Citizens, Foreigners Scared Of Investing In Nigeria, Says NESG

Citizens, Foreigners Scared Of Investing In Nigeria, Says NESG
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The Chief Executive Officer, Nigerian Economic Summit Group (NESG), Laoye Jaiyeola, has urged state governments to improve on their investments and create enabling environment for businesses to thrive as well as attract investors in the country.

Jaiyeola who made the call in Abuja on Tuesday at a high-level private sector dialogue with the conference of speakers of state legislatures noted that the root of Nigeria’s economic problems was a lack of investment and an enabling environment for businesses to thrive.

He said, “The solution is that what we need is to bring investment. There are private-sector people in Nigeria today who are afraid to invest their money in the country. Our foreigners are not bringing their money; Nigerians are taking their monies out.

“So, how do we give that confidence that will make the private sector keep their money in the country?”

According to Jaiyeola, the state of the economy is not where it should be as the country has recorded three recessions in the last 10 years.

He stressed that the economy was still on the path of recovery and as such all hands must be on the deck to facilitate its growth.

Chairman, NESG, Asua Ighodalo, stated that days of states going cap in hand to the Federal Government for funds were far gone.

He added that the resources of the Federal Government were tight and dwindling.

Ighodalo said, “States must make themselves attractive to businesses so that they will be able to tax those businesses. The multiplying effect of those businesses in their state will be felt.”

He explained that each state had to enact laws that would allow them to take advantage of areas where they had a comparative advantage.

 


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