Standup9ja: Why global investment capital is not coming to
Nigeria – Elumelu
The Chairman of Heirs Holdings Limited, Mr. Tony O. Elumelu,
has said that global investment capital isn’t flowing into Nigeria like other
developing countries because of uncertain investment climate.
He also said investment “capital goes where it is welcomed”
but most Nigerian government’s policies were a disincentive to global
investment capital coming into the country.
Mr. Elumelu stated this when he delivered the keynote
address yesterday in Abuja at the ongoing Insurance Industry Consultative
Committee (IICC) 2017 National Insurance Conference. The conference is tagged
‘Nigeria Ready for Business’.
He said, “for Nigeria to successfully position itself to
promote domestic business and attract investments, the public sector must
improve its process of doing business.
Rwanda is a striking example of what is possible, when
government and the private sector are united and a model of how economic and
social wealth can be created, he said.
He said government bureaucracy is a cause for concern and if
not tackled, would discourage otherwise willing investors from within and
outside the country.
“The private sector can only thrive with the support and
enabling environment created by government and its agencies. We need the public
sector to be willing partners in establishing the right, investment-worthy
business environment that we need in Nigeria. This is the only way Nigeria can
be truly open for business,” he noted.
Elumelu however commended the Federal Government on some of
its recent reforms that may have a cascading, positive effect on the economy.
He advised the President to ensure all his lieutenants buy in.
He also called on the executive, legislature and the
judiciary to work together on improving doing business climate in Nigeria.
“However, the most critical factor for these institutions of
government to function effectively and ensure the country is open for business
is that they work together with a shared purpose, consensus and deep alignment
to accomplish the Three Es - employment, empowerment and economic opportunity
- for our people,” he said.
Also speaking at the event, Alhaji Mohammed Kari,
Commissioner for Insurance and CEO, National Insurance Commission noted that
“if the dream to make Nigeria easy for business is to be realized, then the way
financial regulation is constituted in Nigeria needs an urgent review.”
“Operators in most sectors are regulated by up to three and
sometimes four financial regulators, with multiple requirements to each and in
most cases similar and with ‘either/or’ options, which defeat the regulatory
norm of specific oversight in financial regulations,” he said.
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