LCCI bemoans Nigeria’s low FDI, reiterates ease of doing business

Director-General, Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, has urged the newly-appointed minister of Industry, Trade and Investments, Dr Jumoke Oduwole to improve the business and operating environment for manufacturers and MSMEs before looking to attract Foreign Direct Investments (FDI).

Almona said to attract FDIs, there are fundamental factors to consider in any economy.

“Currently, Nigeria ranks low in most of these parameters, and this is why, despite the numerous foreign trips, our economy has not been able to attract any FDIs. Foreign investors are very knowledgeable about business environment conditions across the globe and this information directs their investment decisions.

“They want to see a growing economy, stable prices, macroeconomic policy stability and a business environment devoid of uncertainties around regulations, not given to controversies around regulators’ decisions that adversely affect businesses. We must deal with problems such as insecurity, policy inconsistency, poor power supply, repatriation of proceeds, and cumbersome trade procedures. We must also improve on protecting investors’ interest, the sanctity of contracts, transparency in government service delivery, and licensing procedures,” she stressed.

She added that the business community expects a lot from the new minister, considering that she has a good knowledge of the Nigerian business environment coming from the Buhari administration into the Tinubu era.

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“During her tenure at the Presidential Enabling Business Environment Council (PEBEC), she led the team that improved Nigeria’s position in the World Bank Ease of Doing Business Ranking. We see her as a thoroughbred professional having the requisite experience to excel in projecting the Nigerian economy to the world as a business-ready country serious about dealing with all the serious issues inhibiting investment inflows,” she said.

Speaking, President of the Association of Small Business Owners of Nigeria (ASBON), Femi Egbesola, hailed the appointment, saying she is well-versed in trade and investment.

Having headed PEBEC for many years and working with successive governments, Egbesola said she has first-hand information and experience about MSMEs, large businesses, manufacturers and all government agencies that work around the business ecosystem.

“She has been promoting ease of doing business, so now, it’s time to implement her many recommendations unhindered. We have a lot of expectations from her. She’s indeed a round peg in a round hole and we hope she breathes new life into the ministry and save Nigeria’s industries and businesses. She can change and promote reforms of anti-business policies and we foresee the resuscitation of businesses, more investments coming into the country, true improvement in ease of doing business, more collaboration with critical stakeholders in the business space, more economic development, more business growth and so on during her tenure,” he said.