The Chief Executive Officer of the Nigerian Economic Summit Group, Laoye Jaiyeola, says Nigerian and foreigners prefer to invest in other countries than invest in Nigeria.
Jaiyeola said this in Abuja on Tuesday at a high-level private sector dialogue with the conference of speakers of state legislatures.
According to him, the low level of investment in the country is a result of the poor enabling environment.
He advised state governments to improve find more avenues to generate income and create an enabling environment for businesses to thrive in order to attract investors in the country.
He said, “The solution is that what we need is to bring investment. There are private sector people in Nigeria today who are afraid to invest their money in the country. Our foreigners are not bringing their money; Nigerians are taking their monies out.
“So, how do we give that confidence that will make the private sector keep their money in the country?”
According to Jaiyeola, the state of the economy is not where it should be as the country has recorded three recessions in the last 10 years.
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He stressed that the economy was still on the path of recovery and as such all hands must be on the deck to facilitate its growth.
The Chairman, NESG, Asua Ighodalo, noted the resources accruing to the Federal Government was fast dwindling, advising states government not to be totally reliant on federal allocation.
Ighodalo said, “States must make themselves attractive to businesses so that they will be able to tax those businesses. The multiplying effect of those businesses in their state will be felt.”
He urged each state to enact laws that would allow them to take advantage of areas where they had a comparative advantage.
