The African Export-Import Bank (Afreximbank) has persuaded the Nigerian Investment Promotion Commission (NIPC) to improve on pulling a greater bulk and variety of investments into the country.
This was according to the Executive Vice-President, Business Development and Corporate Banking at Afreximbank, Amr Kamel, at an investment conference organized by the Lagos Chamber of Commerce and Industry (LCCI) which was held on Tuesday.
The conference was themed ‘Repositioning Nigeria as a Key Global Investment Destination.’
Kamel stated that the advice was relevant to making Nigeria become a prime and feasible investment destination.
He was represented by the Regional Chief Operating Officer at Afreximbank, Intong Monchu.
He stated that Nigeria’s foreign direct investment (FDI) inflows which suffered a fall of 48.5 percent in 2019 alternately recorded a stock growth over the past three years to reach $98.6 billion in 2019.
Kamel further stated that the volume and value of greenfield investments had been on a similar trajectory, steadily rising from 36 projects worth $4.8 billion in 2017 to 76 projects worth $10.2 billion in 2019.
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“Dampened global demand for commodities is a major headwind facing Nigeria, a commodity export-based economy,” he said.
“Depressed oil prices and the COVID-19 crisis in 2020 and 2021 are continuing impediments to inward investment in Nigeria.
“Investment diversification is a long term objective for Nigeria given the decline in oil and gas investment, particularly economic diversification for non-oil investments.”
Kamel identified gross domestic product (GDP) growth, macro instability, financial development, exchange rates, inflation, interest rates, regulatory environment and the ability to repatriate profits as key factors in attracting FDI.
He also noted that Nigeria must resolve its infrastructure gaps such as power, ports, roads and rails.
He went on to advise the government to encourage partnerships between foreign and domestic businesses.
“Foreign and domestic businesses should be treated equally and with regulations that should be open, transparent and have dependable conditions for all kinds of firms, be they foreign or local,” Kamel added.
“Foreign firms might be familiar with global good business practices, but local firms will be more familiar with the indigenous context, and this synergy could be very beneficial.
“State governments must be more involved as different states in Nigeria have unique opportunities and challenges which could be more favourable to certain investments.”
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