Why Nigerians abroad have stopped investing at home - Kayode Adaramodu

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A real life example:

A friend sent the sum of £11,000 to Nigeria in November 2019, which was changed to N5m, to invest at 18%. The investment matured last week (November 2022) for a total sum of N8.2m (principal + interest). Due to the poor management of the Nigerian economy, Naira had depreciated badly and this poor investor will be getting only £8,000 back for his investment. Essentially, my friend waited for 3 years to loose £3,000 just because he chose Nigeria as his investment destination. 

This is what millions of Nigerians in diaspora (our key source of remittances) and businesses are suffering from right now. Many businesses that entered into fx-denominated transactions few years ago are equally struggling for survival today. A very pathetic situation!

Leaving this country in the hands of this APC government beyond the expiration of their tenancy in the Villa in May 2023 is a risk Nigerians must not make a mistake of taking. Enough damages had already been done. 

In making an informed decision on the options available, I have gone through the blueprints of the key contenders (though Peter Obi/Labour Party seems unsure of what to release to the public yet) and on the strength of my background, experience and extensive studies on the subject of economic development matters, I consider the policy options contained in the *Atiku's Convenant with Nigerians* robust, realistic and highly relevant to the Nigerian situation. The opportunity  of an interaction with H.E. Atiku Abubakar has also shown to me that the PDP Presidential Candidate has the full and competent ownership of the ideas in the document. His VP, Gov Ifeanyi Okowa, has equally shown through his performance during the recent Townhall Meeting of the Arise TV that what Nigerians have before them is a true joint ticket! The Vision is shared and the Blueprint jointly owned.


In my opinion, the Atiku-Okowa ticket is very appealing, promising and highly recommended.


*Kayode ADARAMODU*

A British Chevening Scholar;

Former Bank Executive in Nigeria and a one-time Economic Adviser at the UK Office for National Statistics.

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