According to World Bank data, China enjoyed a rise in foreign direct investment (FDI) from US$30bln in 2000 to $150bln in 2008. Cheap labor and existing infrastructure were responsible for this boom in FDI. As Chinese workers are getting educated and demands for better working conditions are on the rise, corporations are relocating their manufacturing base to neighboring Nepal and Bangladesh. Many are trooping into Africa. Ghana in recent times has been a host to legion of foreign corporations seeking access to cheap labor, existing infrastructure, and security for business.
FDI lowers the rate of unemployment, boosts the economy, and produces a strong middle class – the lifeline of any functioning economy. As one of the least developed countries of the world, Nigeria can position itself to take advantage of these billions of dollars in FDI that is looking for a conducive environment to be invested. Hence President Jonathan should be proactive in tackling the power issue, the infrastructural deficits, and more importantly, the Boko Haram security concerns. He has a moral obligation to do so.
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