EU envoy tasks FG on Foreign Direct Investment protection

Kemi Adeosun, Minister of Finance and Senator Udoma Udo Udoma, Minister of Budget and Planning.

The European Union has called on the Federal Government to boost foreign investors’ confidence by facilitating policies that creates an enabling environment for investment in the country.

Head of EU Delegation in Nigeria, Ambassador Michael Arrion, while speaking with the Nigerian Tribune on the sideline of the fifth EU-Nigeria Business Forum, said European investors were ready to invest in the Nigerian capital market but were scared because there is no strong policy to back their investments in case of defaults.

He noted that investment opportunities abound in the country as the biggest market in Africa.

“There’s golden opportunity in the Nigerian market. Our investors have the market and are convinced about the potential of the Nigeria. What is missing is to be sure about the protection of their investment.

“The problem is the problem of rule of law; the problem of governance, the problem of protection of investment. The problem is not the money, not the investors; not the market; the problem is the image of Nigeria and the capacity of Nigeria to have strong institution to protect the citizens, the residents and also the investors,” he said.

Earlier, Arrion had noted that the European Union and Nigeria have developed robust economic relations with very large trade volumes at €30 billion in 2015, while adding that Nigeria was a key beneficiary of EU Foreign Direct Investment (FDI) with FDI stock of €30 billion in 2015.