WEF 2026: Lingering Investment Draught and ‘Nigeria House’ in Davos, Switzerland

By Marcel Okeke
The Federal Government has announced the establishment of ‘Nigeria
House’ in Davos during the 56 th Annual Meeting of the World
Economic Forum (WEF) 2026, scheduled to take place from 19 th -23 rd
January 2026 in Davos, Switzerland. A report says the initiative
represents a strategic national platform to project Nigeria’s economic
reforms, investment readiness, institutional strength, and cultural
identity on the global stage; a novelty in marketing Nigeria.
According to the report, Nigeria House Davos is the result of a Public-
Private Partnership (PPP) framework involving relevant Ministries,
including the Federal Ministry of Industry, Trade and Investment,
Finance and Foreign Affairs, and the private sector. The Nigeria House
Davos is expected to serve “as a sovereign convening platform for
ministerial engagements, high-level roundtables, policy dialogues,
investment meetings, cultural diplomacy, and strategic bilateral
discussions,” among others.
These are really lofty objectives; no doubt, but a Nigeria House in
Davos, Switzerland, looks rather inauspicious and extravagant at this
time that Nigeria is grappling with a plethora of issues of more critical
importance. By every consideration, not having a Nigeria House in
Davos does not, and cannot diminish the country’s participation at this
year’s World Economic Forum (WEF) in Switzerland.
Beyond having a Nigeria House, it is the class and quality of Nigeria’s
delegation to the WEF that is most likely to attract clout, prestige and
interest to the country. After all, WEF is primarily a ‘talk-shop’
normally focusing on promoting global cooperation and dialogue.
Addressing pressing global issues like economic inequality, climate

change, and sustainable development are usually on WEF front burner.
Fostering international trade and investment, encouraging innovation
and entrepreneurship, and improving global governance are also some
of the objectives of the WEF.
Over the years, top government officials and private sector leaders from
Nigeria have participated actively in the WEF; making the necessary
impact, and attaining the desired objectives. Deploying public funds,
whether through PPP or otherwise, to set up a Nigeria House in Davos
at this time is unwarranted and unnecessary. Erecting the Nigeria House
in Davos in whatever form or guise is an avoidable waste in pursuit of
highly elusive foreign direct investments (FDIs).
In the past three years or so, there has been so much showmanship by
Nigeria and government officials at every foreign forum purportedly to
attract FDIs. Nigeria has indeed become notorious for having one of the
largest delegations at regional or global summits such as UN General
Assembly (UNGA), China-Africa Dialogue, G-20, BRICS’ confabs,
etc. Unfortunately, almost at all times, the Nigerian delegation returns,
flaunting a long list of business and investment deals purportedly sealed
during such outing.
For example, barely three months after his inauguration on May 29,
2023, President Bola Ahmed Tinubu, with almost his entire cabinet,
was in New Delhi, India, early September 2023, as a guest of Indian
Prime Minister, Narendra Modi during the G-20 Leaders’ Summit.
During this visit, a whooping sum of US$14 billion in new investment
deals and pledges were said to have been made at Nigeria-India
Economic Roundtable.
On this occasion, practically all known businesses in India were named
as having committed to investing a certain amount in Nigeria. A
statement issued by Ajuri Ngelale (then) Special Adviser to President
Tinubu on Media and Publicity said “President Tinubu met individually
with each of the top pledging investors to finalize on the next steps to

ensure that no environmental encumbrance stands in the way of their
success in Nigeria.”
President Tinubu has made similar visits to a number of countries
including France, Brazil, Saint Lucia, among others, in search of
foreign direct investment inflow into Nigeria. Few weeks after his
inauguration, in June 2023, President Tinubu attended the Paris Summit
for Global Financial Pact, focusing on restoring fiscal space for
vulnerable countries and mobilizing innovative financing for climate
change. Some investment deals were reportedly sealed in the visit.
President Tinubu visited Brazil between August 24 and 25, 2025,
during which time several Memorandum of Understanding (MoUs) that
could “unlock about US$30 billion investment” were signed. These
were in the areas of agriculture and food security, aviation, energy and
technology, and trade and investment.
With what has turned President Tinubu a globe-trotter in search of FDIs
for upwards of three years, what has Nigeria to show for it? What
fraction of the billions of dollars of investment deals or pledges in the
course of these visits has actually materialized? Very little! The
“environmental encumbrances” and policy upshots in Nigeria in the
past three years have rather caused the exit of many long-established
businesses. Most of them were very well-known blue-chips.
In today’s ‘global village,’ does Nigeria really need to build ‘Nigeria
House’ in Davos to market the country during the WEF 2026? And at
what cost? Is the whole world not aware that President Trump of the
U.S. has declared Nigeria a Country of Particular Concern (CPC)? Has
the whole world not heard that there were U.S. military airstrikes in
parts of the country during the Christmas? With likelihood of more?
Is the whole world not aware of the existential threat posed by the
activities of thousands of dreaded terrorists, bandits, kidnappers, ritual
killers, brigands and human traffickers marauding the entire country?

Insecurity in Nigeria is no longer a social ill that can be papered over;
security of life and property is fundamental in the attraction of FDI.
And all countries of the world are in competition for investments, both
foreign and local.
This accounts for why, in spite of Nigeria’s jamborees and roadshows
in several cities of the world in search of FDIs in recent times, not
much has happened. Instead, with Nigeria’s kind of reforms and
policies, only some foreign portfolio investors (FPIs) are being
attracted. And this is why over 90 per cent of capital importation into
Nigeria in 2025 is FPI; and less than five percent is the much-needed
FDI.
In the face of this lingering FDI draught, therefore, it smacks of
desperation for Nigeria to want to turn 2026 WEF in Davos,
Switzerland, into another jamboree, and avenue to squander public
funds erecting a ‘Nigeria House.’ Really, the world already knows
Nigeria. Let WEF serve its normal purpose!
 The author, Okeke, a practicing Economist, Business Strategist,
Sustainability expert and ex-Chief Economist of Zenith Bank Plc, lives in
Lekki, Lagos. He can be reached via: obioraokeke2000@yahoo.com
(08033075697) SMS only