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Insecurity cause of Nigeria’s fall from preferred investment destination — FG

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The federal government on Thursday blamed the prevailing insecurity for Nigeria’s fall from the top 10 preferred investment destinations in Africa.

A report emerged this week showing that the country dropped to 14 as Egypt continues to top Africa’s investment destinations in a ranking carried out by RMB, a division of FirstRand Bank Limited.

Reacting to the development, the Minister of Trade and Investment, Niyi Adebayo, said while appearing on the ministerial press briefing organized by the presidential communication team at the presidential villa, Abuja that several factors including the state of security are responsible.

However, he said, the government is doing all that is necessary to return Nigeria to its position.

Asked what is responsible for the fall, he said: “The reasons for that are various, the major line being the security problem that we have in the country.

“You are well aware, the federal government is making every effort to resolve the security problem so that we will go back to the position of being the preferred investment destination.

“However, having said this, the feedback that I have begun to get lately from some of the people, the foreign governments that I have been meeting is that our position is getting better because there seems to be a big interest now again in investing in Nigeria.

“So, I’m sure as time goes on, we will begin to see an improvement in that situation.”

More details to come…

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