Insecurity, government inaction threaten FDI inflow, say envoy, OPS

Afraid that Nigeria might not be able to attract the needed foreign investments for her economic development if she continues to pay lip service to socio-economic commitments, the Consul General of the United States, John Bray and the Organised Private Sector (OPS) have urged the Federal Government and relevant stakeholders to implement policies that could woo investors to the country.

According to them, no business could strive in an insecure environment, especially the one bedevilled by several socio-economic and political concerns.

Acknowledging the fears of the stakeholders, the service chiefs noted that the agricultural sector had lost no less than $3.5 billion to insurgency in the North-East, adding that the application of military solution alone cannot address the security concerns nationwide.

During the Security meets Business Dialogue session organised by the Lagos Chamber of Commerce and Industry (LCCI) yesterday in Lagos, Bray noted that investments would flow into every sector of the economy if there were serious actions from government.

His words: “To be persuaded to bring production facility and technology that will create employment in Nigeria, firms need to know that they can access raw material.

“They need to know that their products can move freely across Nigeria. They need to know that energy access is predictable. They need to know their employees are safe.”

According to the envoy, challenges of foreign exchange, access to energy, inadequate transport infrastructure, crime and corruption were serious concerns that could not be underestimated, adding that investment thrives in an open, secure, transparent and predictable environment.

Similarly, the chamber, Nigerian Army, Navy and other law regulatory agencies emphasised the need for the nation to address its security concerns in order to attract foreign direct investments (FDIs) and increase investors’ confidence in the economy.
LCCI president, Dr. Nike Akande, ‎said the security of life and property was imperative, urging the managers of the nation’s economy to prioritise developmental efforts geared at addressing the issue headlong.

The Chief of Defence Staff, General Abayomi Olonisakin, represented by Rear Admiral Jonathan Kesi Zimri Ango, observed that insecurity would always exist where illiteracy, poverty, unemployment and hopelessness prevail, stressing that these factors provide a fertile ground for thugs and vandals to eke a living illegally.