While Nigeria remains a major attraction for British and other investors across the world because of its population and the scale of its market, the country would have to resolve its risk perceptions, so they don’t overshadow the overflowing opportunities, Andrew Pocock, the British High Commissioner to Nigeria, has said.
Also, economic and fiscal restructuring will have to happen in the life of the new government, given the present economic circumstances, he added.
The High Commissioner made the observations, when he visited the president of the Nigerian Stock Exchange, Aigboje Aig-Imoukhuede, in Lagos at the weekend to discuss issues around the Nigeria-UK Capital Market Task Force, an initiative set up to build and expand foreign capital flows between Nigeria and the UK.
Speaking at the event, Pocock said, “There is no lack of interest in Nigeria. We want to make sure that the risk perceptions don’t overshadow the opportunities that strongly reside in Nigeria.”
He added, “Nigeria is well beneath its potential, and the contention is that Nigeria could be not just the largest economy in Africa, but as large as the whole of west Africa put together”, if the private sector leverages on the right capital and skills.”
Aigboje Aig-Imhokhuede, president of the Nigerian Stock Exchange (NSE) said, “For our economy to grow, we have to open it up, from a mutual flow stand point.
“One of the lower hanging fruits, in terms of opening up the economy is either through trade or through the flow of capital. The key thing for us in terms of capital flows, is for us to work on the exchanges, markets, issuing houses and investors,” Imokhuede said.