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Businesses around the globe are looking for safe havens. In Nigeria, some companies are cleaving off businesses and relocating to neighbouring countries, according to Ogidan.
The CEO revealed that some businesses are leaving the country to other places due to unfavourable conditions in Nigeria while discussing ‘Nigeria’s Path to Sustainable Development’ on NTA.
Although the Tinubu administration has set a roadmap to undo the errors of past administrations which stifled investments into Africa’s biggest economy, Ogidan has identified over- regulation and lack of transparent justice system as top of the critical areas that the government must address.
He said, “When foreign investors come into any country, they look for emergency exit. If you build your house without emergency exit, visitors will not come. The airlines come in they do their business but they cannot repatriate their money.
“Then the over regulation has made the environment unconducive, even to our local investors. Our regulators have become our competitors. You can not be my regulator and my competitor , then if we take you to court, we are not likely to get justice speedily as we get it in other countries.
“These are the things affecting the business environment. And again, many investors are discouraged from bringing their money into Nigeria because of the arrogance of the regulators. They believe they can do anything; they believe they can withdraw your license at will without any recourse and then they can gazette anything at any time without you having a way of seeking redress. If you don’t address all these things, there will be no foreign investments and local investors will be going.”
Ogidan revealed the case of an entrepreneur who consulted his firm for a professional guide in order to set up a plant in Lagos.
The CEO said, “We did a business plan for an entrepreneur and he wanted to set up a company in Lagos State and when we did the analysis and everything, this guy decided to take the factory to Togo.
“I asked why are you moving to Togo and he said, there is rule of law and if we disagree, the court will give judgement in 6 months, but in Nigeria, 6 years, you won’t get judgement. These are issues affecting businesses. You cannot say you want foreign investment when the infrastructures are not there.
“You cannot say you want foreign investments when the policeman that is supposed to protect you is the one pushing you into the arms of armed robbers.”
Ogidan also identified insecurity as a major concern which should be given adequate attention. He argued that with insecurity, the country will be unable to attract the needed foreign investments.
