Peter Obi, the 2027 presidential candidate of the Nigeria Democratic Congress (NDC), has sharply criticized President Bola Ahmed Tinubu's administration following the release of the US Department of State's 2026 Nigeria Investment Climate Statement. The report, published on October 14, 2026, warns that corruption, insecurity, inconsistent regulatory enforcement, judicial weaknesses, cargo delays, and power sector failures continue to undermine investor confidence in Nigeria.
US Report Highlights Corruption and Arbitrary Detention Risks
The US report specifically notes that foreign businesses in Nigeria could face arbitrary detention, travel restrictions, and immigration enforcement as tools to pressure them during regulatory or commercial disputes. It warns that routine business visits could turn into detentions if a company comes under regulatory scrutiny.
The document states: "Nigeria has previously employed coercive exit bans and arbitrary detention as leverage in commercial or regulatory disputes, and to extract data or financial concessions from multinational firms." This language underscores the seriousness of the risks outlined for foreign investors.
Port Inefficiency and Cargo Delays Exposed
On port efficiency, the report highlights that while the Lekki Deep Seaport, which opened in 2023, handled $9.6 billion in trade and operated at 50 per cent capacity in 2025, older ports at Apapa and Tin Can Island still recorded cargo dwell times of more than 20 days due to manual examination processes. This inefficiency adds significant costs to businesses operating in Nigeria.
Obi, responding via his X handle @PeterObi on Wednesday, October 14, 2026, argued that the US report exposes a contradiction at the heart of the Tinubu government's economic messaging. He pointed to capital importation data for the first quarter of 2026, which showed total inflows of $10.37 billion. Of that figure, only $135.08 million, about 1.3 per cent, came in as Foreign Direct Investment, while Foreign Portfolio Investment accounted for roughly $9.86 billion, or about 95.1 per cent of the total.
Obi Cites FDI Figures to Back Criticism
Obi said the data showed that despite government claims of macroeconomic stability, Nigeria was failing to attract the type of long-term productive investment its market size should command. He added that a government genuinely committed to economic growth would have responded to such a report from a major trading partner with urgent investigation and corrective action, particularly given Nigeria's need for foreign capital.
The NDC candidate's remarks come amid ongoing debates about Nigeria's economic direction. He has previously accused the Tinubu administration of presiding over what he described as "grand corruption," citing an alleged N8.83 trillion in unbudgeted expenditure highlighted in a recent International Monetary Fund (IMF) consultation report.
Obi Renews Call for Tinubu's Resignation
Reiterating an earlier call for Tinubu to resign, Obi said recent developments, including the US report, had reinforced his position that the President should step down. He argued that the government's response to such critical findings from a major trading partner would be a test of its commitment to economic reform.
The US report's findings and Obi's reaction come at a time when Nigeria is seeking to boost foreign investment to stabilize its economy. The low FDI figure of 1.3% in Q1 2026, compared to the high portfolio investment share, suggests that Nigeria is attracting short-term capital but struggling to secure the long-term investments needed for sustainable growth. The government has not yet publicly responded to Obi's latest criticism or the US report's specific allegations.
