• Monday, July 22, 2024
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FG loses $2bn FDI to election postponement, says NAHCO MD

MDCEO

Norbert Bielderman, managing director, Nigerian Aviation Handling Company (NAHCO), said that the Federal Government might have lost over $2 billion worth of foreign direct investment (FDI) to other countries as a result of postponement of the 2015 general elections by six weeks.

He said the postponement had caused a loss of confidence and trust for existing and new investments which the foreign investors have diverted to other destinations in other countries. Bielderman, who spoke in Lagos on Monday at a one day programme on Nigeria cargo summit organised by NAHCO, said the business environment in Nigeria had become more challenging in the face of the high costs of doing business caused by the devalued naira.

He said that naira depreciation, high interest rate, middle class spending capacity and static aviation, among others, had in recent times stunted the growth of the sector, adding that the sector stood to witness more challenges in the coming months if current situation persist. “Election postponement impact on the economy is analysed to be worth over $2 billion as cost and investor loss of confidence for existing and new foreign direct investment that may have found its destination to other countries.”