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From Isaac Anumihe, Abuja
Chairman and Chief Executive Officer of JP Morgan, Mr. Jamie Dimon, has advised countries, including Nigeria to ensure policy consistency in their respective regulatory frameworks.
According to Dimon, to attract investment requires consistent laws, regulations, rules, legislations, and legal environments, and when those are in place, plenty of capital would be attracted. A lot of countries in the legal environment flip back and forth,he said
The chairman who stated this on Wednesday at the 30th Nigerian Economic Summit stressed that JP Morgan would double or even triple its investment in the development banks,
Speaking on how to attract investment, Dimon said: “There’s no mystery about that. You know, capital goes to where it’s taken care of and where people think they can make some money and have a return on the capital in the long run.
“Very often countries, I’m not talking about Nigeria, if they have very inconsistent policies, they, investors, don’t want to go there, and the real capital is going to come from companies.
“I think we in America do a much better job than what is called development finance. If you look at our development institutions, we could double, triple that. JP Morgan will double, triple our investment in the development banks, but the real capital is private capital companies around the world that might be sovereign wealth funds, and they want to come here for investment opportunity. “So to do that requires consistent laws, consistent regulations, consistent rules, consistent legislations, consistent legal environments; you will get plenty of capital here, but it’s going to be consistent, because a lot of countries in the legal environment flip back and forth, and the government flips back and forth.
JP Morgan, which has been operating in Nigeria since 1960 noted that capital, investments, jobs, etc are good for a country, and if a company is not financially healthy, it will fall.
The chairman pointed out that regulations do not inhibit companies from growing rather good leadership, which encapsulates trust; good administration is required to manage businesses effectively. ENDS
