Why investors shun Nigeria, by German envoy
The Ambassador of the Federal Republic of Germany to Nigeria, Mrs. Birgitt Ory, has alerted Nigerians to the fact that without political accountability, reliable and transparent institutions, economic development will continue to elude the country.
According to her, if institutions in Nigeria are strong and reliable, businesses will be more likely to invest in the country, thereby leading to the growth of the economy.
Ory spoke at a forum for capacity building for special advisers and technical assistants to ministers of the Federal Republic of Nigeria organised by Konrad-Adenauer-Foundation, in collaboration with Ministry of Finance, Budget and National Planning, in Abuja.
According to Ory, if there is one thing that private sector investors do not like, it is uncertainty.
“Uncertainty about investment conditions, legal system or political stability will deter investment. In contrast, strong and reliable institutions contribute to stability, reliable framework conditions and enable business.
“Strong institutions don’t only need to be efficient, they also need to be inclusive. The link between good governance and diversity is a very important one in our time. In the 21st century, diversity is a fact of life. In the age of globalisation and information technology, geographical, cultural and linguistic borders that used to separate people have become less relevant.
“Our task as 21st century citizens is to embrace diversity and to turn it into a source of energy for progress. Diversity is – and should be – a source of strength, not a source of division. This is our experience in the European Union. And this is a very important aspect of good governance in our modern age.”
Minister of Finance, Budget, and National Planning, Dr. Zainab Ahmed, stated that a resilient and thriving Nigeria required that a whole-of-government approach be employed.
“It requires that we work collaboratively across the federal and state governments, and hand in hand with citizens, civil society organisations (CSOs) and the private sector. To be effective, particularly in this post-COVID-19 era, we must all be even more focused on delivering people-centered, cost-effective, and innovative results, and on ensuring that our work is institutionalized.
“Irrespective of your ministerial mandate and specific role/function, you are all here to improve the lives of the Nigerian people. We must never lose sight of the fact that our work is first and foremost about people, and that so much depends on what we achieve during our time in government.
Each of you is a potential change agent embedded in the Federal Government system. Asmongst you are future ministers, governors, and presidents. As such, I encourage you to reflect on the type of work and legacy you want to leave behind.”
Resident representative of KAS, Dr. Vladimir Kreck stated: “Good governance translates everywhere in the world into respect for the rule of law, transparency, accountability, efficiency and equity.
“Good governance also translates, when internalized and applied by government actors, into societal cohesion and economic development for the good of the people.”
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