The Coalition of United Political Parties (CUPP) has faulted President Bola Tinubu’s foreign trips since he took office in 2023.
Naija News reported that President Tinubu last week traveled to France, for a two weeks work visit.
In a statement on Sunday, the National Secretary of CUPP, Peter Ameh, stated that the President’s foreign trip had yet to bring into the country tangible investments.
Ameh noted that the reality Nigerians face every day showed the government’s positions on Tinubu’s foreign trip remained a gamble with little in return.
It read: “The president must shift focus from the global stage to the domestic realities that repel investors—security, infrastructure, and economic stability.
“Since taking office, President Bola Tinubu has embarked on numerous international trips, promising to secure investments that would revitalize Nigeria’s struggling economy. These journeys, often framed as critical missions to attract foreign capital, have come at a staggering cost to the nation’s treasury. Yet, as the bills pile up, a pressing question looms large: where are the investors? Where are the tangible investments promised to Nigerians? Despite the grand announcements and optimistic rhetoric, the results remain elusive, leaving many to wonder if these expensive excursions are little more than a mirage in the desert of Nigeria’s economic woes.
“The financial burden of President Tinubu’s travels is undeniable. Reports indicate that in his first two years, the administration has spent billions of naira on international trips, with estimates suggesting over ₦36 billion allocated to foreign travel in 2024 alone. Each journey—whether to France, India, Brazil, or the United States—carries a hefty price tag, covering airfare, accommodations, and entourages that, until recently, were criticized for their excessive size.
“The government has defended these expenditures as necessary to court foreign direct investment (FDI), with officials like the Minister for Industry, Trade, and Investment, Jumoke Oduwole, claiming that over $50 billion in investment commitments have been secured. Yet, the reality on the ground tells a different story.
“Actualized investments pale in comparison, with only a fraction—such as $6.2 billion from projects like Olam Agric and Shell’s North Bonga—materializing. The gap between promises and outcomes is stark, raising doubts about the efficacy of these costly ventures.
“Where, then, are the investors? The answer may lie in Nigeria’s persistent challenges, which no amount of globetrotting seems to resolve. Investors are not blind to the nation’s insecurity, with banditry, insurgency, and kidnapping plaguing multiple regions. The unreliable power supply forces businesses to rely on expensive generators, while the naira’s volatility—exacerbated by Tinubu’s own reforms—deters long-term commitments. The $50 billion in pledges touted by the administration often remain just that: pledges, not binding contracts. For instance, the much-hyped $2.5 billion investment from Brazil’s JBS, announced after a G20 Summit trip, remains in the realm of potential rather than reality. Similarly, claims of $14 billion from India or $500 million from Germany for renewable energy have yet to translate into concrete projects on Nigerian soil.
“The president’s trips may generate headlines, but they have so far failed to bridge the trust gap that keeps investors at bay.
“The disconnect between cost and return is perhaps the most galling aspect of this saga. Nigerians, grappling with inflation, unemployment, and a cost-of-living crisis, see little evidence of the prosperity these trips were meant to deliver. The $29.83 million in FDI recorded in Q2 2024—the lowest in over a decade—stands as a damning indictment of the administration’s strategy. Meanwhile, d president’s assurances ring hollow against the backdrop of a nation where 33 million people face food insecurity, according to the World Food Programme. The optics of lavish spending on foreign travel, while citizens endure economic hardship, fuel a growing sentiment that these trips are more about prestige than progress. If the goal ws to showcase Nigeria as an investment destination, the results suggest the message isn’t resonating.
“President Tinubu’s international trips represent a costly gamble that has yet to pay off. The question ‘Where are the investors?’ echoes as a plea for accountability, unanswered by the trickle of investments that have materialized. With so much spent and so little to show for it, Nigerians have every right to demand more than promises. The president must shift focus from the global stage to the domestic realities that repel investors—security, infrastructure, and economic stability. Until then, these expensive journeys risk being remembered not as a triumph of diplomacy, but as a symbol of misplaced priorities in a nation desperate for real change.”
