LCCI, Oxford Group explore new measures to attract foreign investments
The Lagos Chamber of Commerce and Industry (LCCI), and the Oxford Business Group (OBG) have partnered to leverage the launch of a new report, Nigeria 2020, to attract foreign direct investments (FDIs) into the country.
This, according to them, is because the Federal Government is currently overwhelmed by the myriads of challenges, leaving many sectors begging for investments to create wealth and job opportunities for the nation’s teeming youths.
The Director-General, LCCI, Muda Yusuf, at a press conference, said ‘The Report Nigeria 2020’, would highlight the key role that an infrastructure drive planned for the agricultural, manufacturing and service industries is expected to play in attracting new investors and boosting inflows.
“It will also examine the country’s efforts to develop the green energy segment, which is being primed to play a pivotal part in boosting power provision. The report would also shine a spotlight on the sectors of Nigeria’s economy that are ripe for investment as the country steps up its bid to reduce its reliance on oil revenues,” he said.
Yusuf said he is delighted to be teaming up with OBG for the forthcoming report that will ensure investors were kept informed of the latest developments in Nigeria’s evolving economy.
In his words,” Despite being a key regional player and the largest economy in Africa, Nigeria has historically struggled to provide investors with the up-to-date, reliable business intelligence they need to make informed decisions.”
He said OBG has played a key role in filling this void since launching its operations in Nigeria, furnishing representatives from both the private and public sectors with extensive, accurate data and analysis on the rapidly-changing domestic economic landscape.
The report will give information to tell the investing community, globally, in particular, about what is happening in the different sectors of the economy, policy issues, and sectors that are thriving well. It is a compendium of information about the Nigerian economy.
On the new taxation regime and expectations from the fragile growth of the non-oil sector, Yusuf said: “We have not seen details under the finance bill, but the President said there is a finance bill, and until we see details as contained in the finance bill, we will not be able to analyse what it is.”
According to him, the sectors that have challenges are the sectors that are producing, as a result of inadequate infrastructure.
“Once we deal with the infrastructure issues that space will also pick up. The infrastructure itself is an investment opportunity. If we can create the right investment for power, you can imagine the growth that would happen in the power sector,” he advised.
The Country Director for Nigeria, OBG, Christophe Bonami, agreed that these were exciting times for Nigeria, as the country looks to bridge infrastructure gaps, encourage innovation and galvanise growth outside of the oil sector.
He said the Chamber has long been a driving force on the city’s business scene, with its efforts to promote trade and commerce, encourage investment, and support entrepreneurial activity delivering positive results both locally and nationally.
“We are delighted to officially launch the research for the Report Nigeria 2020 in partnership with the LCCI, which will include exhaustive market analysis on sectors of the Nigerian economy ranging from banking, capital markets, insurance, and energy to agriculture, transport, ICT, and construction,” he said.
He noted that OBG has concluded a number of strategic distribution agreements with some of the world’s most influential and internationally-recognised financial and trading online platforms.
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