Legal, institutional challenges inhibit investment in Nigeria
VITALIS UGOH, Calabar
Legal and institutional challenges have continuously inhibited investment in Nigeria and if we must make any meaningful progress, relevant authorities must as a matter of priority address it to allow investments to thrive.
This assertion was made by Rt. Hon. Onofiok Luke while delivering a lecture to mark the presentation of a book titled “Crossing the Boundary” in honour of the presiding Bishop of Christian Central Chapel in Calabar International.
In his keynote address, Luke, who represents Nsit Ubium constituency in Akwa Ibom State House of Assembly, said Nigeria must quickly checkmate its security challenges in order to maximize her potentials.
According to him, “Security has been a key factor which makes the Nigerian business environment unfriendly.
“Hostilities in some Niger Delta communities and the insurgency in the North East of the country are some issues which this democracy must urgently address if we are to maximize our potentials”.
Reflecting on the topic “Translating Nigeria’s Democratic Experiences to Tangible Economic Development”, Luke said racketeering in the oil industry remains prevalent in Nigeria. He applauded the reforms in the downstream sector.
“The reform in the downstream oil sector such as deregulation within the first decade of the Fourth Republic largely contributed to the disappearance of detestable long queues from filling stations in the country” he asserted.
Local players, he said, became active in the oil industry; Nigerian investors became first hand beneficiaries of the wealth which accrued from their country’s crude oil.