Over a decade now, Nigeria has been struggling to secure more prominent investors even though the country is the giant of Africa.
This worrisome situation that needs urgent intervention is due to some issues that were neglected by Nigerian leaders in the past, knowing frankly that it would become a future misfortune to the economic stability of the country.
Th major problem that caused the “investor fright” is lack of adequate electricity in the country. Nigerians have been suffering from lack of electricity or no electricity over many years, without a permanent solution. All manufacturing industries depend on a consistent, reasonably power source as a stability factor to establish their business in any country.
Another burden, is the reputation of security that was destroyed by the Boko Haram terrorist attacks in the country. Many investors also think that kidnapping of foreign nationals is embedded in the culture of the Niger Delta region, Northern Nigeria, and the regions of Western Nigeria, predominantly Lagos state.
Moreover, the corruption attitude of some fellow Nigerians and regulating bodies does not allow for investors to develop full confidence in Nigeria when its comes to investment.
Lack of accessibility to good roads, business friendly banking policies, accompanied by the falling value of the Naira make the case for future large-scale venture capital bleak.
Nigerians are hoping on the amendment of these mistakes from the present administration as President Buhari and the All Progressive Party (APC) won their government seats on the hope of Nigerian citizens desperately wanting “Change”.