An economist, Prof. Segun Ajibola, has advised the Federal Government to accord priority to friendly business environment for investors in  implementing the Economic Recovery and Growth Plan (ERGP).
Ajibola gave the advice in an interview with newsmen during the just concluded 23rd Nigeria Economic Summit (NES#23) in Abuja on Thursday.
Ajibola, President/Chairman of Council, Chartered Institute of Bankers of Nigeria, said that what defined conduciveness was policy stability, rather than policy somersault.
“If an investor knows for certain that he is coming to invest under these terms and conditions that are stable and predictable, he can come freely and go when he wills.
That will facilitate business, so government must ensure that there is stability in the system through stability in policy making and implementation,’’ he said.
Ajibola, who commended the Federal Government for stability in Foreign Exchange rate, said the effort would also boost foreign investment.
He, however, called on the government to sustain the Foreign Exchange Policy.
“If the Foreign Exchange is unpredictable, its unpredictability will scare away foreign investors.
“Also, the issue of infrastructure is very key; if we can address the issue of infrastructure, it will go a long way in enhancing economic growth,’’ he said.
In addition, he advised the government to ensure access to funds, saying “ access to finance covers a lot of areas, including borrowed funds and intervention funds”.
“If there is access to finance, you will not be forced to devote a sizeable proportion of borrowed funds to provide basic infrastructure like power, road, security etc.
“You will be able to consecrate the funds on the real projects and you will be able to make some impact and contribution to overall performance of the economy either in terms of growth or by extension development.’’
Ajibola, Dean, College of Postgraduate Studies, Caleb University, Lagos, also advised the government against borrowing to fund overhead costs.
“The problem is when government borrows to fund super structure that will not add value to the economy and will not promote growth, it is not a good borrowing.
“Now when we talk about government borrowing, like the Treasury Single Account (TSA), which government took away money from the system to the CBN.
“The question is if the funds were in the hands of government, why is government borrowing from the domestic economy?
“Why is government borrowing through the issuance of treasury bills at this very high rate? It borders on the template the government is operating at the moment.
“Where-in we have deficit financing, government needs money from every segment to fund the 2017 budget; that is overheating the system and inflation remains untamed,’’ he said.