The insecurity issues ravaging Nigeria have forced some Mexican investors to put a hold on their plans to invest in the country.
This was disclosed by the Nigerian Ambassador to Mexico Hon. Adejare Bello.
He said that the Nigerian embassy frequently receives inquiries from investors about their plans to invest in the country and for possible collaboration.
With the abundance of natural resources in Nigeria, these investors have been looking to invest in areas such as gold mining, oil and gas, and agriculture, as well as partnering with Africa’s richest man Aliko Dangote in the area of fertilizer procurement.
Unfortunately, these investors have stepped back on their plans due to the incessant attacks and insecurity challenges bedeviling the country.
In his words, “In the last decade, one of the critical challenges facing the Nigerian economy is the lack of adequate security of life and properties which has made the country lose so much in terms of foreign direct investment.
“The present situation in the country is very clear evidence of the impact of insecurity on the nation’s development in general and on the economy in particular.
“Lives are lost in the bombings, properties destroyed and businesses collapse as some businessmen who are not indigenes of the affected states leave and migrate to other states. Even the indigenes are taken to refugee camps leading to an increase in government expenditure”
Hon. Bello stated that the insecurity issues in the country have led to a slowdown of Foreign Direct Investment (FDI) which is worrisome, noting that it would be beneficial to the country due to its recent economic challenges.
He, therefore, called on the Federal Government to summon the political will necessary to ensure adequate internal security on a sustainable basis and create a friendly investment climate for inflows of foreign capital into the country.
Investors King understands that Nigeria’s insecurity challenges have not only slowed down investment inflow in the country, but it has also led to the exit of several multinational firms.
The country continues to miss out on so many opportunities of attracting Foreign Direct Investments (FDI) due to escalating insecurity crisis.
