Nigeria’s 35% return on investment ranks 4th globally– BOI

The acting Managing Director of the Bank of Industry (BOI), Mr Waheed Olagunju, has said that Nigeria’s 35 percent return on investment makes it a top investment destination in the world. The rate of return made Nigeria ranked fourth globally,

Olagunju said this, weekend, in Lagos, on the sidelines of BOI media parley titled: “Sustaining Nigeria’s industrial sector growth through impactful partnership.”

He said that return on investment was higher in Nigeria than in other countries, warning against taking that for granted.

He said: “In terms of investment returns, we rank number four with 35 per cent. Nigerians might go to other countries where they have 15 per cent return on investment, where the risks are not as high as Nigeria.”

On how to improve the investment climate in the country, the BOI boss said: “We should try and de-risk our environment, improve on climate and continue to take measures by increasing our ranking in doing business.”

By doing so, he said, loans taken from development finance institutions can be repaid, export would increase and jobs created.

“There is an urgent need for us to go back to the roots instead of running about and looking for jobs. This is why we need the support of state governors to encourage their youths to embrace entrepreneurship, and also fulfill their part by creating an enabling environment for business to thrive in their states,” he said.

Olagunju underlined the need for industrialisation as the way out of the nation’s current economic problems