By; BUHARI B BELLO, Jos.
Engr Samari Modibo, Managing Director and Chief Executive Officer, Shemankar Valley Limited has advised the Central Bank of Nigeria (CBN) to stop stifling the Naira, investments and Nigerian economy with its unrea;listic policies.
“Until the Apex bank’s stops its unpopular and unrealistic policies, investors will keep looking away from Nigeria, ‘’ Modibo warned in an interview with newsmen in Jos
He said that such policies have made the Naira worst in the nation’s history with the currency without a real and fixed rate compared to the US Dollar and other foreign currencies.
“In fact, as it is now, Nigeria does not have a stable rate compared to the Dollar because the Naira keeps fluctuating on daily basis if not at time difference within a day.
“If it is N525 to a dollar yesterday, today it may be N450 and of course tomorrow it would be different from today’s; and with this kind of situation, investors are not confident or sure of investing in the country as they are afraid the future, ’’ he averred.
The MD argued, “the desire or goal of every investor is to reap from any investment made in any nation.’’
He pointed out that because of the policies of the apex bank, the country does not have specific rate to the dollar, which he said is not good for the nation’s economy already in recessions.
Modibo, who is into electricity generation, told New Nigerian that his coy has been trying to convince its partners in South African to believe in the friendly investment atmosphere here in Nigeria in spite of the policies.
According to him, “we are trying to build a gigantic Hydro-Power Plant estimated at N39 billion at Shemankar village, which falls within Mangu and Pankshin Local Governments of Plateau.’’
The MD disclosed that discussions with the Plateau government has been on top gear and that once the foreign partners are convinced to come into the nation, the power plant would be built to add some Megawatts to the National Grid.
“We are bringing to the public light Shemankar Independent Hydro-Power Project, a Private Public Project (PPP), which by God’s Grace, shall add between 80-130 Megawatts to the national grid.’’
“There are many investors like us, who are waiting for a favourable investment policies from the Federal Government to come in.
“The truth is that no investor would go into a country, which he or she is not sure of the security and prospects of that investment.
“Investment is all about profit making and expansion or growth, but where these are lacking, the investor looks away toward better grounds,’’ he posited.
He stated that some investors have gone to other nations like Ghana and Benin Republic simply because of the condusive investment atmosphere in such places.
Modibo called on the Federal Government to do something drastic to stimulaltae the nation’s economy through opening a friendly investment atmosphere for investors to exploit and turn around the economy for the desired growth and development.
