‘Poor perception about business climate limiting investment inflows’ - Punch
By Ifeanyi Onuba, Abuja
The poor perception of foreign investors about the Nigerian business climate is one of the major reasons for the huge decline in investment inflows into the country, the Managing Director of an investment promotion firm, Footprints for Africa, Mr. Osita Oparaugo, has said.
Oparaugo, whose firm is currently partnership with five African countries including Nigeria on investment drive, stated this on Wednesday in Abuja in an interview with journalists.
He explained that while there were huge investment opportunities in the country, the harsh operating environment was limiting the interests of investors in key sectors of the economy.
The Nigerian economy recorded its worst investment inflow in 10 years as the country attracted a total investment of $5.12bn in the 2016 fiscal period.
The $5.12bn investment figure when compared to the $9.64bn, which the economy attracted in 2015, represents a decline of $4.52bn or 46.86 per cent.
Oparaugo urged the Presidential Enabling Business Environment Council to commence the process of identifying and reducing the bureaucratic processes and regulations impeding the private sector.
PEBEC was set up by the Federal Government in October last year to improve Nigeria’s ranking in the ease of doing business index and is being chaired by the Acting President Yemi Osinbajo.
Oparaugo said as part of efforts to correct the poor perception of foreign investors, a Memorandum of Understanding had been signed between the company and the Nigerian Investment Promotion Commission.
The MoU, according to him, will enable the company to showcase the huge investment opportunities in the non-oil sectors of the Nigerian economy.