Economic experts have identified weakened fiscal policies, insecurity, among others as major reasons why Nigeria is not attracting foreign investments in recent times.
The total value of investment inflow, according to the National Bureau of Statistics, dropped from $23.99bn in 2019 to $9.68bn in 2020, representing a 59.65 per cent decrease.
Even though the decrease may be partly due to the COVID-19 pandemic, experts have said that it is a product of weak fiscal policies which must be addressed urgently.
The Chief Executive Officer, Cowry Asset Management, Johnson Chukwu who was featured on Arise TV Morning show on Tuesday, said there is need for policy reviews, and stakeholders’ deliberations on why Nigeria has not been a preferred destination to foreign direct investors in recent years.
He explained that apart from Lagos, Rivers and the Federal Capital Territory, other states in Nigeria lacked the adequate structure to attract investment and private capital.
He added that most states cannot be sustained without the monthly federal allocation by the Federal Government.
According to him, Lagos state has remained the main recipient of investment inflows as it accounts for more than 80 per cent of the total capital imported into the country.
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