We Are Addressing Challenges Discouraging Investments Into Nigeria – FG

The Federal Government on Wednesday said it is taking practical steps to address the challenges discouraging the inflow of investments into the country.

The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo said this at the virtual annual conference of the Institute of Directors.

The National Bureau of Statistics had said the investment inflow into Nigeria dropped by $4.53bn or 78.6 per cent to $1.29bn in the second quarter of this year

The Minister said that one of the major focus of the Federal Government in its industrial plan in the post COVID-19 era is the sustainability of existing businesses in the country.

Adebayo noted that the pandemic had necessitated the need to come up with strategies towards ensuring the survival of existing business and attracting more foreign investment into the economy.

He said, “It is important to note that the pandemic has necessitated an increase of the government’s focus towards ensuring the sustainability of our existing businesses, specifically in the areas of access to financing, access to markets, tax relief and overall improvement in the ease of doing business.

“Also, our industrialisation strategy is inclusive and recognizes the important role that Micro, Small, and Medium Enterprises play in sustainable economic growth.

“We understand that the institute can play a significant role in mentoring MSMEs, especially by providing guidance on quality and standards, leveraging technology, organisation design and optimisation, and even financing options, that will help them mature and become true drivers and indeed beneficiaries of economic growth.

“It is obvious that getting this right also positions Nigeria to be a net beneficiary when we fully commence the Africa Continental Free Trade Area Agreement next year.

“We welcome suggestions and input on how best to make these programs work and we are fully committed to support the institute, where necessary.*

Represented by his Technical Adviser on Investment, Mr Kamal Bakrin, the Minister noted that the theme of this year’s conference: “Business Ethics, Leadership and Sustainability as New Frontiers of Corporate Governance” aptly captured the relevant elements required for the sustainability of every institution.

He added, “It also amplifies the critical conversations that should help shape Board room decisions across all the sectors of our economy.

“This is why I am delighted to be part of today’s event; not only to speak but also, through my representative and technical adviser, listen to the various contributions of other speakers who will be sharing their thoughts and insights on this critical topic towards the development of our dear country.”

He said the programmes and advocacy activities of the IOD have continued to serve as a strong corporate governance guide and compass for all directors, and indeed managers and staff, in their decision-making processes and daily business interactions.

Adebayo added, “I must say that the timing of this event is auspicious for the nation and its various economic segments.

“The advent of the global public health pandemic has seen many businesses and government institutions, both local and foreign, struggle for survival, as Boards and management teams develop and execute various strategies to ensure their organisations stay afloat.

“It is reassuring to know that the IOD has consistently articulated the principles and values that guide the stakeholders of institutions in order to preserve and improve public confidence in the Boards of companies; thus ensuring sustainability and creating wealth for the benefit of the businesses and the nation as a whole.

“This plays a vital role in achieving our socio-economic goals of job creation and poverty alleviation by strengthening the prospects of attracting investments, both local and foreign, to the country’s economy, and ensuring the sustainability of existing businesses.

“This is of great importance to the Federal Ministry of Industry, Trade, and Investment, especially as we also continue to actively address challenges that discourage investments into the Nigerian economy.”

Adebayo commended the Institute on the work so far and for continuously instilling strong ethical values, not only within the institute’s body of members but also beyond.