NEWS
14 States Burn N21bn On Foreign Trips With Zero Foreign Investments
In the past three years, a total of 14 state governments have allegedly expended at least N21.04bn on foreign trips, yet none of them has managed to attract foreign investments successfully.
The states includes; Bauchi, Bayelsa, Benue, Borno, Cross River, Ebonyi, Edo, Gombe, Imo, Jigawa, Nasarawa, Taraba, Yobe, and Zamfara
Despite the influx of $14.85bn from foreign investors into Nigeria between 2021 and the third quarter of 2023, these states have failed to secure a share in the foreign investment pie.
Between 2021 and 2023, a breakdown of expenses on foreign trips by several states reveals Bauchi spending N3.81bn, Bayelsa N1.99bn, Benue N1.33bn, Borno N1.73bn, Cross River N663.16m, Ebonyi N1.01bn, Edo N1.77bn, Gombe N32.09m, Imo N541.23m, Jigawa N1.10bn, Nasarawa N541.26m, Taraba N2.52bn, Yobe N1.24bn, and Zamfara N2.77bn.
Surprisingly, despite these expenditures, there is no tangible result or foreign investments to show for the funds, according to data extracted from state budget performance reports obtained from Open Nigerian States.
It’s worth noting that not all states provided complete budget performance reports, with some only covering two quarters in certain instances.
Kebbi is notably absent from the list of states receiving foreign direct investments during the reviewed period, and unfortunately, there is no available data on the amount spent by the state on foreign-related trips.
The overall absence of foreign investments in these states aligns with a broader decline in investments across the country, attributed to concerns related to insecurity and other prevailing issues during the same period.
The World Bank opined, “Net FDI inflows are negative, reflecting net withdrawals of equity by foreign investors. FDI and FPI flows into Nigeria do not compare favourably with similar economies of the world, reflecting difficulties with FX availability, security concerns, and other structural challenges in recent years.”
Several states mentioned in this report, including Zamfara, Jigawa, and Nasarawa, have been grappling with the scourge of banditry in recent years.
In Zamfara, for example, banditry has become pervasive, affecting almost 14 local government areas.
The situation has led to the abandonment of over 70% of farmlands in the state, with farmers fearing attacks by bandits.
Highlighting the impact on investments, in 2022, the Managing Director of Zamfara State Investment Cooperation, Dr. Anas Hamisu Lawal, pointed out that insecurity was a major factor hindering the attraction of investments into the state.
Lawal said, “The first question they always ask is the security situation in the state..They are willing to invest whenever the security situation improves.”
In 2022, David Olofu, the Benue State Commissioner for Finance, emphasized the significant impact of insecurity on states’ ability to attract investors.
He said “It is obvious that insecurity prevented many states from attracting investors in 2021. How many investors did the Federal Government attract?
“How will investors come even when citizens are not safe? How will investors come when citizens cannot themselves invest in their place?”
In the same year, Governor Godwin Obaseki of Edo State announced a strategic focus on sectors such as technology, agriculture, and entertainment to attract investors to the state.
Despite these efforts, the state has not recorded any foreign investments in the past three years, according to data from the National Bureau of Statistics (NBS).
In 2021, Lawrence Ewhrudjakpo, the Deputy Governor of Bayelsa State, disclosed that Governor Douye Diri was utilizing his foreign trips to attract investors, aiming to enhance the state’s economy.
He said, “We believe that we have procedures, and the governor deserves the attention he deserves to give to investors so that investors are brought to our state as no system that is not interacting with any other system can be very effective. What makes an economy a viable economy is the external investment into the economy.”
The mentioned states continue to face a dearth of foreign investments.
Discussing this situation, Professor Akpan Ekpo, a specialist in Economics and Public Policy at the University of Uyo, explained to The PUNCH, “They are not importing capital for two reasons. First, they don’t have potential investors who will do that. Secondly, there is insecurity in the country. Those things are not fertile ground for investments.”
An ECOWAS Common Investment Market consultant, Professor Jonathan Aremu, added, “It’s simple. It’s because they don’t have attractive factors.
“The factors that attract foreign investment are not available in those states. One thing about investment is that it is crisis shy.
