance of creating a favorable environment for investments, achieved without extensive international tours by the U.S. President.
Obi concluded by expressing optimism for Nigeria’s future, urging the nation to take actionable steps to drive economic productivity and attract significant investments.
“All hope is not lost; a new, productive Nigeria remains possible,” he said.
