When the 9th Tokyo International Conference on African Development (TICAD9) opened in Japan on Wednesday, delegations from across the continent quickly filled their national booths, eager to court investors and showcase opportunities.
But Nigeria, Africa’s largest economy, was conspicuously absent from the opening parade of pitches.
EDITOR’S PICKS
For an entire day, the country’s stand at the summit stood empty, drawing the ire of Nigerians online and sparking criticism that the government had failed to represent national interests at a high-profile gathering where image and first impressions matter.
The Ministry of Foreign Affairs later issued a clarification, explaining that the booth would only be “formally inaugurated” on Thursday, a day before the summit ends. That explanation did little to placate critics. For many, the symbolism was glaring: Nigeria had literally left its investment window unattended at a moment when its economy is in dire need of foreign capital.
Presidency Pushes Back
The controversy soon drew a lengthy rebuttal from the presidency. Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, dismissed the social media uproar as “sensational” and insisted the country was “fully and well represented” at TICAD9.
According to Onanuga, Nigeria’s delegation was not in Japan to run a trade expo booth but to secure “tangible outcomes” through bilateral meetings and investment forums. He pointed to scheduled talks between President Tinubu and executives of Toyota, CFAO, UN-Habitat, UNDP, and the International Finance Corporation.
The Minister of Power, Adebayo Adelabu, was also listed as leading negotiations on several Japanese-funded projects, including the Lagos-Ogun Power Transmission System Improvement and a $190 million renewable energy programme. The Bank of Industry, Onanuga added, was holding discussions with multilateral lenders on global fund syndication.
These engagements, the presidency argued, represented Nigeria’s true priorities, beyond optics. Yet the optics may matter more than officials admit. At a global investment summit, where visibility and perception influence confidence, an unattended booth reinforced questions about Nigeria’s seriousness.
A Troubling Context: Declining Investment
The timing of the incident could hardly be worse. Just less than two months before TICAD9, the Central Bank of Nigeria (CBN) released its Balance of Payments report for Q1 2025, revealing a sharp decline in foreign capital inflows.
Foreign Direct Investment (FDI) fell 19.35 percent quarter-on-quarter, sliding from $310 million in Q4 2024 to $250 million. More troubling, portfolio investment — the short-term, market-sensitive money that often signals investor sentiment — recorded a staggering net divestment of $5.03 billion. Rather than new money flowing in, existing investors were pulling out at an unprecedented scale.
Other liabilities, including loans and trade credits, also swung into negative territory, while Nigerian investors themselves moved nearly half a billion dollars abroad in portfolio assets. The result was a $2.37 billion drop in the nation’s external reserves in just three months, shrinking buffers needed to stabilise the naira and reassure markets.
Similarly, in July, the National Bureau of Statistics (NBS) released its Q1 2025 capital importation report which revealed that only 31 states in Nigeria attracted foreign investments in the entirety of 2024.
In short, investor confidence in Nigeria is declining fast.
Symbolism and Substance
Against this backdrop, an empty booth in Tokyo becomes more than a public relations gaffe. It symbolises the very perception Nigeria is struggling to shake: that of a country unable to present a coherent case for investment at a time of mounting economic strain.
Diplomatic niceties aside, trade fairs and investment expos thrive on visibility. Countries that turn up prepared often reap reputational dividends that complement the closed-door deals. By leaving its space vacant, even temporarily, Nigeria projected hesitation at precisely the wrong moment.
The presidency may be right that substantive engagements are taking place behind the scenes. But perception and substance are not mutually exclusive. A fully occupied booth could have complemented high-level talks, reinforcing a message of readiness and seriousness to investors browsing the exhibition floor.
The Cost of Mixed Signals
Nigeria is not alone in grappling with declining inflows. Global risk aversion and rising interest rates in advanced economies have redirected capital toward safer havens. Yet peers on the continent have managed to cushion the blow by doubling down on investor outreach and branding themselves as reform-driven destinations.
For Africa’s largest market, mixed signals only deepen investor unease. Policymakers in Abuja cannot afford the optics of absence while pleading for inflows at home. As one analyst noted, “Capital does not just follow opportunity; it follows confidence.”
FURTHER READING
TICAD9 was meant to be a platform to reassure Japan and other partners of Nigeria’s commitment to reform and growth. Instead, an unattended booth handed critics fresh ammunition and highlighted a broader reality: unless Nigeria aligns its presentation with its promises, the struggle to attract foreign investment will only intensify.
Philip Ibitoye is a Special Correspondent with EKO HOT BLOG. Click here to find daily analysis and critical insight on trending issues in Lagos and other parts of Nigeria.
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