News
Collapse of Foreign Investment As Nigeria’s Next Envisaged Crisis
By Joel Popoola
Nigeria’s population is exploding while its economy is shrinking. Which is why financial figures released this week make such scary reading.
Forecasts from the International Monetary Fund predict economic growth in Nigeria to be just a third of the global figure for 2021.
And statistics from the National Bureau of Statistics showed a 61% year-on-year decline in foreign money flowing in Nigeria.
This means fewer and fewer international customers for Nigerian businesses, and crucially, fewer and fewer investment capital for Nigerian companies.
International businesses and investors spent $2.8bn in Nigeria in the first half of 2021. In the first half of 2020 this figure was $7.2bn.
Of these figures, foreign direct investment – overseas companies setting up in Nigeria – fell 36% year on year.
The World Bank has also estimated that foreign investment in Nigeria is down 80% in recent times. Foreign portfolio investments – the purchase of Nigerian securities or other assets fell from $4.7bn to $1.5bn in a single year – a drop of nearly 70%.
The impact of the COVID-19 pandemic would have of course played a part, with many businesses across the globe practically mothballed for months.
But there is long-term systemic reason for the collapse of foreign investment in our nation. Nigeria does not appear to be a safe investment.
But we should be an unbeatable one.
In population terms alone, we offer overseas organisations one of the largest domestic markets on earth.
Then, there is our vast human capital.
We have ambition: Our young people are the most likely in all of Africa to have considered running for elected office.
We are entrepreneurial: 71% of our young people have an idea for a business.
We are innovative, having been described as “Africa’s most attractive tech hub for investors” and home to the most start-ups in Africa.
Just last year, consultants McKinsey reported that Nigeria’s Fintech sector has raised more than $600 million in funding between 2014 and 2019.
But if that funding dries up, how are the companies of tomorrow supposed to take their businesses to the next level, growing their international sales, workforces and – yes government – tax bills, which in turn will pay for better public health, education and infrastructure.
This investment is the lifeblood our future economy. But investors are increasingly looking elsewhere.
For a reason why there are doing that, we need look only to the recent research from pressure group YIAGA, who have suggested an astonishing $582bn has been lost to corruption in our nation since independence.
Investors will not see a return on their investment when it is quite clear how much of it is likely to end up in the back pockets of the duplicitous, the dodgy and the dishonest.
We need to build international trust in Nigeria. And that battle begins at home.
At the digital democracy campaign I lead we are looking to rebuild the relationship between government and governed using the power of social media.
We have created a free smartphone app called Rate Your Leader to bring elected officials closer to the people who elect them.
Rate Your Leader which connects verified political figures with verified voters in the divisions they serve, giving local people the kind of direct personal access only previous granted to the privileged few like lobbyists and party donors.
If you want to raise something with your local leader, you can. If you want to ask them a question, you can. If you want to put forward an idea to make your community better, you can.
Apps like Rate Your Leader show how transparent, responsive and accessible political leaders can be, which builds wider trust in our political class and political system. Rate Your Leader also lets users rate local elected officials for openness and responsiveness, rewarding our most transparent and accessible politicians and highlighting their qualities to other voters.
The app also gives politicians a real-time insight into what matters most to the people who elect them – allowing them to take action, make changes and win the respect, trust and affection of the people their serve.
We are a nation held back by the notion that everyone else is only out for themselves – from the very top of the country down. This isn’t true.
But the idea is spreading to other nations too. And that is something that our economy simply cannot afford.
Joel Popoola is a Nigerian tech entrepreneur and digital democracy campaigner. He is also the creator of the Rate Your Leader app.
The Federal High Court In Abuja on Tuesday ordered the remand of the Former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), at the Kuje Correctional Centre pending the hearing and determination of their bail application.
The trial judge, Justice Emeka Nwite, also ordered the remand of his co-dedendants, his son, Abubakar Malami, and one of his wives Bashir Asabe.
Justice Nwite made the order after taking arguments from the defence team led by Joseph Daudu (SAN) and the prosecution counsel Ekele Iheneacho (SAN).
Malami and his co-defendants are facing a 16-count money laundering charge preferred against them by the Economic and Financial Crimes Commission.
The EFCC alleges that the defendants conspired at various times to conceal, retain and disguise the proceeds of unlawful activities running into several billions of naira.
According to the charge, the alleged offences span several years and include the use of companies and bank accounts to launder funds, the retention of cash as collateral for loans, and the acquisition of high-value properties in Abuja, Kano and other locations.
The commission further alleges that some of the offences were committed while Malami was serving as Attorney-General of the Federation, in breach of the Money Laundering (Prohibition) Act 2011, as amended, and the Money Laundering (Prevention and Prohibition) Act 2022.
Minister of the Federal Capital Territory (FCT), Nyesom Wike, has sent a veiled message to Rivers State governor, Siminalayi Fubara, saying support for President Bola Tinubu alone will not guarantee any election ticket.
Wike made the statement on Sunday during a public outing in Emohua Local Government Area of Rivers State.
His remarks were widely seen as directed at Governor Fubara, amid lingering political crisis in the State.
The former Governor of Rivers State said political loyalty must be tested during difficult times, not after power has been secured.
He mocked those he described as late supporters of President Tinubu, insisting that sudden alignment would not earn political rewards.
He said: “So the issue is not whether you are supporting Tinubu. That one, we have taken too long, long… Yes, oh. So Tinubu’s issue is not an issue again. Yes. Do you understand me? Yes. Tinubu’s issue is that nobody should be coming here to tell a day. We are for Tinubu; I am against you. Who is for Tinubu University? (laughs) That cannot give you any ticket oh! (laughs again) Direct, direct. It will not. Direction. Direction.”
