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From Magnus Eze, Abuja
Chief Executive Officer/Country Director of Accenture Nigeria, Mr. Niyi Yusuf, is demanding that the Central Bank of Nigeria (CBN) take positive steps to guarantee foreign investors of easy repatriation of their monies once brought in to bank roll any investment in the country.
Yusuf who stated this in an interview with Daily Sun also demanded that the federal and state governments start taking low interest multilateral loans.
Speaking against the backdrop of the ongoing recession in the country, Yusuf said it would take some time before Nigeria would begin to attract sufficient Foreign Direct Investment (FDI) and that it was important the country took some short term measures that would make forex available Yusuf explained that investors look for where there is high return on investment, noting that the business environment in the country was not friendly at the moment for FDI.
Said Yusuf: “We’re supposed to make the position of the CBN clear that you can bring in forex to invest in Nigeria and you will not have any problem taking it out when you want to repatriate your dividends to your home country. Also, government can take low interest multilateral loans.
These strategies could be seen as immediate first aid before we start talking about attracting long term FDI because as we know, FDI looks for an area of high returns and acceptable risks, so that may take a while to come.”
