Poor governance affecting foreign investment —Moghalu

Former Deputy Governor of the Central Bank of Nigeria CBN, Prof. Kingsley Moghalu has stated that the reason why Nigeria has witnessed minimal foreign direct investments FDI in the past ten years is due to poor governance of the country by politicians.

This is as the Rivers Governor, Sir Siminalayi Fubara has disclosed that his administration has earmarked about $ 10 million in the 2024 fiscal year to boost agriculture value chain in Rivers State.

Moghalu who was the Keynote speaker at the opening ceremony of the two-day Rivers State Economic and Investment Summit (RSEIS), on Wednesday, noted that foreign investors were no fools and would only take their monies where they are guaranteed returns on their investments.

The summit which has as theme: “Rivers Emerge: Advancing Pathways to Economic Growth and Sustainability,” was held at Dr Obi Wali International Conference Centre in Port Harcourt on Wednesday.

He said that good governance was the foundation for attracting foreign investments and economic transportation lamenting that good governance was what Nigerian politicians have failed to provide for the country in the past decade.

He added that because of the prevalence of poor governance in Nigeria, the human and natural resources abundant in the country have not been sufficiently harnessed to achieve the desired prosperity.

He particularly advocated the implementation of well-meaning policies that would dismantle all the barriers to doing business while also promoting transparency and building investors’ confidence.

Prof. Moghalu said, adding to fostering two location factors of developing requisite skills among the people and building enduring critical infrastructure, the foundation for good and competent governance should be assured to make the foreign direct investment (FDI) sought to benefit the country.