The Minister of Industry, Trade, and Investment, Mr. Niyi Adebayo, on Thursday, said Nigeria’s slip in a ranking of top investment destinations in Africa was due to insecurity.
President Muhammadu Buhari, while speaking at the Expo 2020 Dubai trade and investment forum in UAE, had boasted that Nigeria was Africa’s most attractive investment destination.
But a report by Rand Merchant Bank (RMB) titled ‘Where to Invest in Africa 2021’ placed Nigeria in the 14th position on investment attractive nations in Africa.
In 2014, Nigeria was second.
“The reasons for that are various, the major one being the security problems that we have in the country,” Mr. Adebayo said on Thursday while briefing reporters at the State House in Abuja.
“And as you are all aware, the Federal Government is making every effort to resolve the security problems, so that we will go back to the position of being the preferred destination.
“Our position is getting better because there seems to be a big interest now in investing in Nigeria.”