Emmanuel OchayiTo boost Nigeria’s appeal to foreign investors, the Institute of Chartered Accountants of Nigeria (ICAN) has called for a comprehensive review of anti-corruption agency mandates.
Emphasizing the need for a modernized business environment, the latest ICAN Position Paper, titled ‘Attracting Foreign Direct Investment,’ highlights critical concerns plaguing the economy.
ICAN’s President stated: “The challenges facing Nigeria’s business landscape encompass security issues, infrastructural decay, and policy inconsistency, creating a high-risk environment for sustainable operations.”
The Position Paper outlined a multifaceted strategy, spotlighting crucial areas requiring immediate attention. “Infrastructure deficits, notably in power, transportation, human capital, and technology, exacerbate business hurdles,” ICAN asserted.
It highlighted the debilitating effect of unreliable power, causing substantial annual economic losses.
Moreover, the specter of corruption looms large, impacting investor confidence. ICAN proposed a zero-tolerance stance on bribery and corruption, recommending stringent sanctions for offenders.
It advocated the establishment of anti-corruption courts across states and a reorganization of key anti-corruption institutions to align with modern business needs.
Addressing security concerns, ICAN urged proactive government intervention to curb oil theft, illegal mining, and insurgency, promoting a peaceful atmosphere to attract both local and foreign investors.
The institute also stressed the necessity for an enabling environment to entice private sector investment in infrastructural development. It highlighted the importance of accountability and transparency in project execution, citing the need to emulate successful models such as Lagos’ functional city rail transport.
In addressing forex market transparency, ICAN called upon the Central Bank of Nigeria to ensure clear and equitable forex market rules while guaranteeing the availability of foreign currency and the smooth repatriation of earnings for investors.
Furthermore, ICAN recommended sustainable environmental practices and policies, urging budgetary support for regulatory agencies to uphold international standards.
Additionally, ICAN emphasized that an investment-friendly environment leads to increased FDI, economic development, job creation, and improved government revenue. The institute pledged its support to the government in its quest to attract and retain foreign direct investment, advocating for transparent policies and effective governance to bolster Nigeria’s economic progress.
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