How to tackle Nigeria’s economic woes – Alhaji Kassim Musa Bichi

foreign exchange for essential foreign inputs), a competitive business milieu, protection from substandard cheap imports and patronage for both local and foreign capital to invest in the economy. Moreover foreign capital needs liberal policies for funds movement as well as safety and security of both investment and foreign personnel.

Why are Nigerian companies relocating to neighbouring countries?

Because they are not charities and so they need good returns on their investments. Capital thrives on positive returns occasioned by low costs, high profits, and safe environment. Unfortunately in recent years, the dismal situation and the general insecurity pervading the nation made some companies, especially foreign owned, move their operations out of the country. Just a few days ago, Arisco, the tomato paste maker, was reported to be relocating to China!

What was your legacy as former MD of NNIL?

Before I was appointed the Managing Director of the Northern Nigeria Investments Limited (NNIL) in Kaduna, under the flagship of the Northern Nigeria Development Corporation, NNDC in September, 1985, the company had been without a substantive chief executive for one year. When I came on board the company was liquidated, but a few years later, its fortune changed positively and significantly and it started paying dividends to the NNDC. I resigned voluntarily after achieving a high level of professionalism, profitability and stability for the company which my successors have been able to build upon such that the company is still going strong despite most of its investments being transferred to the NNDC, long after I left.

Why did you serve for long as the MD of Federal Mortgage Bank?

Yes. I was MD of FMBN from Sept 1995 to Jan 2003. My legacy from that appointment was that I was the leader of the management team that made the National Housing Fund (NHF) a reality and a huge success. From virtually nothing in 1995 we had collected over N10billion by the time I left, thus fully entrenching the NHF Scheme in the nation’s financial services system. I also moved the headquarters of the bank from Lagos, where it had been since 1956, to Abuja in 1997 and also saw to the completion of its hitherto abandoned head office building in Abuja.