Nigeria's FDI Challenges: Focus on Capital Deployment

On September 11, 2023, experts at a pre-summit dialogue organized by the Nigerian Economic Summit Group (NESG) and the Federal Ministry of Budget and Economic Planning discussed Nigeria's foreign direct investment (FDI) challenges. Suleyman Ndanusa, CEO of Global Mandate Consulting Limited, stated that Nigeria should focus on the actual deployment of pledged capital rather than just attracting investors.

He highlighted the importance of measuring investment performance through job creation, technology transfer, and productivity gains. Abayomi Salami, Director of Policy Advocacy at the Nigerian Investment Promotion Commission (NIPC), identified key sectors for investment opportunities, including agro-processing, manufacturing, and digital technology, while stressing the need for reforms to simplify business operations.

Muhammad Adama from KPMG Nigeria noted that FDI requires long-term planning and is affected by policy predictability. The dialogue underscored the necessity for stronger coordination between government agencies and the private sector to address infrastructure constraints and regulatory challenges.