Everywhere but nowhere

How Buhari’s foreign trips failed to boost FDI 

By Eniola Akinkuotu

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Posted on May 24, 2023 09:52

African Union holds annual heads of state and government summit
Nigeria’s President Muhammadu Buhari arrives at the opening session of the 35th ordinary session of the Assembly of the African Union at the African Union Commission (AUC) headquarters in Addis Ababa, Ethiopia, February 5, 2022. REUTERS/Tiksa Negeri

President Muhammadu Buhari is one of Nigeria’s most travelled presidents, having visited 43 countries – some more than once – in search of foreign direct investment since taking office in 2015. However, on his watch, FDI dropped from $1.45bn in 2015 to $468.91m, a decrease of 213%. 

Ten days after his inauguration, President Muhammadu Buhari on 7 June 2015, along with a high powered delegation visited Munich, Germany during the G8 summit to submit a “wish list”.

“Security assistance, combating corruption, increased foreign direct investment, power and energy” were focus areas, said a spokesperson.

By 19 July, he had travelled again, this time, to the US where he met President Barack Obama.

During the visit, he was hosted to a dinner by the US Chamber of Commerce, the world’s largest business federation with more than three million businesses. Also present was the Corporate Council of Africa, a coalition of about 180 companies.

The president said his administration would go ahead with a privatisation programme and asked the American businessmen to take advantage.

Then in October 2015, Buhari travelled to New Delhi for the 3rd Summit of the India-Africa Forum aimed

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