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

Daily Trust - - BUSINESS - From Sun­day Michael Ogwu (La­gos) & Fran­cis Arinze Iloani (Abuja)

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

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.