“Investment doesn’t go to places where there are crises. Why? Because investors want stability and predictability in their investments, particularly, having returns on their investments.” he added
In line with the recommendations of the Osun State Advisory Council on Prerogative of Mercy, Governor Ademola Adeleke has extended mercy to 53 convicts serving various terms within the Nigerian Correctional Service (NCoS).
According to Spokesperson to the State Governor, Olawale Rasheed, this was contained in a letter of commutation dated December 24th, 2024 and which has since been received and acknowledged by the relevant prison authorities read as follows:
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“WHEREAS: the inmates whose names are set out in the schedule to this order have been convicted to various terms of imprisonment to wit.
(i) Simple offences and have served substantial portions of the sentences,
(ii) Convicts sentenced to death” (having spent a minimum of 10 years in custody.)
“AND WHEREAS: following the recommendation made to me by the state advisory council on the prerogative of mercy that I should exercise my power in relation to the said inmates in order to mark the 2024 Christmas celebration.
“AND WHEREAS: in the case of the 30 (thirty) inmates convicted of simple offences, I have decided in accordance with the said recommendation to remit and forgive the remainder of the said sentences in whole.
“AND WHEREAS: I have decided in accordance with the said recommendation to grant outright pardon to 12 (Twelve) inmates convicted of simple offences.
“4 (Four) Convicts have their sentences commuted from death to outright pardon. AND WHEREAS: I have decided in accordance with the said recommendation to commute the sentences as follows;
“1 (One) convict has his sentence commuted from death to 15 (Fifteen) years imprisonment.
“6 (Six) Convicts have their sentences commuted from death to outright release.
“Now know ye therefore that, I Senator Ademola Jackson Adeleke, the Governor of Osun State of Nigeria, in exercise of the power conferred on me by paragraph (a), (c) and (d) of subsection (i) of section 212 of the constitution of the federal republic of Nigeria, 1999 (as Amended), I am pleased to extend my grace and mercy unto the said inmates.
“My will and pleasure thereof, is that you commute the death, life and years of imprisonment as indicated herewith in the schedule”
Those in the schedule are as follows:
CONVICTS RECOMMENDED FOR OUTRIGHT PARDON (SIMPLE OFFENCES)
- OLABOMIJI NURUDEEN
- MUSTAPHA ISAH
- OLALEKAN ABDULLAHI
- AYOMIDE OLOJEDE
- AKEEM RAPHAEL
- ADEYEMI ABIODUN
- OLADIPUPO SEGUN
- OMISAKIN SUNDAY
- ADEMOLA ADIO
- TUNDE OLAPADE
- LATE CHIEF WOLE OLA RUFUS OJO
- OMOLOYE OLAJIDE OLAYEMI
CONVICTS RECOMMENDED FOR OUTRIGHT RELEASE (SIMPLE OFFENCES)
- OLUBO SUNDAY
- ISAH UMAR BIODUN
- FAWAS KAREEM
- OMIRIN TEMITAYO
- OLARENWAJU AYOMIDE
- DARE SUNDAY
- OLADAPO TUNDE
- GANIYU SAHEED
- ADEWUMI SODIQ
- ADEBAYO ADEOYE KEHINDE
- LASIS KAZEEM
- DAUDA OJO (59 YEARS)
- ISMAILA RAJI
- OSENI MICHEAL
- AJAYI KOREDE
- ABIONA NURUDEEN
- OSHI SAMUEL
- SHEU YUSUF OLATUNJI
- OJO AANU
- MUSTAPHA KEHINDE
- LASIS ABEEB
- ALEXANDRA IORLAHA
- OJO TAIWO
- AZEEZ MUJEEB
- AKINYEMI DAVID
- ADEOSUN ADEKUNLE
- OLAOBAJU SAMUEL
- ADURA ADEFEMI
- PAUL BASIL
- KUNLE DAVID
CONVICT RECOMMENDED FOR OUTRIGHT PARDON FOR GOOD CONDUCT (CAPITAL OFFENCES) – 4 (FOUR)
- SUNDAY MORAKINYO
- SEGUN OLOWOOKERE
- TUNDE OLAPADE
- DEMOLA ODEYEMI
CONVICT RECOMMENDED FOR OUTRIGHT RELEASE ON HEALTH GROUND, (CAPITAL OFFENCES) –
1 OLUWAFEMI FAGBEMI
2 BEWAJI SUNDAY
- AMEHIN GEORGE
- AYOMIDE ARULOGUN
- TAIWO OLUWATOBI STEPHEN
- ABUBAKAR ABDULAZEEZ
CONVICT RECOMMENDED TO BE COMMUTED FROM DEATH TO 15 YEARS IMPRISONMENT HAVING SPENT AT LEAST 10 YEARS IN CUSTODY
- OJEKUNLE TIMOTHY
President Nana Addo Dankwa Akufo-Addo has approved a new policy allowing visa-free entry to Ghana for all African nationals, fulfilling a promise he made earlier this year.
