Ayodele Olalere
With N 69.71 billion spent so far since early this year on so-called business trips with the claim to attract foreign investors, Nigeria 32 state governors have not justified the huge amount they spend traveling abroad on their acclaimed investor-driven jamboree.
A recent analysis by the Open Nigerian States website on the amount the governors have spent traveling abroad looking for so called investors
showed that governors spent N69.71bn in the second quarter of 2024 which was an increase from N34.63bn spent in the first quarter of the year.
The data by the National Bureau of Statistics indicated that Lagos and Ekiti States along the Federal Capital Territory, and Ekiti are the only states that have attracted importation in the first quarter of the year with Lagos having the largest share of capital importation of N2.78 billion.
Lagos is followed by Abuja with $593.58m and Ekiti State recording US$0.01m while other states recorded zero data in spite of several billions spent on traveling for business trips
Some of the states with zero investments within the period under the review is Oyo, Borno, Ebonyi, Taraba, Cross Rivers among others.
A breakdown of the expenses by the governors on foreign trips showed that Governor Makinde of Oyo State spent , N11.57billion between January and June 2024, while Governor Zulum of Borno spent N1.96billion but no positive results.
Other governors such as Ebonyi, Taraba, Delta, Cross Rivers , Bayelsa, Bauchi, Anambra, Akwa-Ibom, Adamawa, Abia, Edo, Enugu, Imo, Gombe, Jigawa, Kaduna, Kano, and Katsina, spent N1.85b, N6.39bn, N1.98billion, N2.31billion N1.66billon , N1.06bilion, N316.42million N640.84billion , N1.72billion , N280.02million, N5.49billion, N28.46million , N1.22billion, N1.45billion, N984million, N1.01billion, N2.89billion respectively on foreign trips within six months.
Kogi, Kebbi, Kwara, Nasarawa, Nigeria, Ondo, Sokoto, Plateau, Yobe and Zamfara are also not left out as their travel expenses also increased significantly into billions of Naira.
With several foreign companies leaving the shores of Nigeria due to harsh economic situations with no other ones coming in, there are allegations in some quarters that the frequent foreign trips by governors accompanied by retinue of aides are used to launder money rather than for business purposes.
The high rate of unemployment is in contrast with the claim by the federal government that the country has attracted $30bn in Foreign Direct Investments.
Several factors have also been adduced for lack of foreign investments. One of such factors is insecurity which has ravaged every part of the country. Others include unstable government policies and exchange rates, lack of rule of law among others.
