Kayode Shopekan
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.
Join our WhatsApp ChannelHe 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.
