By Reloaded News Desk
Former Anambra State Governor and Nigeria Democratic Congress (NDC) presidential candidate Peter Obi has criticised President Bola Tinubu’s administration over a United States government assessment that identified corruption, insecurity, unreliable electricity and regulatory weaknesses as obstacles to doing business in Nigeria.
In a statement published on Wednesday, October 14, Obi argued that the concerns raised in the US Department of State’s 2026 Nigeria Investment Climate Statement contradicted the Federal Government’s claims of improving macroeconomic stability.
He called for urgent action to address the problems identified in the assessment, including delays at the country’s ports, weaknesses in the judicial system and concerns about the treatment of foreign businesses during regulatory disputes.
Obi also pointed to Nigeria’s foreign capital figures for the first quarter of 2026 as evidence of the challenge facing the country in attracting long-term investment.
Data from the National Bureau of Statistics show that Nigeria attracted $10.37 billion in capital importation during the period. However, foreign direct investment accounted for only $135.08 million, or 1.3 per cent, while portfolio investment represented approximately $9.86 billion.
Portfolio investment generally involves financial assets such as shares and bonds, while foreign direct investment is more closely associated with longer-term business interests and productive investment.
Although total capital inflows increased substantially compared with the first quarter of 2025, the composition of the inflows raises questions about how much foreign capital is entering businesses capable of expanding production and creating jobs.
The US assessment also highlighted the risks posed by insecurity, inconsistent regulatory enforcement, power supply challenges and inefficiencies at major ports, including Apapa and Tin Can Island in Lagos.
Obi accused the Federal Government of celebrating economic indicators without adequately addressing the structural problems that could discourage investors. His comments represent his assessment of the government’s performance; the investment report itself does not establish that every identified problem is attributable solely to the current administration.
The Federal Government has maintained that its economic reforms are intended to stabilise the economy, improve investor confidence and support long-term growth.
The central challenge for policymakers is to translate economic stabilisation and rising capital inflows into more productive investment, stronger businesses and employment opportunities.
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