Today’s headline, rolled out slavishly by our mainstream media is plain fake news – There will be no $30bn Japanese investment in Nigeria.
It is these misleading stories that deceive Nigerians.
The Japanese have no more plan to invest $30bn in Nigeria than I do to strip naked, paint myself blue and run down Lagos, Marina shouting “I love Ghanaian jollof rice”.
The details of the story show a classic move of diplomacy by a state that has been bankrupt for decades but wants to try and gain relevance.
Japan has deep domestic structural economy issues that have plagues it for decades.
This, coupled with the deeply conservative nature of Japanese business men means they will not come anywhere near Nigeria.
The story actually indicates that they are looking to invest in Africa in general.
In the details it appears clear that the Japanese are “saving face” on a commitment made at a conference in 2016.
It all sounds like a poor attempt to match the neo-colonialism of their old enemies, the Chinese.
The best that will happen is that they will buy out one of our Insurance companies therefore, securing for themselves one of the bright stars in the otherwise dull sky of Nigerian business.
This will bring little or no benefit to the country at large.
So, beware fake news.