There is little to contend with the fact that a country in need of foreign direct investment needs to reach out to other countries to showcase its credentials. All the same, it is worrisome that at a time Nigeria’s economy is bleeding profusely, a whopping sum of N2.3 billion was spent on President Bola Ahmed Tinubu’s foreign trips. This was specifically within six months, from February to July 2024.

For a country that is still struggling with high inflation and hardship, whose citizens cannot afford decent meals,the question is at whose expense and to what benefit are these expenditure? Can the country sustain it? Are there other ways to attract investment? And can’t the huge funds involved be better utilised to lift Nigerians from the grip of poverty and want? These questions and other relevant ones should agitate the mind of the president and his team.

As of May 2024, report also claimed that President Tinubu, who had visited over 10 nations since assuming office, spent over N3.4 billion on local and foreign trips within one year.Data from GovSpend, an affiliation of BudgIT showed that between February 21 and July 19, 2024, the President spent N2, 346,623,000 on foreign trips.

Next month, President Tinubu will be jetting out to China to meet his counteract, President Xi Jinping. Expectedly, the trip, which the Presidency claimed is expected to enhance economic collaboration, attracts investments to Nigeria and a strategic move to strengthen bilateral relations between the two nations while pursuing key economic opportunities, would involve more expenses from the public till.

As of May 2024, checks showed that President Tinubu had been to Paris, France (thrice); London, the United Kingdom (twice); Bissau, Guinea-Bissau (twice); Nairobi, Kenya; Porto Norvo, Benin Republic; New Delhi, India; Abu Dhabi and Dubai in the United Arab Emirates; New York, the United States of America; Riyadh, Saudi Arabia (twice); Berlin, Germany; Addis Ababa, Ethiopia; Dakar, Senegal; Doha, Qatar and The Hague, The Netherlands. President Tinubu was in South Africa in June and France earlier this month.

The President and his handlers need to exercise restraints on this incessant spending and rather divert these funds into fixing the crawling economy. Certainly the country’s economy is too unstable to bear the financial strain. Nigeria’s food inflation in the last one year rose by 15 per cent, specifically from 24.82 per cent in May 2023 and 40.01 per cent in March 2024. The headline inflation also rose by 10 per cent from 22.41 per cent in May 2023 to 33.20 per cent in March 2024. The Nigeria Bureau of Statistics (NBS) puts inflation as of July 2024 at 33.40 per cent, while food inflation is 40.9 per cent.

It should worry government that these trips are not having the desired effects for obvious reasons. In fact, foreign trips by Nigeria’s presidents in the past have not been impacting the economy. This, former President Obasanjo admitted while in office, and after several trips and billions of naira. Surely it should have dawn on government that the country must first be in much better shape, politically, economically and socially for it to attract foreign investors.

In the past when foreigners made Nigeria their home and industrial favourites, the reason was the country’s stability and hospitality, not international travels by presidents. One of the chief reasons for poor foreign preference for Nigeria now is insecurity of lives and property; and this, government must earnestly address. At the moment, insecurity is festering, and life is cheap and meaningless.

Charity should begin from home! The President and his team should first rescue this floundering economy, bring it back to life and steady it against internal aggression and suppression.No investment thrives in an atmosphere of chaos, insecurity, uncertainty and corruption. There is still erratic power supply, hospitals are not well-equipped, roads are still dangerous, manufacturers are on the edge and citizens’ growth has been dwarfed by policy summersault.

The challenges in the country have further been compounded by foreign exchange fluctuations, which continue to hinder business growth. The dollar has edged the naira by about 120 per cent in the last one year. It currently hovers around N1, 600/$.

Fiscal and monetary policies from the Ministry of Finance and the Central Bank of Nigeria have not been able to stem this tide.The President should look inwards and divert these billions used in junketing the globe into fixing the economy.

In the absence of impact on living standard, Nigerians believe that the president is embarking on too many foreign trips and neglecting his basic responsibilities at home. And indeed,the challenges confronting government at home are enormous.The Federal Government can use part of the funds spent on foreign trips to boost the manufacturing sector, the mainstay of every economy; and to stem job losses and exit of more major players, all which have negative multiplier effects on the country’s economy.A few jobs lost here and a few there can have a substantial effect far beyond the local economy.

Despite all the junketing, the renewed hope promised Nigerians by the President has not materialised. In fact, it has turned into misery in the past year. President Tinubu should spend less time away and moreat home, if only to enable him further appreciate huge domestic issues that the average Nigerian is contending with daily.

More importantly, he should accept the fact that investors will not come into the country on account of his own trips to their countries but on account of security of lives and property, availability of inexpensive, regular supply of power and energy; and prevalence of an environment conducive for transacting business and investing in industries. (The Guardian Editorial)

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