The current level of insecurity in the country is the key factor that has robbed Nigeria of its position among the 10 preferred investment destinations in Africa, the government has explained.
This was disclosed on Thursday by the Minister of Trade and Investment, Otunba Niyi Adebayo, who spoke to journalists at a ministerial press briefing organized by the Presidential Communication Team at the Presidential Villa, Abuja.
A report was released last week that showed Nigeria dropped to 14 among preferred investment destination in Africa. The report, from a ranking carried out by RMB, a division of FirstRand Bank Limited, showed that Egypt was ranked tops as Africa’s investment destination.
“The reasons for that are various, the major line being the security problem that we have in the country,” Adebayo said in answer to a question.
“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,” he said.
“So, I’m sure as time goes on, we will begin to see an improvement in that situation.”
Nigeria is currently facing its worst peace-time insecurity challenge. Armed groups roam the countryside, highways, villages, and cities kidnapping people for ransom while killing some.
The gangs kidnap scores of travellers and schoolchildren, who are taken into the forests until the ransom is negotiated and paid before the victims are released.
