Anambra State Governor Chukwuma Soludo has expressed concern over the insufficient inflow of Foreign Direct Investments (FDI) into Nigeria, indicating that the nation is not maximizing its potential on both the African continent and the global stage.
Speaking at the 1st Abuja Business and Investment Summit on Wednesday, Soludo pointed out the troubling trend of negative returns on capital in Nigeria. “Coincidentally, we had a table here showing the charts as to where Nigeria is relative to the rest of the world in terms of inflation and interest rate regimes, so to speak. In many places, you have real returns to capital, but we still have negative returns right here.”
He emphasized the global landscape of investment flows, noting that “the flows of Foreign Direct Investments across the world mostly toward Asia, and Africa received, for example, barely 3-4 percent of it last year.” According to Soludo, Nigeria is “grossly punching below its weight” in terms of attracting both portfolio and Foreign Direct Investment when compared to its population and economic size.
Despite these challenges, he highlighted the urgency for Nigeria to secure a sustainable investment future, asserting that the country has the capacity not only to participate but to lead in the global economy of the 21st century. “As I said, we are punching way below our weight, as it were. But that is a point I want you to note,” he stated.
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During his remarks on the summit’s theme, “Optimizing Investment Through Partnership,” Soludo underscored the necessity of strategic investments in shaping Nigeria’s future. He stressed the importance of considering the broader global context influencing investment decisions, saying, “Investments don’t happen in a vacuum. They happen within a context.”
Maureen Tamuno, Managing Director/CEO of Abuja Investments Company Limited, also spoke at the summit, expressing confidence in the expertise of the selected panelists. She noted that their insights would pave the way for economic growth.
“This summit is aimed at promoting investment opportunities in the Federal Capital Territory and creating a platform for networking among investors,” she stated.
Tamuno encouraged participants to expand their thinking beyond conventional business practices, emphasizing that the discussions would inspire innovative approaches. “I believe discussions at this event will inspire us to think bigger, pushing the boundaries of what’s possible in business and investment,” she added.
She concluded by highlighting the significance of strong partnerships in achieving mutually beneficial outcomes: “Together, we can optimize our investments and drive the impactful change that our organizations and countries need for economic prosperity.”
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