Nigeria Ranks 4th On Investment Returns In The World | Independent Newspapers Limited
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Nigeria Ranks 4th On Investment Returns In The World

Posted: Jul 18, 2016 at 3:39 pm   /   by   /   comments (0)

Sylvester Enoghase, Lagos

The Acting Managing Director, Bank of Industry (BoI), Mr. Waheed Olagunju, at the weekend in Lagos said Nigeria ranked fourth with 35 per cent on return on investment in the World.

Speaking at a BoI media parley titled: “Sustaining Nigeria’s industrial sector growth through impactful partnership,” Olagunju argued that the return on investment is much higher in Nigeria than other countries. He stressed the need for the creation of industrial clusters in each senatorial districts to reduce production and effective utilization of resources.

He said: “We should try and de-risk our environment, improve on climate and continue to take measures by increasing our ranking in doing business.

“Industrialisation is a multi-faceted process, no single agency cans capsulate industrialisation of any country, so all hands must be on deck.

“In terms of investment returns, we have rank number four with 35 per cent.

“Nigerians might go to other countries where they have 15 per cent return on investment where the risks are not has high as Nigeria.

“So we have to put all those things into consideration by ensuring that we promote industrialisation and transform the Nigeria economy within the shortest time possible.”

According to the BoI acting Director General, if those things were not done, Nigeria may not be able to harmonise the challenges in the country, particularly that of unemployment.

He said Nigeria’s population was growing; therefore, there was the need to take a quick decision to remedy the challenges.

“We have lost many arms of development in our country; all hands must be on deck for us to achieve our desired economy and developmental goals,” he said.

He maintained that in achieving an inclusive growth, the grassroots had to be captured to boost products in the 774 local governments through the Nigerian Enterprise Development Programme (NEDEP).

Olagunju said, “Nigeria is the only OPEC country that still exports crude oil, and some crude non-oil products.”

“There is an urgent need for us to go back to the roots instead of running about and looking for jobs. “This is why we need the support of state governors to encourage their youths to embrace entrepreneurship, and also fulfill their part by creating an enabling environment for business to thrive in their states.

“The current government has made a promise to utilize the NEDEP and Nigerian Industrial Revolution Plan (NIRP) which are keys to economic growth, food security and foreign exchange earnings that we need from economic diversification.

“We appeal that there should be at least one industrial cluster in each senatorial district to harness the current economic realities.

“Industrialists can still manage to share resources like electricity, factory space, knowledge, and even taxes.

“The BoI counts on the strategic partnerships with state governments, non-governmental organisations, even, international organisations like the United Nations Industrial Development Organisation (UNIDO) to drive our industrial plans, we enjoy some already, but we want more,” Olagunju said.

He also said that the bank has been working with more clusters and groups to ease its operations to loan beneficiaries, as seen in the Government Enterprise Empowerment Programme (GEEP) and the Kebbi Rice Programme.

According to him, the loans under the GEEP programme will be disbursed through groups and clusters, which will encourage teamwork and more efficient utilization of scarce resources.

He also encouraged entrepreneurs to begin and run their businesses based on character and integrity, and with the little financial and material resources they have at hand, before seeking for loans they may not have the capacity to manage at the time.