When independent data speaks, you can calibrate where you are. Yes, Goldman Sachs puts Nigeria at 9th pole in Africa on foreign capital investment, and specifically in Q1 2024, we received $0 in the oil sector: “Nigeria has been ranked as the ninth top investment destination in Africa for 2024, according to the Rand Merchant Bank (RMB) and Gordon Institute of Business Science (GIBS)’s latest “Where to Invest in Africa” report. The ranking, which tracks the investment attractiveness of 31 African nations, places Nigeria behind countries like Seychelles, Mauritius, Egypt, South Africa, and Ghana.”
Good People, we have more work ahead, to return back to #1 as we did from 2010 to 2014 when our currency was largely stable, and Nigeria hit an all-time per capita income.
Do not remind me that oil prices were high. I do not accept that excuse since from 2016, Nigeria has budgeted more in absolute Naira and USD, than ever budgeted, meaning that the problem is not really money, but efficient capital utilization and policy execution. Naira and USD do not care, whether borrowed or from oil sales, as money is money!
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Against this backdrop, economists are sounding the alarm over the lack of a clear and sustainable economic plan from the Nigerian government. While the country has launched initiatives such as the Economic Recovery and Growth Plan (ERGP) in 2017, these have often fallen short of expectations due to poor implementation and a lack of political will. Analysts note that the current government has yet to lay out a concrete roadmap for stabilizing the economy and restoring investor confidence.
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