Like many of his predecessors, President Bola Tinubu has made frequent international travels a key feature of his administration. In a short period, he has traveled to countries like Saudi Arabia, Guinea-Bissau, and Germany, claiming these trips aim to attract foreign direct investment (FDI). This rationale, however, is not new. Previous administrations in Nigeria’s Fourth Republic also justified their frequent trips abroad with the same goal but ended up with a consistent decline in investment inflows. Now, with the national treasury in crisis, Tinubu needs to realize that making Nigeria safe for its citizens and creating a conducive business environment will attract more investment than constant globe-trotting.

In his first six months in office, Tinubu has visited 10 countries, including multiple trips to France and Guinea-Bissau, along with visits to the United Kingdom, Kenya, Benin Republic, and India. His trip to the United Nations General Assembly in New York in September drew criticism due to the large size of his entourage. During his recent trip to Berlin, Germany, he stated that his participation in the G20 Compact with Africa Conference was part of his efforts to boost FDI into Nigeria.

However, history shows that such efforts are often in vain. Former presidents Olusegun Obasanjo, Goodluck Jonathan, and Muhammadu Buhari also embarked on numerous foreign trips, yet the desired increase in FDI failed to materialize. On the contrary, Nigeria’s FDI has been on a steady decline. From a peak of $8.84 billion in 2011, FDI plummeted to $3.45 billion by 2016 (0.85% of GDP), and further down to $2.3 billion in 2020 and $3.31 billion in 2021, according to World Bank data. In 2022, Nigeria saw a negative FDI inflow of -$0.19 billion.

The lesson for Tinubu is clear: rebuilding the fundamentals of Nigeria’s economy and governance is far more critical than frequent international trips. When a leader’s “house is on fire,” the focus should be on resolving domestic challenges. Tinubu should delegate international duties to senior officials like the Vice-President or the Minister of Foreign Affairs, while he concentrates on solving Nigeria’s pressing internal issues.

One major obstacle to attracting FDI is Nigeria’s insecurity problem. Terrorism, banditry, kidnapping, separatist agitations, and militancy continue to make the country unsafe for both its citizens and foreign investments. Just before Tinubu’s trip to Germany, terrorists attacked the motorcade of Yobe State Governor, Mala Buni, resulting in the deaths of two security personnel. In Adamawa State, soldiers invaded the police headquarters in Yola, killing a police inspector. These incidents, combined with travel warnings from Western governments advising their citizens to avoid parts of Nigeria, severely hinder foreign investment and tourism.

Additionally, the economy is grappling with high inflation, inadequate infrastructure, foreign exchange liquidity issues, significant debt, poor electricity output, weak rule of law, and a difficult business environment. Nigeria ranks poorly on international governance indices. The World Governance Index places the country in the same category as Lebanon, Syria, and Yemen, with low scores for rule of law, corruption, and political rights. In the 2023 Rule of Law Index by the World Justice Project, Nigeria ranks 120th out of 142 countries.

Tinubu’s immediate priority should be fixing these domestic challenges. He must focus on restructuring the country, with particular attention to devolution of policing powers, empowering the states, and pursuing privatisation. It is true that international trips by a president can sometimes yield positive outcomes, but these trips should be strategic, well-planned, and focused on specific goals. Reckless and frequent international travel, without addressing critical issues at home, is wasteful.

Tinubu can point to successes like securing a $500 million gas investment pledge during his trip to Germany, but these isolated wins won’t solve the bigger picture. To truly attract investment, he must focus on revitalising the power sector and implementing radical liberalisation and privatisation programs. Opening up sectors like railways, ports, airports, steel, cattle ranching, mining, and petroleum downstream for both domestic and foreign investment will have a far greater impact on Nigeria’s economic growth than frequent foreign trips.

In conclusion, Tinubu must recognize that the key to attracting foreign investment lies not in constant travel but in creating a stable, secure, and business-friendly environment at home. By focusing on domestic reforms and ensuring Nigeria is an attractive place for both local and international investors, he will achieve far more than through globe-trotting.