Professor Chukwuma Soludo, Anambra State Governor, has expressed worry over the low inflow of Foreign Direct Investments into Nigeria, stressing that the country is punching below its weight both in Africa and globally.
Soludo, who was a former Governor of the Central Bank of Nigeria (CBN), spoke at the 1st Abuja Business and Investment Summit on Wednesday, noting that Nigeria is witnessing negative returns on capital.
“Coincidentally, we had a table here showing the charts as to where Nigeria is relative to the rest of the world in terms of inflation and interest rate regimes, so to speak. In many places, you have real returns to capital, but we still have negative returns right here.
“The flows of Foreign Direct Investments across the world, you know, mostly towards Asia, and Africa received, for example, barely 3 – 4% of it last year.
And in terms of the flows of both portfolio and Foreign Direct Investment, Nigeria is grossly punching below its weight, whether relative to our population or relative to the size of our economy in Africa and globally, we are punching way below our weight,” the former Central Bank of Nigeria governor stated.
He said Nigeria has continued to struggle to attract FDIs, adding, “As I said, we are punching way below our weight, as it were. But that is a point I want you to note.”
He called for urgent action to secure Nigeria’s future through sustainable investments, asserting that the country has the potential not only to participate but lead in the 21st-century global economy.
Soludo, while speaking on the theme, “Optimizing Investment Through Partnership,” emphasized the critical role of strategic investments in shaping Nigeria’s future.
The governor stressed the importance of understanding the global context in which investment decisions are made. “Investments don’t happen in a vacuum. They happen within a context,” he said, urging participants to consider global megatrends and their influence on Nigeria’s investment landscape.
Meanwhile, the managing director/CEO of Abuja Investments Company Limited, Maureen Tamuno, expressed confidence in the carefully selected panelists at the summit, noting that their insightful and thought-provoking ideas would break new ground for economic prosperity.
“This summit is aimed at promoting investment opportunities in the Federal Capital Territory and creating a platform for networking among investors,” she said.
“I am confident that our panelists will provide ideas that will stimulate economic prosperity for our company and participating investors,” she added.
Tamuno emphasized the summit’s aim to inspire participants to think beyond conventional boundaries in business and investment. “I believe discussions at this event will inspire us to think bigger, pushing the boundaries of what’s possible in business and investment,” she said.
“As we engage in discussions over the coming days, I would like to remind participants about the power of building strong partnerships to achieve win-win outcomes in our business endeavours. Together, we can optimize our investments and drive the impactful change that our organizations and countries need for economic prosperity,” she added.
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