Entrepreneurs lament impact of insecurity on investments

Jide Oke – Osogbo

Small and Medium Scale entrepreneurs operating in Nigeria have warned that the security situation in the country has reached a global and disturbing dimension with implications on the investment environment, saying that there exists a declining investors’ confidence across the broad spectrum of domestic and foreign prospective investors in the country.

The entrepreneurs who noted that such air of insecurity has impacted negatively on the country’s image and perception in the global community said the situation has led to the escalation of risk of doing business in some parts of the country, while many affected operators have relocated their business from the troubled spots to neighbouring countries in the wake of the insecurity.

At a forum organized for small and medium entrepreneurs in Isokan Local Government Area of Osun State, they explained that some organizations have reviewed their security budgets upwards in the light of the development, while the situation in some cases created a significant setback for the tourism and hospitality sector of the economy.

The insecurity, the entrepreneurs noted was a distraction of government at all levels from other germane issues in the country, adding many businesses have closed, while the working hours for others have been drastically reduced in some areas.

Commenting on the development in an interview with The Daily Times, the Managing Director Moals Investment, Alhaji Mufutau Olatunbosun Amoo said that the spate of insecurity among others had reached an alarming rate which the government at all levels should be addressed with all sincerity of purpose.

He said the issue of kidnapping and Boko Haram insurgency which daily unleashes an attack on innocent Nigerians everywhere have become a source of worrisome to entrepreneurs in the country, warning that the trend if not checked would bring total collapse to small and medium enterprises in Nigeria.

Amoo explained that “It is now time for the government to genuinely and proactively seek more help and international assistance to obtain the badly needed intelligence, logistics and other support so that the trend can be totally crushed for business to thrive.”

He stressed that no investors would want to invest in an atmosphere that is not conducive for life and properties, warning that unless the situation is put under control, small and medium entrepreneurs stand the risk of remaining in business.