Nigerians in Diaspora Write Tinubu, Decry Poor Investment Climate
Nigerians living abroad have voiced concerns over the country’s challenging business environment, urging President Bola Ahmed Tinubu to address systemic issues that hinder diaspora investments. In a letter addressed to the President, the expatriate community highlighted persistent obstacles such as inconsistent government policies, inadequate infrastructure, bureaucratic bottlenecks, and insecurity, all of which have deterred potential investors.
According to the signatories, many Nigerians in the diaspora are eager to contribute to the nation’s economic growth through investments in various sectors, but the lack of an enabling environment has made it difficult to do so. They emphasized that despite government rhetoric about attracting foreign direct investment (FDI), the reality on the ground tells a different story.
One major concern raised in the letter is the frequent policy changes that create uncertainty for businesses. “Many investors are hesitant because policies change without warning, making long-term planning almost impossible,” the letter stated. They also pointed to high operational costs, particularly in the power and logistics sectors, as significant barriers to entry.
Security was another key issue cited by the diaspora community. Reports of kidnapping, armed robbery, and fraud have discouraged many from investing in Nigeria, with some opting for more stable environments in other African countries. “No one wants to pour their hard-earned money into a system where safety is not guaranteed,” a section of the letter read.
The diaspora group urged President Tinubu to implement investor-friendly policies, streamline regulatory processes, and prioritize security reforms to foster confidence among potential investors. They also called for stronger engagement between the government and Nigerians abroad, proposing the establishment of a dedicated agency to facilitate diaspora investments.
This appeal comes at a time when Nigeria is in dire need of foreign investments to boost economic growth and stabilize its currency. Whether the Tinubu administration will respond with concrete reforms remains to be seen.
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