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FDI Is Useless Without Educated Workforce, Infrastructure, Says Moghalu

September 20, 2021
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FORMER Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu has told the Federal Government that Foreign Direct Investment(FDI)cannot cause economic growth and development without a well-educated workforce and infrastructure.

Prof. Kingsley Moghalu who delivered the keynote at the United States-Nigerian Investment Summit on the 18th of Sept, 2021, reiterated that FDI can contribute to real economic growth and generate employment where investment flow serves the strategic national interest.

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He said, “I believe, actually, that making FDI work for Nigeria can be a big win-win for both Nigeria and the foreign investors.”

“Nigeria as a country of the significant potential for FDI, has a weak macroeconomic environment, policy inconsistency and absence of a well-defined strategy which is affecting economic growth strategy.” He also added.

Moghalu also explained that foreign investments can help lift a country from poverty if it is targeted at the real economy, for instance, electricity, manufacturing, service industries, and export-oriented industries, and uses local suppliers, as opposed to a lopsided focus on extraction industries.

The former governor eventually emphasised that for FDI to successfully contribute to real development in a country like Nigeria, two things are important – the presence of a well-educated workforce and infrastructure.

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Kayode Shopekan

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