The Nigerian Economic Summit Group (NESG) has waded in to lingering commercial dispute between Kogi State Government and Dangote Cement Plc., declaring that, the steps taken by the state government may further compound the risk rating of Nigeria by foreign and local investors.

The Group, who stated this position in a communiqué issued after its meeting themed: “Building investors’ confidence: wrong time for missteps”, noted that, Nigeria had experienced low foreign investors’ confidence arising from a number of issues ranging from insecurity, foreign exchange scarcity, entrenched capital controls and an unfriendly business environment.

Despite the above listed challenges, NESG said that Nigerian entrepreneurs have continued to exhibit faith in the economy by investing in the country. The gesture, it added, was commendable and urged all hands to be on deck to ensure that the efforts of both foreign and domestic investors were not frustrated.

“The President recently submitted the 2023 Appropriation Bill to the National assembly. This budget shows a huge deficit that relies on the country’s ability to attract and mobilize both foreign and domestic capital. It is important to note that the Nigerian delegation to the ongoing annual meetings of the World Bank/International Monetary Fund would be expected to seek some support and attract much-needed foreign investments into the country.

“This is in addition to what the Private Sector is doing towards mobilising foreign investments. This, therefore, re-enforces the need for the Nigerian government to ensure that the signalling to both foreign and domestic investors is not only right but friendly and appropriate to attract investments into the country,” they said.

“Given the state of the North, particularly in terms of its security, economy and infrastructure; preparation of its young to become responsible and productive adults; its relationship with the rest of Nigeria; the critical need for good, effective and inspirational leadership and possible changes in the structures and systems of governance to make them more effective, our need to exercise vigilance over who assumes responsibility over our security and progress,” it said.

The engagements he said have become important to avoid mistakes of the past, a situation where leaders emerged with no popular inputs into their plans and programmes, and with virtually no efforts to interrogate their capacities. (New Telegraph)

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