President Bola Tinubu and Vice President Kashim Shettima embarked on 41 trips to 23 countries during their first 17 months in office, spending 180 days—roughly six months—on international engagements. An analysis indicates that Tinubu logged over 124 days abroad, traveling to 16 countries on 29 trips. His notable visits include Malabo (Equatorial Guinea), London (four times), Bissau (twice), Nairobi (Kenya), Porto Novo (Benin Republic), The Hague (Netherlands), Pretoria (South Africa), Accra (Ghana), New Delhi (India), Abu Dhabi and Dubai (UAE), New York (USA), Riyadh (twice), Berlin (Germany), Addis Ababa (Ethiopia), Dakar (Senegal), and Doha (Qatar).

In contrast, Shettima spent 56 days overseas, visiting 10 countries across 12 trips and accumulating over 93 flight hours. His travels included Rome (Italy), St. Petersburg (Russia), Johannesburg (South Africa), Havana (Cuba), Beijing (China), Iowa and New York (USA), Davos (Switzerland), Yamoussoukro (Ivory Coast, twice), Nairobi (Kenya), and Stockholm (Sweden).

Despite their extensive diplomatic efforts, data from the National Bureau of Statistics reveals that Nigeria attracted no foreign capital from 11 of the countries visited in the first half of 2024. Tinubu's engagements in Equatorial Guinea, Guinea-Bissau, Benin Republic, Ethiopia, Ghana, Senegal, and Qatar yielded no financial results, while Shettima’s outreach to Russia, Cuba, and Ivory Coast also failed to draw investment. Even Kenya, visited by both leaders, reported no foreign investment during this period, underscoring the challenges Nigeria faces in translating diplomatic activities into economic gains.

**$5.06 billion from 12 countries**

In contrast, 12 other nations contributed a total of $5.06 billion in the same timeframe, representing a substantial 201.7% increase from the $1.68 billion reported in the first half of 2023. The countries that Tinubu visited exclusively accounted for the majority of Nigeria’s investment inflows, contributing $4.16 billion. Among these, the UK made the most significant impact, with investments soaring by 263.5%, from $805.13 million in H1 2023 to $2.93 billion in H1 2024.

Shettima’s trips to Russia, China, Italy, Cuba, Ivory Coast, Sweden, and Switzerland generated a modest $56.09 million. Notably, China contributed $35.64 million in H1 2024, a substantial increase from just $0.25 million the previous year. Switzerland's inflow rose from $0.01 million to $19.35 million, while Italy saw a small inflow of $0.04 million for the first time.

Visits to Kenya, South Africa, and the USA by both leaders yielded $1.25 billion in capital inflows. South Africa's contribution surged by 267.5%, from $228.09 million in H1 2023 to $838.32 million in H1 2024, while Kenya recorded no inflows. Conversely, investments from the United States fell by 53.5%, from $367.28 million to $170.86 million. The Netherlands emerged as a top contributor, with inflows rising 901.7%, from $65.88 million to $659.91 million. Other countries that experienced growth include Saudi Arabia, with investments increasing from $0.03 million to $147.07 million, and Germany, which saw inflows grow from $0.81 million to $19.12 million. The UAE maintained steady inflows, rising slightly from $209.41 million to $245.19 million.

**N44.88 million on visas**

Additionally, recent reports from GovSpend, a platform tracking federal expenditures, indicate that the State House spent N44.88 million on visas for officials, including aides to both leaders, in March 2024. This included payments of N13.01 million on March 7 for long-term visas to the UK and France and N31.87 million on March 27 for staff visas.

Auwal Rafsanjani, Executive Director of the Civil Society Legislative Advocacy Centre, remarked that while foreign trips are part of governance, they must yield significant economic benefits for Nigeria. He emphasized the need for leaders to minimize unnecessary expenditures during such travels.

Peter Obi, the Labour Party's presidential candidate in the 2023 elections, criticized the timing of these trips, suggesting they were ill-timed given the domestic challenges facing Nigeria. He noted, "While both the President and Vice President are abroad, it's concerning for a country with myriad domestic problems."

Recent data showed that foreign direct investment (FDI) into Nigeria dropped to $29.83 million in Q2 2024, the lowest since 2013, marking a 65.33% decline from $86.03 million in the same period last year. Economists attribute this drop to naira devaluation and a volatile foreign exchange market. Despite President Tinubu's claims of securing $30 billion in FDI commitments, the reality of declining investment highlights the difficulties Nigeria faces in attracting long-term capital amid global economic challenges and domestic issues.

In Q2 2024, FDI constituted only 1.15% of total capital importation, which amounted to $2.60 billion, with foreign currency loans making up $2.55 billion, reflecting a preference for safer, short-term investments rather than long-term projects. This trend suggests that while immediate liquidity is provided, such loans do not offer the stability or growth potential associated with direct investments in infrastructure or physical assets.