The economic research analyst at Chapel Hill Denham Nabila Mohammed has highlighted how state governments in Nigeria can attract investments both local and foreign to their jurisdiction.
She said this during the quarterly NewsTimes Economic Outlook tagged “Economic Recap of the Current Administration’s First 100 Days in Office”.
During the webinar, Ms Nabila noted that hosting economic conferences where investors’ fears would be allayed and assurances of return on investment provided can strengthen investor confidence and ensure they bring their resources to the states.
She referenced the recent economic summit held in Enugu state as an example other states should follow.
In her words, “States can organize conferences and let investors know that their investment is practically safe and assuring them this is what they are going to gain from any investment.”
States should engage in PPP to attract investment
Beyond conferences, she also said that states should engage in Public Private Partnership (PPP) and provide incentives to businesses coming to operate in their region.
- “States can also have Public Private Partnership (PPP) in their states as a way of attracting investment to their states. These are two key things that they can do- first is to have conferences that show them the opportunities in their states, encourage public-private partnerships, and also provide incentives to businesses that operate in their jurisdiction.”
State governments should be responsible for road infrastructure in their states
Ms. Nabila also delved into the problem of infrastructure in the country and opined that state governments should be responsible for road infrastructure in the country thereby dispelling the federal/state road dichotomy.
She alluded to the recently signed Electricity Act as a model of what should apply in the works industry, especially road infrastructure.
Speaking further, she called on the government to bring the private sector on board in the quest to bridge the infrastructure gap in the country and that instead of borrowing volatile foreign currencies which will be paid back, we should use our local currency to fund infrastructure in the country.
She said, “100 days is too short to see any significant infrastructure development”.
- “It will benefit the entire nation to allow states to cater for roads/infrastructure in their jurisdiction.
- “It is beyond the government to meet the infrastructural gap in the country. Private sectors have to be brought in to assist.”
- “Nigeria’s infrastructure problem should be funded using our local currency. You can’t be having exchange rate volatility and be taking loans in foreign currency.”