Insecurity responsible for slide in preferred investment destination – FG

The Federal Government has attributed the key reason why Nigeria fell on the list of top 10 preferred investment destinations in Africa to the inconveniences of insecurity.

The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, spoke on the matter while appearing on the ministerial press briefing organized by the Presidential Communication Team at the Presidential Villa, Abuja 

A report, released last week by RMB, a South African banking institution, showed that Nigeria had fallen to the 14th position on the ranking list.

Adebayo however, said the government was working to return Nigeria to its position. 

When asked about what was responsible for the fall, he said “the reasons for that are various, the major line being the security problem that we have in the country. 

“You are well aware, the federal government is making every effort to resolve the security problem so that we will go back to the position of being the preferred investment destination. 

“However, having said this, the feedback that I have begun to get lately from some of the people, the foreign governments that I have been meeting is that our position is getting better because there seems to be a big interest now again in investing in Nigeria. 

“So, I’m sure as time goes on, we will begin to see an improvement in that situation”, he said.

Adebayo said the federal government was willing to provide incentives to investors to invest in insecurity-prone areas in the country, adding that based on his interactions with foreign investors, their interest in investing in Nigeria has heightened. 

He said investment worth $400 million is being expected through the Africa Continental Free Trade Area Agreement (AfCFTA), 

The minister said the government will soon complete the construction of its quality laboratory, located in Abeokuta, Ogun State, added that the completion of the laboratory would boost the government’s effort towards exporting more products abroad.