INSECURITY DEPRIVING NIGERIA OF INVESTORS, SAYS LAGOS CHAMBER OF COMMERCE

Policy somersault, insecurity driving away investors, says LCCI

LCCI

The Lagos Chamber of Commerce and Industry has said policy inconsistencies and rising insecurity in Nigeria are two of the major factors driving away investors.

The PUNCH had reported on Wednesday that the Nigerian Investment Promotion Commission revealed that foreign and local investors pledged to invest a total of $203.9bn in the Nigerian economy between January 2017 and December 2020, but only $7.8bn or 3.8 per cent of total commitment was fulfilled.

The Director-General, LCCI, Dr Chinyere Almona, in an emailed response to questions from our correspondent, noted that investment announcements were indications of interest to do business or invest in the country.

According to her, a process for announcements to translate into real investments is still required.

“Some investors make pledges or applications to establish businesses or invest in Nigeria and later renege on their applications for reasons that may not be far from policy somersault, worsening insecurity between the time of announcement and real investment, and the cumbersome registration and regulatory procedures,” Almona said.

She advised that the federal and state governments take urgent steps at addressing the issues that had made the Nigerian economy too risky for investors to have confidence in.

She said, “The insecurity situation, rising inflation, unfriendly regulatory environment, worsening corruption perception, and weak infrastructural base are critical factors turning investors away from Nigeria.