Tinubu Support Groups Hail FDI Inflow, Rebuff Obasanjo’s Criticism On Lagos-Calabar Coastal Road

Two prominent pro-Tinubu groups, the Tinubu Media Volunteers (TMV) and the Tinubu Media Support Group (TMSG), have issued statements in response to recent economic developments in Nigeria as well as criticisms levelled by former President Olusegun Obasanjo.

TMV applauded the Nigerian National Petroleum Company Ltd’s (NNPCL) announcement of a $17 billion inflow of Foreign Direct Investment (FDI) in the oil and gas sector for 2024.

The group, in a statement signed by Chairman Chukwudi Enekwechi and Secretary Shedrach Sunday, attributed the significant investment to President Bola Tinubu’s regulatory reforms and the implementation of the Petroleum Industry Act (PIA).

They predicted that this FDI would boost oil production, increase government revenue, create jobs, and ultimately strengthen Nigeria’s position as a desirable investment destination.

TMV identified improved security in the oil and gas sector and ease of fund repatriation as key factors in attracting foreign investment.

The group confidently stated that the influx of capital would result in technology transfer and a significant increase in local content.

Separately, TMSG strongly refuted Obasanjo’s criticism of the Lagos-Calabar Coastal Highway project, which he described as “wasteful” in his recent book “Nigeria: Past and Future.”

In a statement signed by Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG drew parallels between the current project and the Lagos-Ibadan Motorway, which was built under Obasanjo’s military regime.

They contended that if the previous project was not deemed wasteful, the coastal highway, which is largely funded by the contractor under an EPC&F agreement, should not be either.

TMSG emphasised the highway’s potential to spur economic development in coastal communities and improve connectivity across nine states.

Furthermore, TMSG criticised Obasanjo for condemning the completed official residence of the Vice President, which was initiated during Obasanjo’s presidency.

The group dismissed Obasanjo’s broader criticism of previous Nigerian leaders as unproductive and self-serving, citing his own record, which included establishing a private university while public universities struggled for funding.

TMSG also highlighted Nigeria’s poverty rate under Obasanjo’s leadership, implying that his criticisms are hypocritical and lack credibility.

The group urged Obasanjo to focus on repairing his image and legacy rather than launching “unnecessary attacks” on sitting presidents.