How can the Nigerian government encourage Nigerians in diaspora to invest in Nigeria?
NEWS DIGEST – It has become quite the Nigerian dream for young graduates to seek better pastures in the United Kingdom, the United States of America and other prominent European countries. The common consensus is that sundry matters at home continue to stifle the growth of citizens and Nigerians stand a better chance of success abroad.v
Now, many of these Nigerians have attained good stability abroad and some have attained affluence and status. In this Conversation, we ask what the Nigerian government could possibly do to create an enabling environment that would convince Nigerians in the diaspora to bring their investments home. Excerpts…
McKelvin Jude Oseh
Improve ease of doing business, Improve access to credit at single digit interest rate not more than 3% with credit guarantee. Ban the importation of accessible goods and services domestically. Amending the Public Procurement Act to be more inclusive. Prioritize meritocracy to boost the nation’s knowledge economy.
Daniel Apaokueze
Maximum security, affordable and sustainable power supply, good economic policies, good road network and a working educational and functional healthcare sector. More importantly, the government needs to ensure there’s a working healthcare and educational sector.
Hon Hussein Umar
[One] factor discouraging investment by Nigerians living abroad is the lack of government support financially. This particular factor can be tackled if the government issues at least 50% loan to make up their capital. If this factor is considered, more Nigerians in the diaspora would invest in their Country of origin. A government loan will encourage innovation and entrepreneurship which will equally boost the unemployment crisis.
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If the government invests in people through nutrition, health care, quality education, jobs and skills, Nigerians in the diaspora would be confident that people who have the technical know-how are available to run their businesses in the country.
Kehinde Osasona, ANIPR, FFPS
Foremost, the Nigerian government must carry out a holistic re-branding of the country image which has already been smeared before the comity of nations. There must be a safe and secure environment before an expatriate or even a Nigerian in the diaspora would think of investing in our country.
In the same vein, infrastructure is also key. Any smart government should not hesitate to make provisions for this knowing full well that with infrastructural provisions, an enabling environment would have been created for would-be investors.
Lastly and more importantly, power is very essential here. If you look at the number of companies that have left Nigeria in droves to ply their trades elsewhere, then you will agree with me that this epileptic or poor power supply being currently witnessed will do no investor any good.
Ajani Kayode
Firstly, Security. Nigerians in Diaspora must be assured of safety, no one will want to invest where there’s insecurity, and there’s a need to create more Industrial Estate, aside from the known ones.
Another thing is Electricity, at a time most companies are relocating to neighbouring countries because of Electricity, how do we convince new investors to come in. If we are truly interested, electricity issues must be addressed, and one of the ways to achieve this is to decentralize power.
Individuals and States should be given the opportunity to generate their own electricity so long as they have the means while it should be regulated by Government Agencies.
Sam Ogbeche Sam
The government needs to completely remove their hands from the economy and continue to play regulatory roles.
Ya’u Mukhtar
Secure the country against the menace of non-state actors first!
