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The Consul-General, US Consulate in Lagos, Ms Claire Pierangelo, who spoke during the 2019 International Investment Conference yesterday in Lagos, said the country is full of opportunities.
The event which was organised by the Lagos Chamber of Commerce and Industry (LCCI) had Promoting Investment, Connecting Businesses as its theme.
Represented by Ms Christine Kelley, US Commercial Attache, Pierangelo said the $8.3 billion was recorded as trade last year.
She commended Nigeria for improving in her ranking on the World Bank Ease of Doing Business index, saying it foresees more improvement in the economy.
According to her, to sustain the inflow of foreign direct investment (FDI), government should maintain an open dialogue with international bodies, improve its regulatory environment, policies and infrastructure.
She urged the business community to hold government accountable on some of its policies, saying that many U.S. companies were affected by some of government’s policies.
Pierangelo said such policies sent a warning signal to many U.S. investors, thus scaring them away from the country.
According to her, policies such as 43 items on the banned lists and the dairy sector, is a concern to many investors. She urged the government to take logical steps and adopt roadmaps that would enable it boost sustainable economic growth.
Pierangelo likened investment to water flowing only along easy paths, saying that addressing the challenges of the business environment would unlock more investment opportunities for both countries.
Also, a Senior Lecturer, Department of Economics and Business Intelligence, Lagos Business School (LBS),Dr . Bongo Adi, said Nigeria moving 39 place upward in the Ease of Doing Business ranking was impressive and its best since 2011.
He, however, said attracting FDI has not matched the achievement, saying the country had about $9 billion FDI inflow in 2011 which dropped to less than $2 billion last year.
Adi said government should work on policies and initiatives that would allow its improved ease of doing business ranking translate to increased FDI inflow.
Earlier, LCCI President Mr Babatunde Ruwase, said the country was in dire need of investment to advance and transform the economy.
“Investment helps to create jobs, diversify the economy, grow government revenue and improve the welfare of the people,” he said.
Ruwase said the country’s recovery from recession in 2017 had necessitated calls for policies that would support sustainable growth and development.
“Steps have been taken and policies put in place to ensure the revamping of the Nigerian economy through the promotion of industrialization and non-oil export for sustainable economic recovery,” Ruwase said.
According to him, to sustain the recovery, there must be added drive for domestic and foreign direct investment, promotion of non-oil exports and continued efforts at improving the ease of doing business in the country.
Ruwase said it was critical that government provided the enabling environment, address security challenges and improve regulatory framework to encourage investment in the country.
Also speaking, the Lagos State Commissioner for Commerce, Industry and Cooperative, Mrs Lola Akande, said the state was poised to strengthen public-private partnership (PPP) that will aid business and economic growth.
She said the government was committed to policies and initiatives that would enhance investment and partnerships toward transforming the economy of Lagos and Nigeria.
Source:The Nation
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