The Africa Finance Corporation (AFC) says Nigeria is still ranked high internationally as a destination for foreign direct investment (FDI).
The Senior Vice President of AFC, Mr Fola Fagbule, said this on Tuesday in Lagos during a plenary session in the 2022 Law Week of the Lagos Branch of the Nigerian Bar Association (NBA), holding at the civic centre in Lagos.
The theme of the 2022 Law Week is “Democracy and Legal Order: Shaping the Future”. The plenary session title is: “Arise Sleeping Giant: Unlocking Nigeria’s Potential as an Investment Destination.”
Fagbule interrogated the question on how Nigeria had fared and was faring as an investment destination. He said that the nation had not done badly in being a very attractive destination for investment.
According to him, Nigeria is still one of the top 10 destinations for foreign direct investment into Africa, despite of the various challenges facing it. He said that just like other countries including Egypt, Kenya, South Africa, Nigeria ranks “up there” in terms of investment.
Fagbule, however, said that the poser should be “are we doing enough?” In response, he noted that the country still had more investment opportunities to explore.
“If you think of the massive opportunities and deficit in terms of areas where other countries are doing better than us, and the significant flow of capital in that sector, then you find that Nigeria needs to do more. Nigeria has not done badly in attracting foreign investment, but there is still a lot that can be done,” he said.
Fagbule said that Nigeria attracted less than $1billion on Foreign Direct Investment, adding that more could be done considering the size of the country. He also listed other reasons for such performance, stemmed from factors in the country such as micro economic instability, inflation, insecurity, among others
He said that if some of these impediments were addressed, it would grossly enhance and add up to Nigeria’s investment opportunities.