Wike stressed that his political camp stood with Tinubu when the decision was unpopular. He said that support given under pressure carries more weight than alignment after victory.
He also recalled how the Rivers State House of Assembly openly backed Tinubu early, long before the election outcome was certain.
According to him, some of those now making public declarations were absent during the critical period.
“The same people now who came to declare, put them to God… But they should declare they are saying it for a candidate. Yes. Don’t you see characters? (laughs) So I send the sword far ahead of them.”
Wike further spoke on governance and continuity. He defended projects and agreements initiated during his tenure as governor. He said it is often difficult for successors to acknowledge past efforts, even though government is a continuous process.
His comments come weeks after Governor Fubara formally aligned with the All Progressives Congress (APC), the party of President Tinubu.
The move followed months of political crisis in Rivers State, which led to federal intervention and a declaration of emergency rule.
Political watchers believe Wike’s remarks constitute a direct response to Fubara’s recent positioning as a key Tinubu ally in Rivers politics. Critics argue that Fubara’s support surfaced only after the political storm had settled.
Wike, who remains a dominant force in Rivers State politics despite serving in Abuja, appears to have drawn a clear line ahead of the 2027 elections.
He suggested that political tickets would be decided by proven loyalty, not convenience.
Videos from the event in Rumuche, Emohua, spread rapidly on social media. Many users described the speech as a coded warning to the governor.
As of press time, neither the Rivers State Government nor Wike’s media team had issued an official clarification.
The comments, however, suggest that the political rift between both camps is still active, despite earlier peace moves brokered at the national level.
The opposition African Democratic Congress and the Labour Party on Sunday criticized President Bola Tinubu for departing Nigeria for Europe on holiday at a time the country is grappling with rising insecurity, including foreign military interventions in the North.
The Presidency announced on Sunday that Tinubu left Lagos for Europe for his end-of-year holiday ahead of an official visit to Abu Dhabi, United Arab Emirates, where he is scheduled to attend the 2026 edition of the Abu Dhabi Sustainability Week Summit.
President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, explained that the trip was by invitation from His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, to participate in the summit, which gathers global leaders from government, business, and civil society to advance sustainable development strategies.
“His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, has invited President Tinubu to participate in the 2026 edition of Abu Dhabi Sustainability Week Summit, which will take place in the emirate early in January,” the statement read.
Reacting to Tinubu’s departure, the ADC, in a statement by its National Publicity Secretary, Bola Abdullahi, faulted the timing as inappropriate given the security challenges facing the country.
The ADC noted the deadly terrorist bomb blast in Zamfara and the ongoing foreign military involvement, calling the President’s move insensitive.
“President Bola Ahmed Tinubu’s lack of care is alarming. In the wake of another deadly bomb blast in Zamfara, and following an unprecedented foreign military attack on Nigerian soil, the nation is waiting for reassurance from its leader. Instead, we learn the President has gone on holiday. What a President!” Abdullahi said.
Similarly, LP’s acting National Chairman, Senator Nenadi Usman, described the trip as “insensitive and devoid of empathy” for Nigerians facing violent attacks and humanitarian crises.
Speaking through her Senior Special Adviser on Media, Ken Asogwa, she stressed that the President should have remained in the country to coordinate security responses.
“This is the most inauspicious time for the President to leave the country. Even the Christmas holiday in Lagos seems ill-timed, given that a bomb exploded in Zamfara today, killing nine people,” Usman said.
She further alleged that Nigeria was under external attack and accused the government of downplaying the severity of the situation.
“Nigeria is under attack by a foreign nation. No matter how the government tries to frame this, it is a violation of our sovereignty. This is the time for the commander-in-chief to coordinate the response, not embark on a holiday,” Usman said.
She added that the President had not convened critical security meetings since the U.S.-led bombardment of terrorist camps in Kwara and Sokoto States and condemned the perceived lack of engagement with military leadership.
The President’s trip comes amid heightened security concerns. On Thursday, U.S. President Donald Trump authorised AFRICOM to conduct airstrikes on terrorist camps in Sokoto State, hours before Nigeria’s Ministry of Foreign Affairs acknowledged the operation. A deadly bomb blast in Zamfara on Friday claimed several lives.
The 17th edition of Abu Dhabi Sustainability Week will run from January 11 to 15 at the Abu Dhabi National Exhibition Centre under the theme “The Nexus of Next: All Systems Go.”
The event aims to connect innovation, finance, and people to advance sustainable development.
Onanuga confirmed that Tinubu would return to Nigeria after the summit.
Hosted by Masdar, the UAE’s clean energy company, the summit will feature the invitation-only ADSW Summit, the World Future Energy Summit, the Zayed Sustainability Prize Awards Ceremony, and specialised sessions on hydrogen, climate finance, water security, and utilities in the Global South. Organisers expect more than 50,000 participants from over 170 countries, featuring over 700 global brands and exhibitions of emerging clean technologies.
The UAE Minister of Industry and Advanced Technology, Dr Sultan Al Jaber, noted that ADSW 2026 builds on two decades of the UAE’s leadership in renewable energy.
Tinubu previously attended the Abu Dhabi Sustainability Week in January 2025, where he held meetings with Gulf investors and officials on trade, energy cooperation, and climate finance.
Since assuming office on May 29, 2023, Tinubu has undertaken at least 46 foreign trips, spending an estimated 192 days abroad as of October 2025. In 2025 alone, he travelled internationally no fewer than 15 times to countries including Ghana, the UAE, Tanzania, France, Italy, Saint Lucia, Japan, and Brazil for summits, bilateral engagements, and holidays.
