The improvement on the ease of doing business in the country will attract Foreign Direct Investment, FDI, as Nigeria currently ranks 131 out of 184 countries on the ease of doing business index, according to Ernst & Young (EY) latest report.

The report further stated that investment in infrastructure and improvements in the overall business environment will also boost FDI in Nigeria, even as natural resources and a growing consumer market are strong pull factors for foreign direct investment.

Commenting on the special report titled “Africa by Numbers: A Focus on Nigeria” to be issued at the World Economic Forum (WEF) in Abuja this week, Mr.Henry Egbiki, EY, West Africa Regional Leader, stated that in Nigeria, oil attracts the most capital and there has been significant growth of FDI in telecommunications, consumer products, construction and business services.

Egbiki, noted that despite the challenges in infrastructure, corruption, security among others are affecting the country’s image ,while many other emerging markets are suffering from the consequences of global monetary tightening, the Nigerian economy has remained remarkably robust.

According to him, given the continued growth rate and the recent GDP rebasing, an improving business environment, a portfolio of active infrastructure projects with a value close to $100 billion, and a population of about 170 million people, Nigeria’s billing as a powerhouse in a dynamic, high growth region is certainly justified.

“As a result, we anticipate that Nigeria will continue to be a key hub for investment into Africa, and is likely to emerge as one of the most attractive developing market investment destination in the world in coming years” he added.

However, in terms of ease of doing business, the   EY boss stated  “Nigeria ranks low, which requires that the country needs to step up on that. To Egbiki, private sector needs to work closely with the government to ensure a conducive environment for businesses in the country.”

Source: Vanguard