Nigeria opened 2025 with renewed momentum in foreign capital inflows, recording $5.64 billion in the first quarter alone, according to the National Bureau of Statistics. This marked a stronger showing than 2024, a year defined by mixed signals: while overall capital importation grew, Foreign Direct Investment (FDI) itself fell sharply, even hitting historic lows at one point.
This backdrop set the stage for the maiden Atlantic-Savannah International Conference & Convention (ASICC) in Port Harcourt, where economists, investors, academics, and business leaders gathered to debate one crucial question: How can Nigeria truly attract sustainable FDI?
The Call for a New FDI Mindset
At the heart of the discussions was Prof. Sylva Opuala-Charles, economist, President of the Garden City Premier Business School, and Executive Vice President of ASICC. He stressed that countries aiming for genuine growth must deliberately design policies and environments that draw foreign investors.
He distinguished between “brownfield” investment (minor equity stakes in existing firms) and “greenfield” investment (large-scale capital and equipment to establish new businesses). According to him, Nigeria needs to push for the latter, particularly by strengthening local content participation in industries like oil and gas.
“Before the Nigerian Content Act, only 5% of roles in oil and gas were handled locally. Today it’s 56%,” he explained. “This shows the potential of local capacity to both anchor FDI and empower domestic industries.”
A Forum for Ideas and Action
The ASICC conference — paired with the quarterly Port Harcourt Business Breakfast — was designed to provide not just theory but actionable solutions. While this first edition lacked official government representation due to Rivers State’s political transition, organizers promised stronger participation in subsequent editions across Port Harcourt, Abuja, or other state capitals.
The event’s communique, alongside all research papers, will be distributed to policymakers and stakeholders across the region, ensuring the dialogue translates into tangible impact.
Discipline, Leadership & A New Global Order
One of the standout voices was Uzo Nelson Uwaaga, a pharmacist and entrepreneur, who drew from global experiences to emphasize discipline and leadership as cornerstones of business success.
Sharing lessons from mentors in Japan and beyond, Uwaaga argued that something as simple as time management reflects a nation’s capacity for discipline — and by extension, economic transformation.
“Nigeria has immense potential,” he said. “But leadership without values has held us back. In a world that has shifted dramatically after COVID-19, we must adapt to new standards of governance, discipline, and international cooperation.”
Research Findings: Local Content as a Catalyst, Not a Barrier
Adding depth to the discussions was a joint study by Prof. Charles-Opuala and Dr. Jonah Olo Orji of Garden City Premier Business School. The research analyzed determinants of FDI inflows into Nigeria’s energy sector, focusing on:
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Local Content Intensity (LCP)
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Regulatory Quality (REGQ)
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Infrastructure Availability (INFR)
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Alongside global oil prices and exchange rate volatility.
The findings were striking:
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Local content intensity had a positive and significant impact on FDI, showing that effective localization doesn’t deter investors but instead fosters stability and partnerships.
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Regulatory quality and infrastructure, while important, showed limited short-term impact due to weak implementation and persistent infrastructural gaps.
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The sector displayed fast adjustment to shocks, meaning credible reforms could quickly restore investor confidence.
“This challenges the myth that local content drives away FDI,” Orji explained. “On the contrary, when structured well, it encourages collaboration, knowledge transfer, and domestic growth.”
Recommendations for a Stronger Investment Climate
The economists outlined a series of reforms to deepen Nigeria’s attractiveness to global capital:
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Build supplier development programs and technology-transfer partnerships.
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Strengthen transparency in contract awards and dispute resolution.
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Move beyond statutory reforms like the Petroleum Industry Act (2021) to ensure consistent enforcement.
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Establish independent performance indicators for regulators.
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Expand integrated infrastructure: pipelines, power grids, and ports.
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Use public–private partnerships (PPPs) to fund large-scale projects.
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Stabilize the exchange rate and ensure predictable tax regimes.
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Institutionalize ongoing dialogue between government, IOCs, and local operators.
The Bigger Question: Will Nigeria Deliver?
While the conference generated optimism, participants repeatedly circled back to the same concerns — corruption, favoritism, and policy inconsistency. Many asked whether Nigeria can genuinely sustain reforms long enough to inspire investor confidence.
Technology, some argued, may help curb procurement-related corruption, but without leadership discipline and policy consistency, progress will remain fragile.
What ASICC made clear, however, is that Nigeria’s future as an FDI destination hinges on a simple truth: local participation and global capital are not enemies — they are partners in growth.
