The federal government has announced the establishment of ‘Nigeria House’ in Davos during the 56th Annual Meeting of the World Economic Forum (WEF) 2026, scheduled to take place from 19th-23rd 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 the 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 the 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 outings.
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 $14 billion in new investment deals and pledges were said to have been made at the 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. A 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 during the visit.
President Tinubu visited Brazil between August 24 and 25, 2025, during which time several Memorandum of Understanding (MoUs) that could “unlock about $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 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 percent 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!
Marcel Okeke, a practising economist and consultant in Business Strategy & Sustainability based in Lagos, is a former Chief Economist at Zenith Bank Plc. He can be reached at: obioraokeke2000@yahoo.com; +2348033075697
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