PDP chieftain disagrees with Femi Adesina on inflow of  foreign investors to Nigeria despite insecurity

People’s Democratic Party (PDP) chieftain and former Delta State gubernatorial aspirant, Chief Sunny Onuesoke, has faulted the statement of the Special Adviser on Media and Publicity to the Presi­dent, Mr Femi Adesina on the inflow of foreign investors into Nigeria despite insecurity.

Mr Adesina was reported to have stated during an interview on Channels Television that the insecurity challeng­es bedeviling Nigeria will not stop foreign investors from coming into the country to do business.

The Presidential spokesman hinted that those thinking like investors know that it is in challenged areas that it is best to invest because they are attracted at very attrac­tive rate  and when those challenges are surmounted, they will then make a lot of quick returns on their invest­ments.

Describing Adeshina’s insinuation as a consolation statement, Onuesoke, in a statement, pointed out that the persistent issue of insecurity in Nigeria has been fingered as a major reason behind foreign investors pulling out their investments from the country.

Onuesoke argued that if insecurity is a panacea for attracting foreign investors, the rate of foreign investors would have increased, but the reverse is the case with over N1.77 trillion foreign investments  divested from the country in the last two years as a result of  insecurity.

“The prevailing insecurity in the country and other macroeconomic challenges have continued to hamper investment in the stock market, with foreign investors pulling out N1.64 trillion from the market in three years.

“In 2018, N642.65 billion in foreign portfolio investment outflow was recorded, while foreign investors withdrew N523.42 billion and N481.93 billion during the corresponding period in 2019 and 2020,” he recalled while quoting a report.

The PDP Chieftain argued that it will be naïve enough for an investor to close his eyes to insecurity or any other investment risk that has the capacity to jeopardise his investments, stressing that without caring about profit, an astute foreign investor will take flight with at least, the principal amount when danger is real, perceived or anticipated.

“The spate of security crises, a tough business climate, and policy inconsistency are among the factors that cut Nigeria’s Foreign Direct Investment (FDI) to $875 million in the second quarter of this year, the lowest since 2016.

“This was contained in a presentation by the Chairman, Presidential Advisory Committee on the Economy, Prof. Doyin Salami, for the Nigeria Economy Summit Group (NESG),” he recalled.

Instead of living in a life of consolation, Onuesoke advised the Federal Government to match words with actions in dealing with the security challenges in Nigeria.

He added that ones it is handled, foreign investors will flow into Nigeria hence investment opportunities are bound in all nook and cranny of the country.

“The security agencies should be properly trained and equipped  to ensure efficiency and effectiveness in their operations.

“The government should also avoid the temptation of politicizing insurgency and herdsmen attack of various
villages throughout the country, but treat them as enemy in the wheel of progress of the country,” he advised.

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