Profligacy in the Name of Foreign Investment Drive

Notes for File

The news that 14 states in Nigeria have so far spent at least N21.04 billion on foreign trips in the last three years to attract foreign investments into their states without success has again exposed the country’s level of profligacy.

The states in question are Bauchi, Bayelsa, Benue, Borno, Cross River, Ebonyi, Edo, Gombe, Imo, Jigawa, Nasarawa, Taraba, Yobe, and Zamfara. Between 2021 and the third quarter of 2023, these states reportedly failed to attract any of the $14.85 billion that foreign investors channelled into Nigeria.

According to the media report, a breakdown shows that between 2021 and 2023, Bauchi spent N3.81billion on foreign trips without having anything to show for it. Bayelsa spent N1.99 billion, Benue spent N1.33 billion, Borno spent N1.73 billion, Cross River spent N663.16 million, Ebonyi spent N1.01 billion, Edo spent N1.77 billion, Gombe spent N32.09 million, Imo spent N541.23 million, Jigawa spent N1.10 billion, Nasarawa spent N541.26million, Taraba spent N2.52 billion, Yobe spent N1.24 billion, and Zamfara spent N2.77 billion.

The figures for foreign trips were extracted from state budget performance reports sourced from Open Nigerian States. Many of the states didn’t have their full budget performance reports with some only having for two quarters in some instances.

Also, Kebbi did not also receive any foreign direct investments in the period under review but there was no data on the amount the state spent on foreign related trips hence its exclusion from this report.

How on earth would states which have not addressed insecurity in their domain, think they can attract investments if it not a grand deception? Most of the states whose governors are gallivanting around the world in search of foreign investments are plagued by banditry, and kidnapping in recent years. Also, they know that more than 70 per cent of their farmlands have been abandoned by farmers due to fear of bandits’ attacks.

The questions begging for answers are: Which investor will open his eyes and put his hard-earned money in a state that is not safe? What infrastructure have they put in place to allow investments to thrive?

There are speculations that most of the trips abroad in search of foreign investments are opportunities to launder money, buy properties or negotiate their personal businesses.