In a push to strengthen economic ties and promote Nigeria’s market potential, the US Agency for International Development (USAID) plans to host a roadshow from October 9 to 13, presenting Nigeria’s investment prospects to American stakeholders.
According to a report by Arise News, Professor Adi Bongo of Lagos Business School underscored the significance of such foreign investment endeavors. He noted, “It’s a positive step to unveil our investment avenues to US stakeholders.” Yet, he also expressed reservations about the clarity of the objectives behind this initiative.
Professor Bongo sees a gap in establishing a solid foundation to draw in private sector capital, attributing this to the past administration’s removal of crucial investment structures. He urged the current administration to prioritize re-establishing these frameworks, remarking, “Our first move should be to recreate a structure enticing enough for such investments.”
While acknowledging the roadshow’s potential, Bongo voiced concerns about Nigeria’s challenging business landscape and unresolved macroeconomic issues, stating, “Businesses here face shutdowns due to tough macroeconomic challenges that still await solutions.”
Highlighting the importance of a stable business environment, he remarked, “Investment isn’t about propaganda or politics.” Bongo emphasized that Nigeria’s stance on contracts and rule of law adherence might act as deterrents for potential investors.
Bongo also touched upon pressing issues like infrastructure and human capital. With an ongoing trend of skilled professionals leaving Nigeria, he stressed the importance of retaining top talent to entice global enterprises.
Addressing the broader perspective, he said, “We need to focus on the real issues,” pointing to the need for a business-friendly environment, robust legal frameworks, and confidence-building measures for investors. “Investors seek assurance and confidence in an economy. Currently, our government hasn’t showcased much of either.”
While Professor Bongo’s skepticism rings clear, the upcoming roadshow remains a pivotal move for the Tinubu administration, aiming to foster potential collaborations between US investors and Nigerian entities. Addressing concerns from experts like Bongo will undoubtedly play a key role in optimizing the roadshow’s success and its lasting impact on Nigeria’s economy.
