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Insecurity demarketing Nigeria — Chamber of Commerce

By Joseph Chibueze, Abuja
10 April 2022   |   4:03 am
The Director-General of Abuja Chamber of Commerce and Industry (ACCI), Mrs. Victoria Akai, has lamented that insecurity has made it difficult to market Nigeria to investors.

Victoria Akai

The Director-General of Abuja Chamber of Commerce and Industry (ACCI), Mrs. Victoria Akai, has lamented that insecurity has made it difficult to market Nigeria to investors.

Speaking, yesterday, Akai said no sane investor, be it local or foreign, would bring his/her money to invest in the country.

“Right now, it is hard for you to sell Nigeria as a country to any foreign investor, even local investors. There are locations in Nigeria that people cannot take their money to, for now.”

Meanwhile, the National Bureau of Statistics in its latest Nigerian Capital Importation Report, recently, disclosed that the value of capital importation into Nigeria fell by 30.78 per cent to $6.7b in 2021 from $9.68b in 2020, as 24 states of the federation failed to attract foreign investors.

According to the report, the 24 states include Adamawa, Bauchi, Bayelsa, Benue, Borno, Cross River, Ebonyi, Edo, Enugu, Gombe, Imo, Jigawa, Kaduna, Katsina, Kebbi, Kogi, Nasarawa, Niger, Ondo, Plateau, Sokoto, Taraba, Yobe and Zamfara.

Akai said there could not be sustainable business activities in a state of insecurity.

“As a Chamber, we are members of the Police Public Relations Committee. We are lending our voices. We are urging security agencies to improve security situation in Nigeria,” she said.

She said ACCI was seeking an end to insecurity, as that had become a major draw back in the ease of doing business in Nigeria.

Akai said: “In successful economies, it is the private sector that controls the government. But in Nigeria, it is government that does business. You cannot survive like that. We have to build industries.

“Once the industries are working and we make money, it will be easy to pay debts or at least, be able to manage it like the big economies in the world. We need to get down to the basics. We need to build industries in Nigeria.”

She said it is true that Nigeria is basically thriving by small and medium enterprises, “the business that will solve our unemployment problem is the large-scale industries. ‘’

“They are the ones that can employ thousands. We have to look at how to bring in investors, whether local or foreign investors, to develop the industrial sector.”