Insecurity halts flow of investment from Mexico to Nigeria ― Envoy

Nigerian ambassador to Mexico, Rt Honourable Adejare Bello, has disclosed that Mexican investors are willing to invest heavily in Nigeria’s economy but for the prevailing security situation in the country.

Ambassador Bello said the embassy receives frequent enquiries from investors on possible areas of collaboration between both countries but all these efforts to attract foreign investments are being thwarted by the news of insecurity.

Specifically, he said some of the areas the foreign investors have been looking to invest include oil and gas, gold mining, agriculture as well as establishing a partnership with Dangote in the area of fertiliser procurement.

Bello noted that although the federal government has been proactive in dealing with the security challenges in the country, he advised that the current onslaught against criminals recently must be sustained.

This, according to him, will go a long way to enhance the inflow of foreign direct investment into the country.

Bello said the situation is not peculiar to Mexico alone but that most envoys would have contributed more effectively towards President Muhammadu Buhari-led administration’s zeal to deliver more dividends of democracy but for the hydra-headed security challenges facing the country.
In the last decade, one of the critical challenges facing the Nigerian economy is the lack of adequate security of life and properties which has made the country lose so much in terms of foreign direct investment.

He advised the policymakers in Nigeria to pay serious attention to the security of its borders against external aggression by mobilising adequate resources towards this sector.

In addition, the Nigerian government should demonstrate political will in ensuring adequate internal security on a sustainable basis to create a friendly investment climate for inflows of foreign capital into the country.

Bello stated that the trend of declining foreign investment, particularly FDI, is a worry for Nigeria which is in dire need of private capital to boost economic growth and create jobs.

President Buhari’s plan to lift 100 million Nigerians out of poverty in 10 years is likely to fall short of expectations without adequate investment in human capital and infrastructure, most of which must come from both local and foreign investors.

Ambassador Bello, therefore, noted that restoring security in the country is a prerequisite for productive investment in Nigeria.

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