Edo State All Progressives Congress campaign council in the September 21st Governorship Election, on Saturday, allegedly said Governor Godwin Obaseki wasted a whopping sum of N1.77bn on foreign trips in the last three years but failed to attract any foreign direct investment into the state.

A statement by the Senator Monday Okpebholo Campaign Organisation, signed by its Director of Media and Publicity, Mr. John Mayaki, said, “Between 2021 and the third quarter of 2023, Edo state topped other failed states in attracting any of the $14.85bn that foreign investors channeled into Nigeria. Sadly, between 2021 and 2023, Edo spent N1.77bn junketing the globe in search of foreign investors.

“In 2022, Governor Godwin Obaseki said the state would prioritise technology, agriculture, entertainment, and others to attract more investors into the state. However, the sad reality is that the state is yet to record any foreign investments in three years, according to data from the Nigerian Bureau of Statistics (NBS).

“For context, the figures for foreign trips were extracted from state budget performance reports sourced from Open Nigerian States. The lack of foreign investments in these states coincides with a general fall in investments into the country due to insecurity and other issues.

“It is the opinion of the World Bank that ‘Net FDI inflows are negative, reflecting net withdrawals of equity by foreign investors. FDI and FPI flows into Nigeria do not compare favorably with similar economies of the world, reflecting difficulties with FX availability, security concerns, and other structural challenges in recent years.’

“One will understand that some states such as Zamfara, Jigawa, and Nasarawa have been plagued by banditry in recent years. What excuse will Governor Obaseki give for failing to attract foreign investment after spending that humongous amount of money?” Mayaki queried.

“I think it is now glaring that the so-called investment banker has failed in all ramifications. Obaseki doesn’t understand the simple factors that attract foreign investment. The attractive factors are not there in Edo state under Governor Obaseki. It’s simple. The factors that attract foreign investment are not available in Edo state.

“One thing about investment is that it is crisis shy. Governor Obaseki has plunged the state into unnecessary crises both economically, politically, and even in the judiciary. And remember, investment doesn’t go to places where there are crises because investors want stability and predictability in their investments, particularly having returns on their investments, but that cannot be said about Edo state under Obaseki”.