Benson Adenuga is the Head of Office and Coverage Director, Nigeria, British International Investment . In this interview with JOSEPH ONYEKWERE, he spoke on how the Federal Government can ensure the right enabling environment and policies to facilitate investors to develop critical large-scale infrastructure projects.In recent years, Nigeria was named among the top 10 most improved economies in the world in terms of ease of doing business.
What policies and legal frameworks do you think the government should put in place to attract foreign direct investment? Creating an administrative system that facilitates FDI will also be essential to removing additional barriers to investment. Additionally, reform of the foreign exchange policy will eliminate multiple currency rates and encourage transparency and the inflow of foreign exchange into the economy.
Under our new five-year strategy, BII has pledged that at least 30 per cent of our investments will be ring-fenced for climate finance as we see the great need to devote capital to combat climate change, which is one of the most urgent crises already being faced in countries like Nigeria. British International Investment also continues to look at ways to scale food and agriculture outputs efficiently and sustainably to promote nutrition and improve food security – an especially important investment focus as African nations continue to grapple with soaring food prices.
Last year, BII supported the first close of the $80 million Energy Access Relief Fund, a first-of-its-kind fund to protect energy access for at least 20 million people in sub-Saharan Africa and Asia. We also back pay-as-you-go solar energy providers, such as PEG solar, Lumos, and Greenlight Planet, to help millions of households in West Africa access affordable, safe and clean energy supporting the move away from polluting fuels sources such as kerosene, diesel and candles.
Our experience and local presence in Nigeria enable us to identify emerging trends that can stimulate market-shaping impact. By aligning our investment choices with each country’s specific development priorities, we focus our investment programmes on the businesses with the greatest potential to effect tangible impact and create economic opportunities for as many segments of society as possible.
Provisionally, we expect a strong return on investment due to the business’s ability to meet the imbalance between the limited access to car supply and onerous and inflexible auto leasing products against the rising demand for affordable car ownership among aspiring drivers.
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