Breaking News
Translate

Why investors will continue to shy away from Nigeria

By Emeka Mamah
An American Professor, Thomas Andrew O’Keefe, has given reasons why foreign investors are not in a hurry to invest in Nigeria.

O’Keefe said that unless there is constant and uninterrupted power supply, as well as good roads, foreign investors will not come into the country.

He spoke in Kaduna during a one-day interactive meeting put in place by the American Chamber of Commerce in conjunction with the state chapter of the association “on the benefits of exporting Nigeria’s agricultural produce to the United States of America” weekend.

O’Keefe also said that apart from the major problems, there were a lot of bureaucratic bottlenecks which scare foreign investors from the country.

According to him, the cost of doing business in the country was higher than some countries like Burundi, Angola, Ghana and South Africa among other African countries.

The Professor stressed that the current situation in the country coupled with political instability made it very uneconomical for foreign investors, pointing out further that it would be problematic for Nigeria to benefit from the African Growth Opportunities Act (AGOA), established about 10 years ago due to lack of necessary infrastructure.

He, however, regretted the poor state of infrastructure despite the abundance of human and natural resources in the country saying that this was why investors come into the country to tap resources from oil and gas without going into other areas which form about 99.9 percent of the entire economy.

Chairman of the Chambers, Dr. Musa Bawa however, said that hope was not lost for businesses to grow in the country and urged foreign investors to invest in ginger which he said was in abundance in Kaduna state.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.