Following the recent visit of the Nigerian President to the UK for a parley with investors, one of the fall-outs of that event which looked at the issue of enabling Nigerian investors better yielded Government’s revelation that concerted efforts are being made to ensure that entrepreneurs can access Long Term Loans, as the country aims to be among the top 20 economies in the world by 2020.
Government officials at the fifteenth session of the Honorary International Investment Council (HIIC) in London on Friday, stressed that availability of long term affordable finance in Nigeria would encourage more local and foreign investments.
The Co-Chair of HIIC, Baroness Linda Chalker, stressed that such loans were essential to make the economy more competitive.
“The council supported the need to ensure holistic approach covering entire financing value chain so that all aspects of financing, including debt finance, capital market as well as alternative financing should be available,” she said.
Access to affordable finance to bring to life their ideas is a major problem to entrepreneurs in Nigeria.
As the government places priority on access to loans, the country’s major source of revenue – crude oil – is being syphoned. Crud Oil theft is affecting the actual revenue generated from the sales.
Also, corruption and bureaucracy have affected the availability of funds for financing of loans and as such, hinder investors’ access to affordable loans.
These and other issues were discussed copiously at the Investors council meeting and suggestions proffered.
Among the dignitaries on the President entourage was the governor of Delta State, Emmanuel Uduaghan, who emphasised that crude oil theft required technical process and that only people with such ideas could be involved in the crime.
“The people that know what to do are those that are directly working with oil companies or contractors to the companies.
“I appeal to International Oil Companies (IOC) to look inwards in that area,” he suggested.
A council member and investor, Alec Erwin, pointed out that there were improvements in the registration of companies in Nigeria.
“The impression that many investors have of Nigeria is improving very very quickly,” he said.
The Nigerian President, Goodluck Jonathan, had on Friday tasked the council to look at issues hindering competitiveness and investments in Nigeria.
“Competitiveness ultimately drives profitability which is what investors are seeking world wild,” he said reiterating the government’s commitment to making the Nigerian economy more competitive.
The HIIC was inaugurated in 2004 by a former Nigerian President, Olusegun Obasanjo, as an advisory council to the Nigerian government on economic growth.
The council, which meets every six months, is an organization of prominent investors from around the world that advises the Nigerian government on matters pertaining to the country’s economic development including reducing political corruption, making the best of oil production and attracting more investments.
The idea is also to see Nigeria lose the identity of crime, violence, poverty, political instability and other vices often associated with the country’s image.
