Show sense of urgency to attract more investors – Elumelu

Mr Tony Elumelu, the Chairman, Tony Elumelu Foundation has urged the Federal Government to get serious and show sense of urgency in implementing policies to attract more investors into the country.

Elumelu said this during a panel discussion at the 2017 Annual Insurance Conference in Abuja on Monday.

He also urged Nigerians to encourage the government to continue the good work it had started while realising that the people had a role to play in building the nation.

“It is one thing for government to have vision and it is another thing for those entrusted for implementing it to buy into the vision.

“I believe we have started but we need to sail the course,’’ he said.

While speaking on the ease of doing business in the country, Elumelu said, “ capital goes to where it is welcomed and there is no sentiments about that.’’

He said that if Nigeria wanted to attract more investors into the country, it must prepare itself for business.

“We must realise that there was so much competition for scarce capital and it is those who prepare themselves for it that will get it.

“If you look at our country, it’s a bit saddening that in spite of our population, endowment of all kinds of resources, we still have challenges in critical sectors.’’

He said that recently Lagos as under siege due to heavy downpour that was not managed effectively, “which is not good for business’’.

Elumelu said that some countries have more rainfall like the case of Rwanda, “its topography and the way it is structured makes people wonder how they are able to survive.’’

“If you are an investor coming into the country, you will not be happy with what you see.

“So what we are trying to say is to keep encouraging government; government is not just the executive arm, but the judiciary and the legislative arm.

“All of us must appreciate the urgency to improve the country so that we can deal with those issues, those challenges that confront us.

“Lets set the rules, let investors understand the rules, let there be creditability, let there be consistency and urgency.’’

Alhaji Kyari Bukar, the Chairman, Nigeria Economic Summit Group (NESG) said that Nigeria was where it was today because it failed to plan and save for the rainy day.

According to him, Nigerians are uncertain in their planning, the political environment and the economic environment are also not certain and inconsistent.

He said that there were challenges in skill provision and technology in the country and there was no synergy between the federal and state governments.

He said that for the country to do well, all these critical factors needed to be looked into.

Dr Joseph Nnana, the Deputy Governor, CBN, said the CBN was totally committed to drive processes that would enhance transparency in financial services in the country.

Nnana said that the apex bank recognises that it must increase its developmental functions to give support to what the government was doing to kick start growth in the country.