CNPP Urges Action from Tinubu Government to Boost Foreign Direct Investment Amidst Security and Rule of Law Concerns

In response to President Bola Ahmed Tinubu’s New Year Message, the Conference Of Nigeria Political Parties (CNPP) is urging the administration to shift its focus from mere rhetoric to tangible actions. Emphasizing that the decline in Foreign Direct Investment (FDI) is intricately linked to issues of insecurity and the absence of a robust rule of law, the CNPP asserts that urgent measures are imperative to reverse the trend.

Speaking on behalf of the CNPP, Deputy National Publicity Secretary Comrade James Ezema expressed concern over the government’s continued promises without substantive progress. He stated, “President Tinubu’s administration needs to move beyond campaign-style assurances and engage in concrete efforts to address the pressing issues hindering investment in the country.”

The CNPP underscored that while the administration highlights Nigeria as ‘ready and open for business’ during international engagements, actions must align with words to instill confidence in potential investors. The organization urged the government to prioritize two critical aspects: addressing the prevalent insecurity and upholding the rule of law.

Ezema remarked, “To attract Foreign Direct Investment, the government must fulfill its primary duty of safeguarding the lives and property of citizens. Additionally, a commitment to the rule of law is crucial, as investors seek assurance that legal frameworks are respected.”

Citing recent capital importation data from the National Bureau of Statistics, the CNPP highlighted a concerning decline in FDI. The statement noted a 43% drop in FDI inflow from $84 million in Q4 2022 to $48 million in Q1 2023. Moreover, a substantial 69% year-on-year decrease was observed, signaling a decline from $155 million in Q1 2022 to $48 million in Q1 2023.

The CNPP concluded its statement by urging the President Tinubu administration to prioritize practical actions over verbal commitments. Emphasizing that FDI growth is intricately tied to security and the rule of law, the CNPP called for a proactive approach to ensure a positive trajectory for the country’s economic development.