Nigeria’s economy still attractive to foreign investors, says investment expert

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Lagos- An investment , Mr Kalu Abosi, on assessed the Nigerian economic climate and said is still attractive for foreign investments.

Abosi, who is the Head of Corporate Finance & Capital Markets SPA Ajibade & Co, made the assessment in a lecture titled: “Nigeria-macro Economic Environment and Implications for Foreign Investment”.

The lecture was organised by the Nigeria- Africa Chamber of Commerce in Lagos.

He said that Nigeria’s economic climate was still attractive for foreign investors despite its present challenges.

The remarked that Nigeria, as the largest of Africa with GDP of $549.6 billion, was still attracting foreign investments, especially the equity funds.

“Amidst the challenging , Nigeria’s foreign direct investment still remains the third highest in Africa.

“Better understanding of the vagaries of doing business in Nigeria creates savvier investors.

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“Monthly foreign portfolio investment (FPI) transaction at the Nigeria Stock Exchange, which was N125 billion at the end of 2014 decreased to N99 billion at the beginning of 2015, down 20.39 per cent December, 2014.

“Domestic investors gave approximately 4.48 per cent of trading to foreign investors, reducing 51.76 per cent to 47.76 per cent while FPI transaction rose 48.24 per cent to 52.24 per cent.

“The present economic challenges of Nigeria are insurmountable as things are as bad as people make to sound,’’ Abosi said.

The said that irrespective of the outcome of the general elections, Nigeria would keep growing economically.

“Growth in the will continue, even if at lower than forecast rates if government adopts reduced cost of governance by cutting wastes and corruption,’’ he said.

Mr Folusho Phillips, of the chamber, the government to deal with corruption at all levels.

Corruption, he said, kills the economy of the country. (NAN)