Nigeria Has Recorded Increased Foreign, Local Investments – LCCI

The Director General, Lagos Chamber of Commerce and Industry (LCCI),  Mr Muda Yusuf says the county has recorded  increased local and foreign investments under democracy.

Yusuf   who spoke on Thursday, said that Nigeria has recorded increase in the Gross Domestic product (GDP) since 1999.

He said that the country recorded annual GDP growth rate of about seven per cent in the last 13 years.

Yusuf made the observation while speaking with newsmen in Lagos on the achievements of the country under democracy.

“Nigeria had become a major investment destination in the Africa because investors are more comfortable in a democratic environment,” he said.

Yusuf, however, said that there was huge disparity between the nation’s economic growth and the living standard of Nigerians.

“International Monetary Fund ranked Nigeria number 36 in the world on account of GDP estimated at 273 billion dollars in 2012.

“United Nations Development Programme, however, ranked the nation number 157 on account of human development in the same year,” he said.

Yusuf said that the dividends of democracy could be evident in the business sector if government had intervened in the challenges confronting the sector.

“Many small and medium-scale enterprises still have serious challenge in accessing credit even at high rates.

“The power situation, which improved slightly towards the end of 2012, has since deteriorated.

“This development led to increase in expenditure on diesel and petrol and a resulting decline in productivity and competitiveness,” he said.

Yusuf appealed to government to bring a lasting solution to security issues in order to boost the confidence of investors.