By Ezra Ukanwa, ABUJA
FOREIGN investors in Nigeria’s financial market, during the weekend, bemoaned the contradictory regulations coming from the Federal Government, FG, which they claim is discouraging foreign investors from making investments in Nigeria.
This is even as they pointed out that Nigeria is plagued by different rules and regulations by the apex financial regulatory authority, Central Bank of Nigeria, CBN, and the different arms of government.
CEO Tripeak, Simon Lee, a Hong Kong-based Fintech company said investors are scared of making huge investments in Nigeria due to the wobbling state of rules and regulations which might make investments go up in smoke.
Lee stated during the African Financial Market Conference (AFMC 1.0) themed: demystifying the digital markets in Africa, in Abuja.
According to him, For a country to grow, there must be an increase in productivity. To do that basically, you need to get more things done in less time. So when we talk of revolutionising the Nigerian Market, it means making things more efficient and getting more things done in less time.
”For our technology Fintech, what we do is provide a seamless pipeline for Nigerian individuals and traders to access the global financial market. The faster they can access the market, the better price they can get, the better results they will have in improvement in productivity.
“I have visited Nigeria three times and from the people that I have spoken to, the picture that I get is basically that the rules and regulations are very contradictory. For example, the CBN will say one thing, the legal department will say another and the President will maybe say a third thing. So all these competing viewpoints go about in the media, social space and when you have this much confusion, people don’t know what to do.
“So if you streamline the regulations, even if it is strict and tough, if you make it very clear and concise, people can move forward. They can know what to expect. People are not going to be afraid that maybe in a few months someone might change the rules and all investments will go up in smoke.”
MEANWHILE, the Director of Tradelandfx, Amarachi Ihechirimadu, said Africa is behind in comparison to other continents regarding technologies, and that “Tradeclandfx has come to Africa to teach and explain to people of Africa the opportunity for every young African to become independent by investing in the global financial market.”
“Now, in Africa, when you Google Africa, you see a lot of poor people, people that are hungry, the standard of living and cost of living is so low, there’s inflation, etc. So, it’s all about compound interest, creating other channels that would generate funds.
“So, that’s what trade and FX really came to Africa for and that is why we’ve had this conference. Now, a lot of people hear of the financial market, they hear of digital finance here, FinTech and they are confused. And, for foreign exchange, people have gotten bitten not once, not twice because they have been giving their money to people to trade on their behalf. But, now, technology has come in to make it so easy.”