Femi Adesina, a spokesman for President Muhammadu Buhari, says Nigeria’s insecurity will help investors make huge returns on investments.
“If you are thinking like an investor, you will know that it is in challenged areas that is best to invest,” Mr Adesina reasoned Monday night on Channels TV. “Because when you invest in challenged areas, you go in at attractive rates because of those challenges. And when those challenges are surmounted, you then make a lot of returns on your investment.”
Mr Adesina, who admitted that Nigeria would not be well-rated as a good destination for investors if security were factored in, rehashed Mr Buhari’s assertion at Dubai Expo 2021 that investors need to keep an open mind about the country.
Citing those who invested in the telecommunications sector under unfriendly military regimes, the presidential media aide reasoned that Nigeria remains a good place for investors given the country’s population, market size, and human resources.
“Imagine those who invested in telecoms at a time Nigeria was not an attractive destination under military rule. Do you know the returns they receive today, 20-22 years after?” he argued. “Because they are hardcore investors, they could see beyond the facade. So they knew this was a place to go into because they saw into the future.”
A recent report on the top 10 attractive countries for investment by Rand Merchant Bank ranked Egypt, Morocco, South Africa first, second and third respectively, with Nigeria missing in the top 10.