LIKE his predecessors, President Bola Tinubu is making frequent international travels a cornerstone of his administration. In quick succession, he recently jetted to Saudi Arabia, Guinea-Bissau, and Germany. The excuse of attracting foreign direct investment was also proffered by those who preceded him in the Fourth Republic but had only consistently declining investment inflows to show for their numerous travels. Now that the treasury is bankrupt, Tinubu should realise that making the country safe for citizens and commerce magnetises investments, not globe-trotting.
In his first six months in office, Tinubu has visited 10 countries. Twice each, he has been to France and Guinea-Bissau, adding the United Kingdom, Kenya, Benin Republic, and India for good measure. His trip to the UN General Assembly in New York in September generated an uproar following his large entourage.
On his trip to Berlin, Germany, he explained that he was attending the G20 Compact with Africa Conference to “sustain his momentum in advancing the cause of FDI in Nigeria.”
This is illusory; the numerous travels of Olusegun Obasanjo, Goodluck Jonathan and Muhammadu Buhari that preceded him in office failed in that mission.
Indeed, the more Nigerian presidents travel to court FDI, the more it declines. From a high of $8.84 billion in 2011, FDI inflow crashed to $3.45 billion, or 0.85 per cent of GDP in 2016; $2.3 billion (0.55 per cent) in 2020, and $3.31 billion in 2021, the World Bank said. In 2022, FDI was negative at minus $0.19 billion (-0.04 per cent).
Tinubu should rather rebuild the fundamentals. When his house is on fire, he should mandate the Vice-President, the Minister of Foreign Affairs or other senior official to undertake these foreign assignments while he directs his full attention to fixing Nigeria’s myriad challenges.
The bitter truth is that while its potential remains huge, Nigeria is currently not attractive to foreign investors. Africa’s largest economy is plagued on many fronts, starting with insecurity. From Islamic terrorism to banditry, kidnapping to separatist agitation, and militancy to Fulani herdsmen rapine, robbery, and cultism, and neither its citizens nor investments are safe.
On the eve of his Germany trip, terrorists attacked the motorcade of the Yobe State Governor, Mala Buni, between Maiduguri, Borno State, and Damaturu in which two security agents died. On Wednesday, soldiers invaded the Adamawa State Police Command HQs in Yola, killing an inspector.
Repeatedly, Western governments issue travel alerts to their citizens to refrain from travelling to parts of the country. This is a major impediment to FDI and tourism.
Besides, the economy is struggling with inflation, shabby infrastructure, forex illiquidity, huge debt, shallow electricity output, poor enforcement of the rule of law, and poor ease of doing business.
The World Governance Index graded Nigeria D, in company with Lebanon, Syria, and Yemen. It scored low in the rule of law, corruption, political rights, and press freedom. Out of 142 countries, the World Justice Project ranks it 120th in the 2023 Rule of Law Index.
Therefore, Tinubu should first put his house in order, driving the restructuring of the country, especially on policing devolution, empowerment of the states, and privatisation.
Admittedly, a president’s visits can and do help secure favourable responses, but not all. Travels should be well analysed and targeted, and not indiscriminate. The home front is the critical work place. Tinubu can flaunt the $500 million gas pledge he bagged in Germany, but unfruitful junketing is wasteful.
He should revitalise the power sector and drive a radical liberalisation and privatisation programme to open the railways, ports, airports, steel, cattle ranching, mining and petroleum downstream sectors to domestic and foreign investment.
Without these, frequent overseas trips will amount only to sight-seeing and a waste of public funds.