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Latest report released by UK-based Control Risks, in partnership with NKC Economics, on the “Africa Risk-Reward” index has shown that Nigeria is leading in both being the highest risks and corresponding level of returns on investments when compared with two other leading economies in Africa.
Other top economies weighed alongside Nigeria by the report are South Africa and Egypt.
The report noted that the Risk-Reward index developed by global risk consultancy firm, Control Risks Group Limited showed that foreign investors coming to Nigeria will face highest risks when compared to other big economies, but will at the same time; make better returns in terms of returns.
Part of the reasons for the high risks include insecurity, policy dynamics and inconsistency and cost of infrastructure and operating environment.
However, Nigeria presents far better opportunities over other African economies for foreign investors in terms of large market by virtue of population, cheap labour for production workforce and technically devalued currency after all.
This may form part of the reasons why the team of Nigerian ministers who were on the presidential entourage to the 72nd United Nations General Assembly (UNGA), told international investors that the best destination now in Africa, remains Nigeria.
Buttressing Buhari’s presentation during the Nigeria-U.S. Business and Investment Forum in New York, the trio of the Minister of Trade, Industry and Investment Dr. Okechukwu Enelamah, Minister of Solid Minerals, Dr. Kayode Fayemi and his Foreign Affairs counterpart Geoffrey Onyeama unveiled three strategic reforms that will interest global investors.
In his presentation, Dr. Enelamah said “We are building infrastructure; we are providing the enabling environment and we are improving on the ease of doing business”.
According to him, the Federal Government is building the Nigeria of the future where things would be done differently from the way they were done in the past.
He explained that “There is a sense of urgency for Nigeria’s industrialization and we are providing the enabling business and investment environment for investors.”
Giving more insights on the depth of reforms introduced by the present government, Onyeama assured that the Federal Government would not betray the confidence the U.S. investors already reposed in Nigeria through the forum.
According to him, “What we are offering the investors is a much more stable environment, a lot of enabling business environment, one-stop shop for registration of names, for getting passport, for coming into the country”.
“We are offering them customs clearances, all the elements that go into making much more enabling. A welcoming business environment is what we are offering.
“And of course we are offering them a huge market of almost 193 million people; we are offering them a bigger market with ECOWAS that they can get access to through Nigeria.
“And we are offering them good governance. Those are things they also welcome. We are trying to offer them more security in the country because that’s a point that was also raised.”
He stressed that the size and packaging of the high-level representation of the government stands as a clear demonstration of the commitment of the Federal Government in making the international investors’ partnership with Nigeria strong and mutual.