Regulators making business environment unattractive to foreign investors- Expert

The arrogance and impunity of regulators in the business environment have made it unattractive to foreign investors, a development finance expert, Dr. Steve Ogidan, has stated.
Speaking in a panel session titled:

“Nigeria’s path to sustainable development,” which The Nation monitored on NTA, he noted that would-be foreign investors are aware that regulators can withdraw licenses at will.

His words: “They (regulators) believe they can withdraw your license at will without any remorse. They can gazette anything without you seeing a way of seeking redress.

“Again, many investors are discouraged from bringing their money to Nigeria because of the arrogance of the regulators.”

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He however explained that since the investors have realised that the delay of justice in the country has attrited the rule of law, they avoid being trapped where there is no emergency exit to repatriate their funds.

Ogidan, who is also the Chief Executive Officer of Successory Nigeria Limited, urged the country to entrench the rule of law, strengthen some other institutions like the police and put in place the much needed infrastructure to attract investment.

The expert said: “These are the issues affecting business and these are the issues we need to put on the table if we want to move towards Sustainable Development.”

He admitted that the Federal Government has done a lot in advancing Sustainable Development Goal.

Ogidan, however regretted that there is still much to be done owing to the outbreak of the Covid – 19 pandemic, and the economic crisis the country passed through in the last three years.

He called on the government to redouble its efforts to be resilient and ensure that nobody is left behind.

Ogidan insisted that the government must focus its attention on the people, prosperity, peace, and partnership.

Describing Nigeria’s population as its strength, he warned the country to be wary of allow it to become its advantage.

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