Reviving Nigeria’s former glory as a top investment destination requires courage, brains, and a bold vision.
President Bola Tinubu exemplifies this bold approach by taking the unconventional step of personally leading the country’s investment drive as “Chief Marketing Officer”.
Breaking with tradition, Tinubu is taking charge and travelling the world to attract investors with Nigeria’s greatest asset: its vibrant and dynamic youth population.
With a staggering 70% of the country’s 200 million citizens under the age of 30, the President is betting big on the potential of this youthful demographic to propel Nigeria into the league of economic giants.
And he’s leaving no stone unturned in his quest to sell this vision to the world.
The President demonstrated his marketing prowess at the G20 Compact with Africa Economic Conference in Berlin, Germany, on November 20, 2023.
He highlighted Nigeria’s youthful population and well-educated citizens as perfect incentives for investors to replicate China’s economic success.
“We’re eager and ready to partner with you,” the President told investors. “We have the youngest, largest, and most vibrant youth population in Africa.” He also emphasized Nigeria’s consolidated democracy, with several consecutive handovers of power, ensuring stability and predictability in the country’s socio-political development. This, he said, provides a conducive atmosphere for business operations and investment.
‘A Sharp Contrast’
President Tinubu’s choice of words in describing and discussing Nigeria and its youths has sharply contrasted with those of the former President, Muhammadu Buhari, who is known for de-marketing the country at various international engagements.
In one of his infamous outings, the former head of state described Nigerian youths as lazy, uneducated, and notorious for always seeking free things. “More than 60 percent of the population is below 30”, the former President quipped. “A lot of them haven’t been to school, and they are claiming that Nigeria is an oil-producing country; therefore, they should sit and do nothing and get housing, healthcare, and education free.
This remark drew criticism from Nigerian youths, who took to social media to express their anger and correct the former President’s claims.
‘Beyond Berlin’
When President Tinubu told investors in Berlin, Germany, about the prospect of investing in Nigeria, citing the country’s energetic, youthful population, critics believed it would be a one-off. But the President’s consistent marketing of Nigeria across different fora has jolted critics and cynics alike. In his latest international engagement with the Netherlands and the Kingdom of Saudi Arabia, the President assured investors of Nigeria’s readiness to do business with them.
“We have an extremely dynamic youth population in Nigeria,” the President said in his meeting with Prime Minister Mark Rutte of the Netherlands, “It is a young country. 70% of our country is under the age of 30. We are referring to 200 million plus citizens; it represents both a massive workforce and a massive market for Dutch and other international investors”. Also, in the Kingdom of Saudi Arabia, the President noted that he is proud of Nigeria’s youths.
While speaking on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia, on Sunday, the President told Mr. Bill Gates, Microsoft founder, and philanthropist, that his administration will look at some of the propositions made by the tech mogul and work further on it. He asserted, “I am proud of Nigeria’s youths. They are very excited and creative with technology. They encourage us as we continue to press our reform efforts toward their future prosperity.
“This is Nigeria’s time to become what it ought to be,” the President declared.
The task ahead
As President Tinubu’s marketing efforts continue to bear fruit, attracting investors from far and wide, the administration must now focus on the next crucial step: creating an environment that not only welcomes but also retains and nurtures these investments. It’s not just about enticing businesses to come to Nigeria; it’s about ensuring they stay, grow, and thrive
By providing a supportive ecosystem, fostering partnerships, and delivering on promises, the Tinubu administration can turn Nigeria into a hub that investors proudly call home.
Only then can the Tinubu administration truly unlock the country’s vast potential and create a virtuous cycle of growth, where investors become ambassadors, inviting others to join the Nigeria success story.
