FDI: Tinubu’s statement to eliminate bribery must attract strong commitment
The need to attract Foreign Direct Investment (FDI) to boost the Nigerian economy is one important subject of concern in the discourse of revamping the economy from sinking into the mire. Although there have been efforts to attract more Investors into the country’s local production space, it is important to note that such commitment would barely survive by political statements of wooing such investors. Recently, the President Bola Tinubu government laid claim to attracting a $30bn worth FDI commitment within its short period in power. It is however indisputable that more foreign investment is suffering, while Investors are divesting from the country. The question largely revolves around a hostile business environment. One of such has been the in-flows of personal interests on the part of government officials in the Country who place undue demands on willing Investors.
Recently, while seeking to win Qatar investors to attract FDI, President Bola Tinubu told international investors, especially those from Qatar, to report to him any government official that demands bribes from them. President Tinubu had also assured the international business community that Nigeria is ready for serious business as his administration will deal decisively with any and all entrenched interests in the country who undermine investor confidence in the country’s economy. He reiterated his preparedness to remove all bottlenecks standing in the way of profitable and legitimate enterprise.
Speaking at the Nigeria-Qatar Business and Investment Forum in Doha, recently, President Tinubu told Qatari investors that Africa’s largest economy and its systems are being reformed and upgraded, and asked Qatar’s captains of industry to report any government official who demands a bribe or any form of inducement at any point in their business endeavour moving forward with full assurance of their direct access to the President’s Office.
“I am here to give you the assurance that reforms are going on; forget about whatever you heard in the past. Whatever is the obstacle or problem that some of you might have experienced; it is in the past, because there is no obstacle in the future.
“Do not offer a bribe to any of our people, and if it is requested or taken from you, report to us. You will have access to me. Nigeria will no longer be defined by the past, but by what we do now and moving forward. Do not let perceptions become a hindrance to your will to invest.
“Nigeria is serious about revolutionising investment promotion. We are removing obstacles today and we are going to continue to remove all obstacles. We have done so much within nine months. And I am assuring you, it is free entry, and free exit. Your funds will flow smoothly into and out of our country. Bring your investments,” Tinubu said, as quoted in a statement issued by his Special Adviser on Media and Publicity, Chief Ajuri Ngelale.
He noted that the war against corruption and insecurity in Nigeria had been significantly strengthened with the appointment of the former Chairman of the Economic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu, as National Security Adviser (NSA).
According to him, “We have a man who has won many global awards for anti-corruption as an anti-corruption czar.
“My responsibility is to tell you that Nigeria is open for business, and to assure you that your investments are safe in our hands. We have men and women of great reputation here. And we believe we can forge a good committee that will advance our discussions to fruitful conclusions. A nation is an artificial entity unless there are good people to drive it. People build great nations and we have great people. We are ready.”
It is important to note there are vast opportunities in the business landscape of the country, but concerted efforts to make the environment friendly and sane for investors remain paramount.
President Tinubu, trying to win the Qatari investors had said, “We have oil and gas; we have solid minerals. I do not see why we cannot become prolific partners in exploring iron ore, as well as steel production, and energy across the board. I am here to give you assurances in all spheres: tourism, hospitality, healthcare, and in many other opportunities that abound around us. Do not be the investors who miss out on the golden opportunity we present.”
It is important that the present government go beyond political statements to real actions, to make the environment conducive and attractive to foreign investors, while ensuring that all bottlenecks and agents of undue interest are eliminated. It is therefore paramount for the President to work with all necessary stakeholders to sanitise the system according to his declared commitment captured in his statement.
