Tuesday, August 06,
2019 / 6.50PM / Ottoabasi Abasiekong for Proshare WebTV / Header Image Credit: WebTV
Policy signalling will be vital for Nigeria’s quest to increase its Foreign Direct Investment inflows in 2019 and beyond
The Director-General of the Lagos Chamber of Commerce and Industry Mr. Muda Yusuf disclosed this at a recent policy dialogue on the Nigerian economy and the opportunities in the African Continental Free Trade Agreement (AfCFTA).
Yusuf said that policy alignment between the fiscal and monetary authorities in the Nigerian economic framework, was important for investors to understand the direction of the nation’s economic philosophy.
He emphasized the fact that the current situation of discordant tunes in policy statements of the fiscal and monetary authorities in the country, must be addressed particularly as President Muhammadu Buhari is expected to inaugurate his cabinet later this month.
Yusuf stressed that policy signalling must bring clarity on Nigeria’s openness to trade and its willingness to create an enabling business environment.
Speaking further the LCCI DG called for efficiency in the economic management of the country, with the alignment of trade policies with reform objectives of the government.
A lack of policy alignment and poor policy signalling by the government according to him will impede key FDIs, that can be tapped in to boost economic growth in the nation.
According to the Nigerian Investment Promotion Council (NIPC), $15.15bn foreign direct investment, FDI, inflows came into the country in H1, 2019.
Analysts are expectant that President Muhammadu Buhari’s new economic team will provide policy signals that will attract more FDIs to the economy.