‘Stable forex rates will bring more investors to Nigeria’

Malam Halliru Said is the Managing Director/CEO of Jigawa Investment and Property Development Company. He represented the state at the recent Annual Investment Summit (AIM) in Dubai, UAE. He says in this interview that the FG should ensure stable foreign exchange to encourage investors into Nigeria.

What can be done to attract more FDI to Nigeria?

The country needs to ensure stable foreign exchange rates. Investors like to invest in an environment with a stable and predictable exchange rates because only this will allow them to take effective investment decisions.

There is also a need for stable policies; these will provide the much needed guarantee for the investors willing to bring in the funds needed here. Governments at all levels should ensure transparency, rule of law and secure environment.

What are the roles of FDI growth and development in Nigeria?

FDIs are catalysts for general economic development of nations; they provide the much needed funds to critical sectors of the economies. Inflow of funds from investors into the Nigerian economy could increase local competitiveness as a result of the creation of new businesses and expansion of the existing ones.

A competitive business environment is seen as important to attract investment to a country or state. Is this still true of most economies?

Let me talk about my state. Jigawa State has maintained a stable business environment over the years. Government in its effort to attract and retain investments in the state, established a one-stop agency aimed at assisting potential investors. This has really helped to attract and retain investors.

What are the entrepreneurship? best ways to encourage

Government should provide the enabling environment for businesses to flourish and there should be easy access to funding especially for MSMEs. Not to forget provision of infrastructure, and capacity building for industrialists.

Electricity supply is still not stable; won’t this challenge scare away local and foreign investors?

Not necessarily because some investors will see it as an opportunity. It can provide opportunity for investors in power generation, particularly using renewable energy such as solar, wind or biomass fuel.

Do you think the World Bank and other international financial organisations are doing enough to alleviate poverty in the developing countries?

The efforts by the World Bank and other organisations such as ADB, Islamic Development Bank etc in financing development projects in emerging economies are commendable. However, there is need for more collaborative efforts between the financing organizations and the host countries in the areas of financing businesses especially MSMEs. Concurrent financing infrastructural and business development could result in increased economic activities which will in turn improve citizens’ income thereby reducing the prevalence of poverty.

Did you succeed in getting any investor at AIM to invest in Jigawa?

Yes, I met some businessmen willing to come to our state. But you know investing in a new territory needs a lot of studies and discussions.