Citing the statistics by the United Nations, the Worldometer had estimated Nigeria’s population at over 207 million.
Apart from the negative impact of COVID-19, it is trite that Nigeria as a developing nation needs foreign investments for development especially, the creation of employment opportunities, improving living conditions and generation of wealth. Therefore, no movable property or interest in any immovable property may be compulsorily acquired, except in accordance with the law which, among other things, requires prompt payment of compensation and gives to any person claiming such compensation, the right of access to a court of law or tribunal having jurisdiction, in order to obtain a determination of the right and the amount of compensation payable.
President Buhari has not only mounted international campaign for inflow of foreign investments into the country but has also taken deliberate steps to improve the ease of doing business in Nigeria. Among the notable results of the Buhari’s reforms, besides the better ranking by the World Bank Doing Business report, include; the launching by the Federal Inland Revenue Service of a centralised e-payment channels contributing to a 20 per cent reduction in time businesses spent on documentation and payment of taxes; the launching by the Nigerian Immigration Service of a fully digitised e-visa process guaranteeing visa approvals in 48 hours; the re-engineering of the registration processes and...
It was understood from my research and observation that SHIN, having successfully integrated the Egina Floating Production Storage Offloading in Nigeria, has transformed Nigeria the FPSO integration and fabrication hub in Africa. Apart from SHIN, another foreign company, Africoat, an American company also built a pipe coating mill in Nigeria.
Indeed, it was a public knowledge that Africoat suffered loss of many business opportunities and was forced to leave Nigeria because of LADOL’s monopolistic tendencies, which have suffocated foreign investors in the zone and denied Nigeria foreign investments. NPA revealed that LADOL collected an outrageous amount from a third party for some hectares of land for which it paid only a paltry amount to NPA. LADOL was also accused of monopolistic tendencies and chasing away foreign investors from the free zone.
The purpose of setting up the free zones by the federal government was to attract foreign direct investment , generate employment, encourage transfer of technical skills to Nigerians and boost the country’s economy. The zone operator has developed monopolistic tendencies, transforming itself from zone manager/agent of regulator , to sub-lessor and exclusive service provider.
How about local investment? What is blocking them? We have more money spent on election than on the infrastructure