The Lagos State chapter of the All Progressives Congress (APC) has dismissed recent comments by Labour Party’s presidential candidate in the 2023 elections, Mr Peter Obi, that Nigeria’s economic growth is being stifled by declining Foreign Direct Investment (FDI).
In a statement, the party described Obi’s remarks as “misleading and devoid of context,” accusing him of ignoring significant investment inflows attracted under President Bola Tinubu’s administration.
According to the APC, since May 2023 Nigeria has secured $30 billion in FDI commitments across key sectors including manufacturing, telecommunications, healthcare, and oil and gas.
The party cited figures from the Nigerian National Petroleum Company Limited showing $17 billion in inflows in 2024, attributed to the implementation of the Petroleum Industry Act and other regulatory reforms.
High-profile investments highlighted by the APC include JBS’s $2.5 billion meat processing facilities, SALIC’s $1.2 billion expansion in Olam Agri’s livestock operations, a $1.2 billion gas plant revamp with China’s CNCEC, ExxonMobil’s planned $1.5 billion investment in the Usan deepwater oilfield, and Shell’s $5 billion offshore energy projects.
While acknowledging that short-term FDI flows fell 19% in the first quarter of 2025 compared to the previous quarter, the party argued that such fluctuations were normal market adjustments and did not indicate systemic weakness.
The Lagos APC accused Obi of “selective alarmism” for focusing on quarterly declines while ignoring long-term commitments, insisting that President Tinubu’s reforms were restoring investor confidence and laying the foundation for sustained growth.
“Talking points don’t build meat factories, livestock operations, or deepwater energy projects,” the statement read. “Nigeria is not being stifled — it is being rebuilt through structural reforms, investor confidence, and macroeconomic stabilisation.”
The party reaffirmed its support for President Tinubu’s economic vision, saying his administration was “steering the ship toward lasting economic renewal” despite global headwinds.
