Business
Developer Advises FG On Ways To Attract FDI
A real estate developer, Mr Solomon Ogunseye has called on the Federal Government to liberalise key sectors of the economy to attract Foreign Direct Investments (FDI) into the country.
Ogunseye, who is also Chairman of the Lagos State Chapter of the Building Collapse Prevention Guild (BCPG) made the suggestion in an interview with The Tide source in Lagos, Monday.
He said that FDI was necessary to boost economic growth, noting that government alone would not develop every sector of the economy without support from local and foreign investors.
The developer said that government should do away with policy inconsistency to engender investors’ confidence.
According to him, policy inconsistency should be done away with because it is a major hindrance to FDI into Nigeria.
He called on right policies, legislations and regulatory framework that could guarantee a stable macro-economic environment.
“Government needs to put in place the right policies and legislations to guarantee investors’ confidence that if they come into this environment, there will not be policy summersaults.
“There will not be challenges with their profits/dividends, there will be respect for contractual agreements and that the macro-economic environment will be stable, the economy will attract foreign investments”.
He pointed out that many countries, including Dubai developed through FDI because FDI complement domestic investments.
“FDI is what the real estate industry and the country business conducive for foreign investors to bring in more money for investment.
“In Dubai, an enabling environment is created to encourage all to bring in money for investment”.
Ogunseye noted that the country could adopt the same approach, having achieved reasonable peace and security for businesses to thrive.
He advised the government not to relent in its fight against corruption and to ensure stable electricity, transportation network and relax the visa regime, among others.
The BCPG chairman also suggested that the government should simplify the screening processes of FDI such that any foreign investor could easily bring in his investment to boost national income.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.