Why Foreign Investors Are Fleeing Nigeria – Moghalu

Kingsley Moghalu, a Nigerian economist and former deputy governor of the Central Bank of Nigeria, has outlined the reasons why many international investors are moving their money out of Nigeria and into other African nations.

This was revealed by Moghalu on his official Twitter account on Monday. He claimed that Nigeria’s weak economic policies and business environment are deterring investment.

He added, “I notice that many investors are interested in Nigeria’s potential value, but are held back by inadequate economic policies & business climate. In my firm as a “knowledge entrepreneur,” I provide advice services to foreign investors interested in Nigeria and other African countries.

“Ease of doing business primarily refers to the content of policy as well as the openness and effectiveness of the market. Administration of the ports and tax matters are also quite important. Without a substantively conducive policy space and zero/low corruption, most potential investors will stay away, and some inside may already depart. We can concentrate on the ease of doing business all we want.

According to Moghalu, Nigeria’s economy may see a boom as early as 2023 depending on how things play out saying that investors are very drawn to Nigeria.

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