Nigerian government has been admonished to formulate realistic, but sustainable economic roadmap in other to woo and gain the confidence of investors.
This call was made by a panel of discussants at the official launch of the Nigerian Banking Report 2016 organised by Afrinvest West Africa Limited in Lagos.
The GMD/CEO of Afrinvest, Ike Chioke, dissected the Nigerian Macroeconomic environment and reviewed Nigerian Banking Sector performance in 2015/16 to set the tone for the event tagged ‘Searching for Investor confidence.’
Moderated by Wole Famurewa of CNBC, the panelists raised suggestions on how the country can navigate the present economic situation and regain the confidence of both local and foreign investors.
Prof Pat Utomi noted that we have leadership challenge in the country and that we need to build robust policies on investment that will entice both domestic and foreign investors. He believed the environment must be right for investment.
In his view, CEO, Economic Associates, Dr Ayo Teriba observed that the country had been obsessed with export and portfolio investment which are very volatile. He opined that we should be looking into other areas like diaspora investment remittances, and building greenfield foreign direct investment. He said the issue is more or access than confidence.
Speaking from another dimension, Mr Sulaiman Abubakar, ED/CFO Sterling Bank Plc believes the country must be ready to tell a national story of its economy. He stresses that we must teach the story to children at all levels, everyone must embrace it and tell it the same way. He called for coercion in in to information dissemination.
Another speaker, Mrs Ibukun Awosika, Chairman, First Bank of Nigeria Ltd, believe we must focus more on local investors whom she opined would reinvest the money within.
They all believed having a sustainable economic policy direction that won’t change with change in government will be a major catalyst in wooing investors into the economy.
The evening came alive with the launching of the 11th edition of the Nigerian Banking Report 2016 by former governor of CBN and Emir of Kano, Muhammadu Sanusi.
He remarked that events of the past few weeks where Nigerians are getting involved in the debate over economy is a positive development. He further threw his weight behind the decision of the CBN and Monetary Policy Committee to retain the interest rate as they are.
Dignitaries at the event include former Governor of Anambra State, Mr Peter Obi, Prof Pat Utomi, Dr Ayo Teriba, Ibukun Awosika, Sulaiman Abubakar among others.