Mexican investors are willing to invest heavily in Nigeria’s economy, but for the prevailing security situation in the country, the Nigerian Ambassador to Mexico, Hon. Adejare Bello, has said.
Ambassador Bello said the embassy receives frequent enquiries from investors on possible areas of collaborations 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 partnership with Dangote in the area of fertiliser procurement.
In a statement signed by his Senior Special Adviser on Media, Abimbola Tooki, the envoy noted that although the Federal Government has been proactive in dealing with the security challenges in the country, the current onslaught against the criminals must be sustained.
This, according to him, will go a long way to enhance the inflow of Foreign Direct Investment (FDI) into the country.
Bello, however, said the situation was 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 property, which has made the country to lose so much in terms of FDI.
He advised policy makers in Nigeria to pay serious attention to the security of its borders against external aggression by mobilizing adequate resources towards this sector.
Ambassador Bello said in addition, the Nigerian Government should summon the 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.
He stated that the trend of declining foreign investment, particularly FDI, was a source of 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 said.
He, therefore, noted that restoring security in the country was a prerequisite for productive investment in Nigeria.