Dele Oye Condemns FG’s Foreign Investment Trips As Wasteful, Demands Strategic Economic Reforms

Dele Oye Condemns FG’s Foreign Investment Trips as Wasteful, Demands Strategic Economic Reforms Chairman of the Alliance for Economic Research and Ethics AERE, Dele Oye, has criticised the Federal Government’s frequent foreign investment and diplomatic trips, describing them as costly, ineffective, and lacking measurable economic returns despite consuming significant public funds.In a policy paper titled “The Cultural Key: Why Nigerian Businesses and Government Delegations Fail Abroad – and How to Master Cross-Cultural Commerce,” Oye argued that successive Nigerian delegations often embark on overseas investment missions with high expectations but return with little to show beyond ceremonial photographs, Memoranda of Understanding MoUs , and diplomatic engagements that rarely translate into real investments or sustainable partnerships. According to him, many investment roadshows have consumed hundreds of millions of naira without delivering tangible economic benefits, describing the recurring pattern as “predictable and wasteful.” He maintained that Nigeria’s approach to international investment promotion has consistently failed to produce measurable outcomes capable of boosting economic growth, job creation, or foreign direct investment. Oye also identified poor understanding of international business culture as a major factor undermining Nigeria’s global economic engagements. He noted that countries such as Japan, Germany, China, Türkiye, Canada, and the United States operate under distinct business cultures that require careful preparation, patience, and cultural awareness during negotiations. He warned that treating the global marketplace as culturally uniform has resulted in lost investment opportunities, failed partnerships, wasted public resources, and reputational damage for Nigeria. To address these shortcomings, Oye called for mandatory cross-cultural training for government officials participating in overseas missions, stronger collaboration with the Nigerian diaspora, stricter monitoring of MoUs signed during foreign trips, and the establishment of dedicated cultural advisory units within government institutions to improve negotiation outcomes and enhance Nigeria’s international credibility.He stressed that future foreign investment missions should be evaluated based on clear economic outcomes rather than ceremonial engagements, arguing that greater accountability and strategic planning are essential to ensuring that public resources devoted to international trips generate tangible benefits for the Nigerian economy.