Professor of Political Economics and a former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has blamed the federal government for the absence of foreign investors in Nigerian market.
NewsOnline reports that as far as the federal government has not addressed the fears of foreign investors on issues that scare them away from investing in the country all programmes on ease of doing business will not attract the needed investments.
Professor Moghalu said Nigeria is a great market with so much values that attract foreign investors but the policies are lacking.
Moghalu regretted that the Federal government had failed to address issue of corruption and other policy issues which are instrumental to attracting foreign investors.
He said, “In my business as a “knowledge entrepreneur” providing advisory services to foreign investors interested in Nigeria and other African countries I find that many investors are interested in Nigeria’s potential value, but are held back by weak economic policy and business environment.
“Ease of doing business is mainly about the substance of policy plus the transparency and efficiency of the marketplace. Tax issues and ports administration also matter greatly. We can do all the Ease of Doing Business work we want, but without a substantively enabling policy space, as well as zero/low corruption, most potential investors will stay out, and some inside already may leave.”
The former CBN Deputy Governor said if Nigerians get it right by voting the right candidate in the February 25 presidential election, foreign investors will rush into the country. He advised Nigerians to vote for the right candidate who has shown the willingness to address issues hindering economic boom of the country.
“Meanwhile, 2023 could open the vista for an economic boom in Nigeria depending on how things evolve. Nigeria holds much attraction to investors. It’s a great market,”