Following the fall-out of Central Bank of Nigeria (CBN) imposed $8.1 billion fine on MTN Nigeria over its alleged involvement in illegal repatriation of funds, the United Kingdom (UK), United States (U.S.) and the Lagos Chamber of Commerce and Industry (LCCI), have warned the Federal Government that such moves could negate attraction of private investment into the country’s economy.
Particularly, Britain and the United States explained that foreign investors were concerned about investing in the country amidst the spate of regulatory sanctions by the Federal Government on foreign companies despite the country being a big market for foreign investors. Speaking at the LCCI international investment conference in Lagos yesterday, Deputy High Commissioner, British High Commission, Her Excellency, Ms. Laure Beaufils, said the British government had a huge business interest to invest in Nigeria and Africa, adding that investment was strategically fundamental to the growth and development of any country since it opened up job opportunities and potentials. According to her, Nigeria was a key destination of investment because of its big market and population. But government needed to do a lot more to attract private investment into the Nigerian economy.
She said for this to come to reality, the aspect of government’s policies and regulatory institutions must be investment-friendly for potential investors to minimise the risk in investment. The high commissioner stated further that Britain was so much interested in partnering with Nigeria in terms of trade and development, adding also that, that was the reason for committing €3.5 billion in Africa in the next two years in which Nigeria was critical to that investment. “The British Prime Minister came to Nigeria about two months ago on an international trade mission and paid a courtesy visit to President Muhammadu Buhari to discusse how we can move from strength to strengthen in terms of our bilateral trade
