Business
Don Blames Low FDI Inflow On Weak Data Base
A don, Prof. Bayo Olateju, on Tuesday identified inadequate
database on real estate business in Nigeria as the major cause of low inflow of
Foreign Direct Investment (FDI) to the sector.
Olateju, the Head, Civil Engineering Department, Federal
University of Agriculture, Abeokuta, said that there were no up-to-date
directories on real estate business in the country.
He said that an up-to-date database on business in real
estate sector would help to attract more FDI into the country.
“Lack of information on property transactions has made
Nigeria’s property market less attractive to foreign investors,’’ he said.
He said that even embassies in the country ought to have
current information on property market in Nigeria to help woo foreign
investors.
Olateju said that information about any sector was
sacrosanct to the inflow of FDI to that sector.
He, however, said that Nigeria was one of the few countries
in the world where property market was vibrant during the last global
recession.
Olateju also said that information of investment
opportunities in the country was crucial to growing Nigeria’s economy and also
to check the business threats posed by some religious groups.
“Accurate information will educate foreign investors that it
is very safe to still do business in Nigeria.
“Many foreign investors still think it is impossible to do
business in Nigeria due to her current security issues, “ he said.
The don urged stakeholders in the sector to come together
and produce a database on their activities.
“Yes, inputs from the government are required; we don’t need
to wait for them because they do not have all the required information, “he
said.