US consul, LCCI urge FG to tackle challenges hindering investment

The U.S. Consul General in Nigeria, Mr. John Bray, yesterday urged government at all levels to tackle challenges militating against investment inflow in the country.

Bray made the call at a “Security Meets Business Dialogue” session in Lagos organized by the Lagos Chamber of Commerce and Industry (LCCI).

According to him, firms need to know that they can access raw materials to be persuaded to bring production facility and technology that will create employment in Nigeria.

“They need to know that their products can move freely across Nigeria, need to know that energy access is predictable and need to know their employees are safe.

“Challenges of foreign exchange, access to energy, inadequate transport infrastructure, crime, and corruption are serious concerns that cannot be underestimated.

“Investment thrives in an open, secured, transparent and predictable environment,” he said.

Mrs. Nike Akande, the President of LCCI, said security of life and property was the critical factor that would ensure sustained investment in the country.

“No meaningful business can be done in an environment that is insecure,” Akande said.

“The impact of these security challenges on business is phenomenal.

“Not much investment activities are taking place in the north-eastern part of the country. The same is true, perhaps to a lesser degree, in some other parts of the country.

“There is also a serious perception problem that the security phenomenon has created for Nigeria in the global community.”

Gen. Gabriel Olonisakin, the Chief of Defence Staff, said application of military force would not solve the root causes of disruption of public peace.

Olonisakin, represented by Rear Admiral Jonathan Ango, Chief of Defence, Civil Operations, listed some of the root causes as political agitation, inequitable distribution of wealth and resources, illiteracy and unemployment leading to poverty and hopelessness.

“To sustain an environment conducive for the peaceful and prosperous conduct of business and industrial development, concerted efforts must be put in place for the education of the teeming population.

“Multinationals must also examine their corporate social responsibilities to be responsive to the needs of the communities where they are located,” he said.

Olonisakin said that the joint operations of the Armed Forces were geared toward restoring law and order and creating an enabling environment for businesses to thrive. (NAN)

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