Why it is difficult for investors to come to Nigeria – Kachikwu

Minister of State for Petroleum Resources, Ibe Kacikwu

Minister of State for Petroleum Resources, Ibe Kachikwu has explained why some investors find it difficult to invest in Nigeria.

Kachikwu hinged their fears on security concerns and other issues in Nigeria.

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Kachikwu, who spoke at the 6th Sustainability in the Extractive Industries Conference organised by CSR-in-Action on Wednesday in Abuja, observed that although most countries of the world were faced with security issues, it was important for Nigeria to invest more in securing its citizens and investors.

He said, “Now, the second aspect of this discussion is that how do you open your economy in terms of foreign participation? There is almost some level of latent difficulty for investors to come into this country. First of all, they deal with the issue of security.

“Now, when we say security, every country has its own difficulties. You may find that if you take a crime-to-crime analysis, I’m sure that we are not necessarily worse than most countries. But it is just the publicity that we give to certain things that happen here.

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“Two, the certainty of a foreigner to walk the streets and be protected; we need to begin to address this problem for it is not all about the incident. So we need to take security very seriously. And over the next five years if we are going to do this, we need to also invest in our security to a point where regional policing and state policing are key.”

The minister called for improvements in the country’s laws in order to enable businesses function efficiently in the oil and gas sector, adding that there was also the need for consistency in government policies.

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