‘FG Must Fix Infrastructure To Attract Foreign Investment’

Stakeholders have called on the Federal Government to fix infrastructure in the country, to enable Nigeria to attract and maintain foreign investment.

According to them, the government needs to improve on road construction and rehabilitation, while also improving electricity to ensure businesses optimised their potential while getting a return on investments.

Speaking at the Economic Summit of French Week 2019, in Lagos, yesterday, Consul General of France, in Lagos, Mrs. Laurence Monmayrant, stressed the need for Nigeria to improve sectors like power, road and other infrastructure to make it a better place for businesses to thrive.

The consular, who commended the Nigerian government for reforms carried out by the Presidential Enabling Business Council (PEBEC), said the country’s progression in the latest ease of doing business ranking is a good sign; adding that French companies are more willing to do business in Nigeria, whether for expectations or for investments.

Tax Partner, Deloitte, Yomi Olugbenro, said the government needs to redirect its energy in fixing what is essential in attracting foreign direct investment to Nigeria. Olugbenro said the Finance Bill, 2019 (the Bill), presented alongside the 2020 proposed budget to a joint session of the National Assembly is the proposed amendments to the provisions of the most relevant direct and indirect tax legislation.

This, according to him, is a good step towards achieving the objectives of the PEBEC with respect to paying taxes.

Partner, Banwo & Ighodalo, Mrs Toyin Bashir, commended the Federal Government on PEBEC, saying there is a sub-national effort in achieving it with concentration on Lagos and Kano.

She said all states of the federation need to be carried along in the reforms to ensure that the ranking increases.

Executive Director, Asset Management and New Energies, Total E&P Nigeria Limited, Patrick Olinma, said Nigeria is not as competitive especially in the oil and gas industry.

“In terms of key earnings, we are not competitive; there are so many levies, which hinder the competitiveness,”Olinma said the government needs to balance its aspirations in raising revenue through levies.

Director-General, Franco-Nigerian Chamber of Commerce and Industry (FNCCI), Moses Umoru, said Nigeria is the biggest market with the biggest challenge in Africa.“And for us to reach out our high potential, we need to fix our problems, which is infrastructure gap.

We are advocating that that government fix these issues so that the engine can become globally competitive,” he added.