By: Theresa Igata
Notwithstanding the many challenges to the ease of doing business in Nigeria and the recent ranking of the country in the latest World Bank Ease of doing business report, where Nigeria dropped a spot, moving to the 146 position from 145 last year, the British Deputy High Commissioner, Ms Laure Beaufils says Brexit might be an opportunity for Nigeria to do things differently to build and develop broad and deep partnerships in trade and commercial relationships with the UK.
Beaufils disclosed this on Thursday in Lagos at an International Investment Conference organised by the Lagos Chamber of Commerce and Industry (LCCI) themed: Promoting Investment, Connecting Businesses.
According to Beaufils who spoke during a panel discussion on Attracting FDIs to Nigeria, Potentials and Challenges, there’s huge investment in Nigeria. “The government of UK is interested in Africa, particularly Nigeria, and has committed 3.5 bn pounds to the development of the continent over the next two years, adding that much of the money would be channeled to Nigeria.
“We’re here to stay; we’re in Africa to stay”. She recalled that when the Prime Minister of the UK, Theresa May came to Nigeria, it was a testament that Nigeria is important to the UK. “She discussed with the president how we can from strength to strength further increase our bilateral trade and cooperation and she wants the UK to become the first G7 investor in Africa in 2022.”
She noted that Nigeria has to see predictability in decision making, application of regulations, policies and systematic application of the rule of law, is crucial to attracting foreign direct investment (FDI) into the country because investors were keenly watching activities ongoing in the socio-economic and political landscape of the country, to forge decisions on investments.
On the issue of MTN she said it one that undermined government’s efforts and affected investors’ confidence on whether Nigeria was a suitable place for investment.
“I can tell you that the MTN issue was damaging for the economy; there is a lot that is going on right now to address the issue, we are aware of that, but investors most times do not go beyond the headlines”.
“What we advise today is that such rash decisions should be avoided in the interest of further investments which are absolutely essential to the economic development of the country, job creation and the vision that we have of an incredibly vibrant and rich Nigeria,” she said.
Also, Mr John Bray, US Consul-General, said that 1.3 billion dollars investment from US flowed into six sectors of the Nigerian economy in 2017.
He urged the government to improve on its competitiveness, since Nigeria was not only competing with African countries but global businesses and market.
Bray however noted that factors of uncertainty scares prospective businesses and the security issue in the country was not a problem but a concern.
Lending her voice, the Lagos State Commissioner for Commerce, Industry and Cooperatives, Olayinka Oladunjoye, said that investment promotion actively seeks to avail potential local and foreign investors with investment opportunities.
The opportunities, she added would facilitate inflow of capital, skills and technology, create jobs, promotes exports, hence increasing productivity, innovation and wages in the country.
“Without any equivocation, Lagos State is the commercial, industrial, and financial hub of Nigeria and indeed the economic gateway of Sub-Saharan Africa. With a population of 24.8 million and Gross Domestic Product (GDP) of $136 billion (USD), nearly a third of Nigeria’s GDP; Lagos is the 5th largest economy in Africa. These indices portend a large market for any product or service that is launched in the state,” she said.
Speaking earlier in his opening remarks, President, Lagos Chamber of Commerce and Industry (LCCI), Mr Babatunde Ruwase, said that the economy was in dire need of private investment to create jobs, diversify the economy, boost government revenue and improve citizens welfare.
He noted that the quality of the investment environment was crucial and underscores the need for more attention to be focused on business environment issues,” he said.
