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Don’t allow foreign investors to dominate economy, researcher advises govt.

A researcher, Mrs Sade Taiwo, has advised  government at all levels not to allow  foreign investors to dominate the  economy.

Taiwo, a  researcher  in the Surveillance and Forecasting Department  of the Nigeria   Institute of Social and Economic Research(NISER) , Ibadan,  gave the  advice  on Tuesday at the monthly seminar series  of the institute.

Newsmen report that the topic of the lecture was  “The Role of Foreign Direct Investment in Government Policies in Nigeria.’’

Taiwo lamented that foreign investment inflows were lopsided in favour of portfolio investment,  leaving small holder investors less protected and unable to favourably compete with foreign investors.

She urged government to manage the risks associated with foreign direct investment, saying such investment was also critical to the nation’s economic development.

The researcher  noted that exchange rate stability, faster infrastructural development, security improvement, stricter law enforcement against corruption and low inflation rate would engender foreign direct investment inflows and ease the business environment for local investors.

Taiwo  urged the Central Bank to collapse the various foreign exchange markets with a guided market sensitive single exchange rate  while foreign direct investment policies should be applied from a multi-sectoral perspective.

Earlier, the Director General of  NISER, Dr Folarin Gbadebo-Smith, had noted that the nation’s foreign direct investment policy remained a key  component of  its  economic policies.

Contributing to the discourse, Dr Babatunde Adeoye of the Department of Economics, University of  Lagos, said the country’s  exit  out of recession and economic progress were  fast tracked by implementing the right foreign direct investment policy.

NAN

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