The Chairman of the Board of the Nigerian Economic Summit Group, NESG, Asue Ighodalo, has said Nigeria is missing out on the $19tn invested in negative-yielding assets globally because the country’s investment climate is seen as “unwelcoming, unsafe, and unpredictable”.
Ighodalo said this on Monday in his welcome speech at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget and National Planning.
He said for a country in desperate need of development momentum and capital, the events of last month, including the #EndSARS protests, the debilitating riots, and all of the issues that emerged, were bad for morale, confidence, and business.
“Of the $19tn invested in negative-yielding assets globally, none of it has been invested in Nigeria, regardless of what it can earn, because our investment environment has been tagged ‘unwelcoming, unsafe, and unpredictable’,” he said.
According to Ighodalo, at a time when the country’s fiscal space is constrained by low revenues and high debt, the need to strengthen the attractiveness of the investment climate to encourage local and foreign investments is of utmost importance.
He said, “The world does not trust our commitment to the rule of law and the impartiality and efficiency of our dispute resolution processes.
“Our multiple exchange rates, policy flip-flops and perception of how we react to investors, confuses the investing world. These are not labels we can afford particularly now.”
The NESG boss noted that peace and stability remain key investment indicators, saying, “We are in competition with many developing countries across the globe for patient capital.”