Former Anambra State governor and presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has said a fresh United States warning to investors confirms that the Tinubu administration is failing, accusing the government of celebrating macroeconomic stability while scaring off the capital the country needs.
Obi said the APC-led government’s celebration of macroeconomic stability was delusional, pointing to the 2026 Nigeria Investment Climate Statement released by the U.S. Department of State as evidence that the administration is incompetent, ineffective and corrupt.
According to him, the report identified corruption, insecurity, inconsistent regulatory enforcement, weaknesses in the judicial system, cargo delays and power sector challenges as major threats to investor confidence.
It also cautioned investors about the possible use of arbitrary detention, travel restrictions and immigration enforcement to pressure foreign businesses operating in Nigeria.
Obi cited the report’s warning that ordinary business trips can turn into detention when a firm is under regulatory suspicion or faces charges.
The document, he noted, says Nigeria has previously used exit bans and arbitrary detention as leverage in commercial or regulatory disputes, and to extract data or financial concessions from multinationals.
It also described port inefficiency as a “hidden tax” on investment, observing that although the Lekki Deep Seaport eased pressure in 2025 by handling $9.6 billion in trade at 50 percent capacity, the Apapa and Tin Can ports still record cargo dwell times above 20 days because of manual examinations.
The former governor said a competent and attentive government would have responded swiftly to such a report, with the President and Commander in Chief ordering an investigation and decisive action to protect the country’s image among key trading partners and the global economy, especially given Nigeria’s need for Foreign Direct Investment.
Instead, he argued, the APC-led government cannot fix what it is responsible for, since it is the real source of the problems the U.S. government raised.
This, he said, explains why Nigeria fails to attract FDI in line with its market size and potential.
Obi backed his argument with first quarter 2026 figures, noting that of the $10.37 billion in total capital importation, only $135.08 million, about 1.3 percent, came as Foreign Direct Investment.
About $9.86 billion, roughly 95.1 percent, went into Foreign Portfolio Investment, with loans and other capital streams making up the remainder.
