By Joseph Oso
The Institute of Directors (IoD) has called for a friendly business environment so as to increase Foreign Direct Investment (FDI) inflows into the Nigerian economy.
President and Chairman of Governing council IoD, Dr .Ije Jidenma, made the call at the Institute’s 38th Annual General Meeting (AGM) held in Lagos.
Jidenma noted a recent report by Rand Merchant Bank (RMD), which ranked Nigeria as the second most attractive investment destination in Africa seven years ago which showed that the country had fallen to 14th position.
She said “Nigeria recorded a sum of $6.7billion as capital inflows from foreign countries in 2021.
The value represented a drop of 31 per cent when compared with $9.7 billion recorded in the previous year leading to the lowest inflows since 2016″.
She also said that “lower foreign inflows if persiste would put more pressure on the nation’s external reserve, a situation that could further weaken the country’s exchange rate.
Hence,we are calling on the Nigerian government for the need to improve Nigeria’s export capacity to earn more foreign exchange so as to meet our import bill obligations and also bolster our foreign reserve level.”
Jidenma revealed that IoD under her administration has recorded a total income of N428.31 million in 2021 against N239.25 million achieved in 2020, representing an increase of 79 per cent.
She pledged that the institute will continue to wax strong in spite of the challenges dominating the economic and social environment in Nigeria