The initiative is expected to be implemented before the end of his term on January 6, 2025.
With this move, Ghana will join Rwanda, Seychelles, The Gambia, and Benin as one of the few African nations offering unrestricted visa-free access to all African passport holders.
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The policy is seen as a significant step toward promoting free movement across the continent, enhancing trade, and deepening economic integration under the African Continental Free Trade Area (AfCFTA).
President Akufo-Addo announced the policy during his keynote address at the 2024 Africa Prosperity Dialogues (APD) held in Accra.
Speaking under the theme “Developing Prosperity in Africa: Produce, Add Value, and Trade,” he highlighted the challenges Africans face when traveling within the continent.
“Many of you had to acquire a visa to attend this event,” he said, emphasizing the barriers to intra-African mobility.
He described the visa-free policy as a solution to these challenges and a critical step toward achieving the goals of the AfCFTA.
“The free movement of people is essential for stimulating intra-African trade and fostering collaboration across borders,” Akufo-Addo added, noting that the policy aligns with Ghana’s broader vision of promoting economic growth through integration.
The visa-free initiative is expected to enhance Ghana’s standing in the region, making it easier for African nationals to travel, trade, and collaborate.
By eliminating visa requirements, Ghana aims to position itself as a leader in continental integration, creating opportunities for deeper economic ties with other African nations.
The policy also underscores Ghana’s commitment to the AfCFTA, which seeks to establish a unified market for goods and services across Africa.
Officials believe this move will attract businesses and encourage cross-border trade, ultimately boosting the continent’s economy.
The Ghanaian government has begun taking steps to implement the policy, with full rollout expected before the end of Akufo-Addo’s presidency.
Officials are updating immigration procedures to accommodate the new framework and ensure a smooth transition.
President Akufo-Addo reaffirmed his administration’s commitment to the initiative during his address.
“We are taking concrete steps to ensure that this policy becomes a reality this year,” he stated, signaling that the groundwork for implementation is already underway.
Nigeria’s Vice President, Kashim Shettima has assured Nigerians of the federal government’s dedication to national security, economic transformation, and welfare of the citizens.
This was detailed in a Christmas message on Wednesday afternoon in Abuja under the signature of the Senior Special Assistant to The President on Media & Communications (Office of The Vice President), Stanley Nkwocha.
According to the Vice President, the administration of President Bola Ahmed Tinubu remains unwavering in its focus on these critical areas, as the country looks forward to the dawn of a new year.
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He said, “In these times of economic transformation, I want to assure you that the President Bola Ahmed Tinubu administration remains steadfast in its commitment to improving the lives of all Nigerians.”
Vice President Shettima particularly urged the citizens to imbibe the virtues of national unity during the yuletide season.
“Nigeria’s diversity remains our greatest strength. Let us avail ourselves of the time provided by the holiday season to strengthen the bonds of brotherhood that unite us across all faiths and regions,” he said.
Senator Shettima assured Nigerians of the continued vigilance of the nation’s security forces, noting that “our brave security personnel will continue to work round the clock during this festive period to keep us safe.”
He said enhanced security measures have been put in place to protect the citizens during the holiday period.
“The relevant agencies have been mobilized to ensure your safety and comfort on all major routes,” he stated, urging travelers to remain vigilant.
VP Shettima expressed optimism about the nation’s trajectory in the coming year, saying, “I am filled with hope and optimism about Nigeria’s future. Together, we will build a more prosperous and united nation.
“To our young people, you are the backbone of our nation. The Renewed Hope administration is implementing various initiatives to create opportunities for you to thrive and contribute to Nigeria’s development,” he added.
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