The Organised Private Sector of Nigeria (OPSN) has urged President Bola Tinubu to enhance the business environment to attract foreign direct investments (FDIs), emphasising the need for a conducive atmosphere to retain local businesses and attract foreign investments.
The move came following Tinubu’s recent business trip to the United Arab Emirates (UAE), alleging that he was busy jetting out of the country seeking investors, whereas Nigeria has many investors who could generate the needed investments when given the enabling environment.
It lamented how toxic the country’s operating environment is, which has led to many local businesses relocating to neighbouring countries.It argued that if the country’s operating environment was favourable for businesses, both local and foreign investors would invest and the nation would seamlessly attract FDIs and generate more revenue.
OPSN made the submission at this year’s Employers’ Excellence Awards organised by the Nigeria Employers’ Consultative Association (NECA) to celebrate businesses’ resilience and doggedness in the last year.
Noting how impactful and critical the contributions of the private sector are to economic growth, a former president of NECA and Chief Executive Officer of Neimeth Pharmaceutical, Samuel Ohuabunwa, urged investors and others who are doing business in Nigeria not to look at how harsh the operating environment is.
He said Nigeria needed investments to create more jobs that would create wealth and eliminate poverty.Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, said Nigerians needed much from its leaders, stressing that what shapes a country is when the leaders take bold steps and initiatives to impact positively on the citizens.
“We run an economy where the environment is not conducive for business but you see a resilient investor and you see people against all odds believe in Nigeria.
“We are gathered here to ensure that Nigeria, even as it is operating far below its potential, takes its place as a leading economy in Africa,” he said.
Director-General of NECA, Adewale-Smatt Oyerinde, highlighted challenges of regulatory barriers, multiplicity of taxes and threats of strikes and protests, stating that despite all, organised businesses remain persistent.