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Financial experts urge FG to make Nigeria investors’ destination


LAGOS – Some financial experts on Wednesday urged the Federal Government to take measures to sustain the nation’s current status as one of the preferred investment destinations in Africa.

The experts made the appeal in an interview with News Agency of Nigeria (NAN) in Lagos.

They said that the position could be sustained through dynamic monetary policy, entrenchment of good governance and committed war against corruption.

According to them, sustaining the economic status would further broaden the nation’s present business frontiers and increase the level of investment in the country.

A financial analyst, Mr Johnson Chukwu, said that efforts at sustaining the existing monetary policy would continue to make the country globally accepted as “most preferred business destination in Africa.”

Chukwu, who is the Chief Executive Officer of Cowery Asset Management, also suggested that reduction in the cost of doing business would further attract investment to the country.

“Maintaining the present position will not be a major challenge if our government can register businesses in time and reform the legal system so that businesses could get prompt judgement when in court,” he said.

He added that the Federal Government should also evolve measures that would make clearing of goods at the nation’s sea ports much easier.

He pointed out that no nation or organisation could ignore Nigeria’s large population and business opportunities.

On his part, the Managing Director, Torac Ventures, Mr Tosin Abayomi, said that entrenchment of good governance at all levels in the country and building a strong institution would stabilise the nation’s productive capacity.
“Building a strong institution will make it possible for the nation to be the pacesetter in Africa for a long time and having a consistent policy in place will bring additional growth in the domestic economy.

“This has been the method that majority of countries in Europe which are making successes have always used to maintain growth,” Abayomi, a financial analyst said.

In his contribution, Mr Nnaemeka Obiora of Tarux Capital and Advisory Ltd., urged the government to strengthen the nation’s security network to tackle the current security challenges in the country.

He said that corruption and the security challenges were “evils” deterring the nation and Nigerians from maximising the potential available in the country.

“The level of Foreign Direct Investment (FDI) will be in droves and will give confidence to investors, if government allocates more funds for anti-graft agencies to battle corruption in the public and private sectors,” he said.

Frontiers Strategy Group, a U.S-based economic advisory firm, said recently that investment in Nigeria by international organisations and multinationals had continued to grow in spite of rising insurgency in the country.

The report entitled “Frontier Market Sentiment Index,” and released by the Wall Street Journal, said that out of 11 African countries in a survey conducted by the firm, Nigeria ranked first as the most preferred economy for investment.

According to the report, Nigeria emerged the number one frontier-market economy in Africa in terms of attracting the most attention from European and American multinationals. (NAN)[eap_ad_3]

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