The United States Raises Alarm over $1.3 Billion Investment in Nigeria

Economy

The united states High Commission Consul-General, F. John Bray has raised an alarm over threat to American businesses in Nigeria worth $1.3 billion.

The Consul-General who was speaking at a discussion board organized by the Lagos Chamber of Commerce & Industry (LCCI), outlined lack of stability in the exchange rate, policy inconsistency, poor electric power, scarcity of commercial infrastructure, corporate and surveillance challenges as significant challenges American investors in Nigeria are struggling with.

Bray lamented that American investors have issues with how policies are made and changed, observing that it has the ability to threaten investors within the country.

He cited regulatory issues, like the one involving MTN, which had led to the instruction for the telcom to send back cash allegedly ferried out of the country without recourse to laid down procedures. He further more noted that this kind of incident can discourage any investor as there appears not to be a simple obedience to rule of law to safeguard investors.

Also speaking at the forum, Ms. Laure Beaufil, Deputy High Commissioner, British High Commission, revealed that out of the £400 million United Kingdom investment in Africa, Nigeria has a large chunk of it but regretted that UK investors are sometimes perplexed regarding the risks inherent in committing to the country and how to mitigate them.


SEE ALSO  First Bank Begins Nigeria-China Currency swap

There is a growing concern that foreign investors’ investment into the country has taken a drop. A week ago the CBN in a report revealed that the Foreign Direct Investment (FDI) in Nigeria fell to N379.84 billion ($1.2 billion) in the first half of the year from N532.63 billion ($1.7 billion) a year earlier. It also announced that two global banks HSBC and UBS have shut offices in Nigeria.

Reactions
  • gbam!! ()
  • Interesting ()
  • funny ()
  • cool ()
  • nawaoooo ()

Last Updated on

Share this
Share on facebook
Facebook
Share on google
Google+
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp
Source :

About the Author

Millitime

Millitime

Latest News, Business & Finance News 24/7.

Leave a Reply

0
  Subscribe  
Notify of

Earn up to 25,250 NGN Monthly on WahClass

A Knowledge and skill sharing platform

Subscribe to Get the Best Articles Weekly

Interests