Emmanuel Ochayi
Despite spending a whopping N21.04 billion on foreign trips over the past three years, 14 Nigerian states, including Bayelsa, Edo, and Ebonyi, have failed to attract any foreign investments into their domains.
The figures, extracted from state budget performance reports, reveal a significant expenditure with little to show for it. The eleven other states are Bauchi, Benue, Borno, Cross River, Gombe, Imo, Jigawa, Nasarawa, Taraba, Yobe, and Zamfara.
Join our WhatsApp ChannelDirectly addressing the issue, Dr. Anas Hamisu Lawal, the Managing Director of Zamfara State Investment Cooperation, emphasized the crucial role of security.
He stated, “The first question they always ask is the security situation in the state. They are willing to invest whenever the security situation improves.”
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Some states, such as Zamfara, Jigawa, and Nasarawa, grappling with banditry, have seen over 70% of farmlands abandoned due to the pervasive threat.
The state of insecurity has deterred both local and foreign investors, raising concerns about the lack of stability in these regions.
While acknowledging the challenge, Edo State Governor, Mr. Godwin Obaseki, outlined plans to attract investors through technology, agriculture, and entertainment.
However, data from the National Bureau of Statistics suggests that the state is yet to record any foreign investments over the past three years.
In a bid to justify the foreign trips, Lawrence Ewhrudjakpo, Deputy Governor of Bayelsa State, claimed that Governor Douye Diri leveraged his travels to woo investors. However, this assertion stands at odds with the lack of foreign investments in the state.
Commenting on the overall scenario, Professor Akpan Ekpo of the University of Uyo pointed out, “They are not importing capital for two reasons. First, they don’t have potential investors who will do that. Secondly, there is insecurity in the country.” Professor Jonathan Aremu, an ECOWAS Common Investment Market consultant, added, “The factors that attract foreign investment are not available in those states. Investment doesn’t go to places where there are crises.”
As the nation grapples with a decline in foreign investments due to security concerns and other structural challenges, the discrepancy between the hefty spending on foreign trips and the absence of foreign investments in these states remains a perplexing conundrum.
