23 January 2019

Nigeria: Buhari's Incompetence Chasing Investors Away, Says Saraki

Nigeria's Senate President Bukola Saraki has said the drop in Foreign Direct Investment (FDI) in the country was because president Muhammadu Buhari was incompetent and not in charge of the country.

The FDI data reached an all-time high of 3.1 USD bn in Dec 2012 and a record low of 435.6 USD mn in Jun 2018, according to CEIC, a global economic data indicator.

However, Saraki said the data dropped because local and foreign investors were not encouraged to do business with Nigeria.

"But you know this. I think from the sights we have seen, it is now clear that the majority of these issues are being driven. You know we have said many times that there is a government within the government," Saraki said on an African Independent Television (AIT) programme 'Kakaaki'.

"It is clear that the private sector doesn't have the confidence and that is why if you look at the level of direct investment in the country, you will see that it is low," Saraki said.

The Senate President said Buhari's displayed of lack of knowledge on national issues in different times suggests that there was a government within his government.

"They (investors) need to be sure that the CEO is in charge. They need to have that confidence," Saraki said.

Wife of Nigeria's president Aisha Buhari in December 2018 alleged that Buhari's administration would have done better if not for two powerful persons in charge of his government.

"I am disappointed in men who rather than fight these two men will go to them in the night begging for favour," Aisha said.

That was not the first time the First Lady will criticize the president, some of his aides and his party, the ruling All Progressive Congress (APC) leadership.

But Saraki, who is the director-general of the opposition People's Democratic Party (PDP) presidential campaign organisation, said an atmosphere of uncertainty in leadership would not attract foreign investors while existing would want to leave Nigeria.

He said PDP presidential candidate Atiku Abubakar would create an enabling environment for investors to thrive if elected after the February 16 election.

"But our own candidate would drive that. He would be able to engage the private sector and inspire confidence to put in investment."

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