Stakeholders advocate improved FDI, seek removal of trade barriers

Stakeholders have committed to shoring up Nigeria’s Foreign Direct Investment (FDI), improving regional and international trade, and removing all trade and investment barriers.

This came up, yesterday, at the Lagos Chamber of Commerce and Industry’s (LCCI) International Business Conference and Expo, held in partnership with Ministry of Foreign Affairs and the Federal Ministry of Industry, Trade and Investment. The theme was: ‘Invest Nigeria’.

LCCI president, Dr Michael Olawale-Cole, said more than ever, new investment opportunities must be identified and harnessed, while regulatory agencies, policymakers, governments, and stakeholders must unite to remove obstacles that hinder investment.

He said if investment must come into the country, macroeconomic stability is crucial. “Investors must have confidence in the long-term stability of this economy before they can invest in it. They must know their investment won’t be lost due to inflation, excessive hike in interest rates, and sudden policy changes,” he said.

Chairman of the conference, Dr John Agboola Odeyemi, urged stakeholders to work as a team to examine investment opportunities in the country, identify obstacles, and reach agreement on policies needed to remove them.

Enugu State governor, Peter Mbah, on his part, regretted the periodic sit-at-home on Mondays, saying this has adversely affected the state’s economy and deprived it of millions of naira.

China’s ambassador to Nigeria, Cui Jianchun, revealed that the country is home to many Chinese businesses and they intend to invest more in coming years. Expressing hope that Lagos becomes the number one city in the world for investment, he added that all hands must be on deck to achieve the feat.

Also, Indonesian Ambassador to Nigeria, Usra Hendra Harahap, praised the diplomatic and business relationship between both countries, saying it would be strengthened in years to come. He noted that trade volume is not yet what it should be and urged Nigerian manufacturers and businesses to export more items to Indonesia.