Nigeria worried over relocation of firms to other African nations

Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, yesterday, expressed concern over the relocation of registered companies in Nigeria to other African nations.

He disclosed this when he appeared before the House of Representatives Public Accounts Committee (PAC), saying his ministry is doing everything possible to stop the trend.

Adebayo, who led other agencies under the ministry to appear before the committee, was responding to queries from the Auditor General of the Federation.

He said many of the countries, including Ghana, have increased their capital allowances to companies and have already taken away lots of investment from Nigeria. He added that what still keeps some companies on ground is Nigeria’s population.

Adebayo said government is looking for ways of increase the level of new investment in the country and sustain existing ones.

He said: “Our duty is to support investment growth in Nigeria. It is public knowledge that getting these investments are increasingly becoming difficult today.”

MEANWHILE, Minister of Science, Technology and Innovation, Dr. Ogbonnaya Onu, has stressed the need for African nations to add value to their abundant natural resources, to achieve wholesome socioeconomic development.

The minister said this when delegates from African Union Scientific Technical and Research Commission (AU-STRC), led by Prof. Mohammed Belhocine, paid him a courtesy visit in his office in Abuja.

Onu stressed the need for socioeconomic self-reliance, to reduce imports and produce goods and services needed by Africans.

The minister said the difference between developed and developing countries is in terms of investment in science, technology and innovation.

He advised Africans to develop their abundant natural resources and export them to other countries, adding that more focus on science, technology and innovation will help African countries create jobs and reduce poverty to the barest.

Onu promised the delegation that the ministry, through one of its agencies (National Space Research Development Agency), will partner with the commission to support the Pan-African university, based in Ibadan.

Earlier, Belhocine said the purpose of his visit was to seek collaboration and partnership with the ministry.