‘Why foreign investors shun Nigeria’ - The Nation
By: Nduka Chiejinaon
Foreign investors are wary of doing business in Nigeria because the country is perceived as not investor friendly.
Speaking with reporters yesterday in Abuja, a foreign investment broker and Managing Director/ Chief Executive Officer of Footprint to Africa, Osita Oparaugo, said investors are put off by how difficult it is to do business in the country and the painful fact that both private and public entities in the country have no scruples discarding an agreement reached with foreign investors if they discover that the initial agreement was not in their favour.
To address this problem, Oparaugo commended the administration for initiating the Presidential Council on Ease of Doing Business which he described as as “good.”
Oparaugo warned: “We must learn to stick to terms of Memoranda of Understandings (MoUs); institutionalise continuity in government policies, projects and programmes even when there is a different party or government in power.”