5th May, 2019
A former President of the Association of National Accountants of Nigeria (ANAN), Dr Samuel Nzekwe, has told the Federal Government to intensify efforts in providing critical infrastructure to sustain the flow of Foreign Direct Investment(FDI).
Nzekwe made the call in an interview with the News Agency of Nigeria (NAN) in Ota, near Abeokuta in Ogun on Sunday.
He spoke against the backdrop of the UN Conference on Trade and Development report on Global Investment Trends Monitor that Nigeria’s FDI fell 36 per cent to $2.2 billion in 2018.
The accountant argued that it was not unexpected that the country’s FDI would decline because of its poor infrastructure and weak environment for investors to thrive in.
Nzekwe listed the critical infrastructure needed to attract FDI to include stable power supply, good road network, security and an effective judicial system.
“Whatever the investors produce in the country will be so costly without an enabling environment,” he stated.
The ex-ANAN president also stressed the need for the Federal Government to redouble its efforts in creating a conducive environment for goods produced in Nigeria to be competitive locally and internationally.
He said that Nigeria needed an effective rule of law system, where everyone, including the executive should obey court orders to sustain the confidence of foreign investors.
“If the government is disobeying court orders, this definitely will create problems in attracting FDI into the country.
Nzekwe said that the principle of separation of powers should be respected to make foreign investors to believe that the nation was practicing true democracy.