Open foreign investment website, LCCI tells Tinubu

Forum 7 months ago

Open foreign investment website, LCCI tells Tinubu

The Lagos Chamber of Commerce and Industry has urged the Federal Government to emulate India, Saudi Arabia, and China by establishing a dedicated website that provides useful information on investments in the country.

In a statement signed by the chamber’s president, Michael Olawale-Cole, the LCCI welcomed the investment deals struck by the President during the just-concluded G-20 summit in India.

The LCCI also hailed the President’s intervention in the visa ban imposed on Nigerian travellers by the government of the United Arab Emirates.

While lauding the President’s moves in wooing foreign investors at the just concluded summit, the chamber noted that the strategy of opening a website to document investments has the potential to provide global investment opportunities without necessitating excessive or unnecessary physical interactions or movements.

It said the outcome of the President’s meeting with the leaders of the US, Germany, and South Korea, alongside the Indian investors, who have committed to providing a substantial sum of $14bn in direct investments in critical sectors encompassing steel, petrochemicals, electricity, and agriculture, have instilled a sense of pride in the organised private sector and Nigerians at large.

It added that these proposed investments are certain to have positive impacts on job creation, economic development, and the diversification of the nation’s economy.

The statement read in part, “However, LCCI would appreciate it if the President’s team would follow the example of India, Saudi Arabia, and China by establishing dedicated websites that provide useful information on investments.

“These websites should include details on the areas in which investments are required and the funds needed for each project. This strategy has the potential to provide global investment opportunities without necessitating excessive or unnecessary physical interactions or movements.”

The chamber also expressed satisfaction with the bestowal of permanent member status upon the African Union by the G20, a development it said would enhance the continent’s influence and participation in global governance.