Nigeria has moved to the 4th position with 35 per cent on return on investment index, the Acting Managing Director, Bank of Industry, BoI, Mr. Waheed Olagunju, stated over the weekend.
Speaking at a media parley organised by the bank in Lagos, with the theme, “Sustaining Nigeria’s Industrial Sector Growth through Impactful Partnership,” the BoI Boss said the rating was based on BoI’s performance on stand alone as a development finance institution, noting that several countries are in competition for investment resources.
Olagunju said the return on investment is much higher in Nigeria than other countries. “Industrialisation is a multi-faceted process and no single agency can capsulate industrialisation of any country, and so all hands must be on desk,” he added.
He noted that return on investment should not be taken for granted, as “we try to de-risk our environment, improve on climate and continue to take measures by increasing our ranking in doing business.
“In terms of investment returns, we are ranked number four with 35 per cent. Nigerians might go to other countries where they have 15 per cent return on investment where the risks are not as high as Nigeria.
“So we have to put all those things into consideration by ensuring that we promote industrialisation and transform the Nigerian economy within the shortest time possible,’’ Olagunju said. He explained that if those things were not done,
Nigeria may not be able to harmonise the challenges in the country, particularly that of unemployment.Olagunju said the country’s population was growing, hence the need to take quick decisions to remedy the challenges.
