The European Union, EU, has identified corruption and insecurity as the red flag that discourages foreign investment in the country, adding that Nigeria must show commitment to tackle the challenges of corruption and insecurity if it will start enjoying direct foreign investment.
Speaking in Port Harcourt, Rivers State, on the presentation of the report of the EU’s sponsored ‘Tomorrow Is A New Day’, a 21-month project aimed at supporting community level conflicting resolution and reintegration of ex-militants to promote sustainable peace and stability in seven Niger Delta communities, Head, Governance Programme of the EU delegation, Alan Mundaay, noted that the collapsed foreign direct investment in Nigeria was self inflicted as no foreign investor would put his money in an environment that was not enabling.
The EU chief, said: “Foreign investors will not come to Nigeria to lose money. They come to make money. If there are growing threats to many Nigerians themselves here, why will any foreign company put money and the lives of foreign human capital at risk in Nigeria under the prevailing security situation?
“It is easier for foreign airlines to work in Ghana in neglect of the far bigger Nigerian market because Ghana is more enabling and even Nigerians are running away from home to do business in Ghana. Nigeria does not need to beg for foreign investment. People will come when their investments are guaranteed. They will come without pushing when corruption is effectively tackled and the justice system reliable,” Mundaay said.