Anambra State Governor Prof. Chukwuma Soludo has expressed concerns over the declining inflow of foreign direct investments (FDI) into Nigeria. Speaking at the 1st Abuja Business and Investment Summit on Wednesday, Soludo emphasized that the country is underperforming in attracting investments in Africa and globally.
The former governor of the Central Bank of Nigeria highlighted Nigeria’s struggle to maintain positive returns on capital. “Nigeria is witnessing negative returns on capital,” Soludo stated, noting that the country is lagging in inflation and interest rate management compared to other economies.
“Globally, the majority of FDIs flow to Asia, while Africa received only 3 to 4 percent last year,” he pointed out. “Nigeria is punching below its weight in terms of FDI and portfolio investments, both relative to its population size and the scale of its economy,” Soludo added.
Soludo called for immediate action, stressing the importance of sustainable investments to secure Nigeria’s future. He urged the country to position itself to participate in and lead the 21st-century global economy.
Strategic Investments Key to Nigeria’s Growth
Soludo underscored the theme of the summit, “Optimizing Investment Through Partnership,” and emphasized the importance of understanding the global landscape when making investment decisions. “Investments don’t happen in a vacuum,” he remarked, urging stakeholders to consider global megatrends and their implications for Nigeria.
Abuja Investments MD Backs Strategic Discussions
The Managing Director/CEO of Abuja Investments Company Limited, Maureen Tamuno, expressed optimism about the summit’s potential to foster economic growth. She commended the panelists for their thought-provoking insights, which she believes will pave the way for economic prosperity.
“This summit is aimed at promoting investment opportunities in the Federal Capital Territory and providing a platform for networking among investors,” Tamuno said, adding that the event would encourage participants to explore innovative investment ideas.
“As we engage in discussions, I urge participants to recognize the importance of partnerships in achieving successful outcomes. Together, we can optimize our investments and drive the transformative change needed for economic growth,” she concluded.
