ONUESOKE SLAMS BUHARI'S SPOKESMAN ADESINA... "Insecurity Cannot Be A Panacea For The Attraction Of Foreign Investors.

Chief Onuesoke

"If insecurity is a panacea for the attraction of foreign investors, the rate of foreign investors would have increased, but the reverse is the case with over N1.77 trillion foreign investments divested from the country in the last two years as a result of insecurity." Says Onuesoke.

“The prevailing insecurity in the country and other macroeconomic challenges have continued to hamper investment in the stock market, with foreign investors pulling out N1.64 trillion from the market in three years."

The recent comments by the Special Adviser, Media and Publicity to the President, Femi Adesina, wherein he had said that despite the prevailing insecurity challenges in the country, there had been inflow of foreign investors into Nigeria.

This assertion by Femi Adesina has attracted flak and varying responses from prominent personalities in the country among who is Chief Sunny Okpako Onuesoke, a Chieftain of the Peoples Democratic Party, PDP.

Onuesoke, who was a former Gubernatorial aspirant in Delta State faulted the statement of the President's aide who reportedly gave his position during an interview on Channels Television.

Adeshina, in his interview, had said that the insecurity challeng­es bedevilling Nigeria will not stop foreign investors from coming into the country to do business.

He was reported to have hinted that, "those thinking like an investor know that it is in challenged areas that it is best to invest because they are attracted at a very attrac­tive rate and when those challenges are surmounted, they will then make a lot of quick returns on your invest­ments.

Reacting to Adesina’s insinuation, Chief Onuesoke on Tuesday, described the comments of the Presidential Spokesman as a consolation statement, pointing out that the persistent issue of insecurity in Nigeria has been fingered as a major reason behind foreign investors pulling out their investments from the country.

Onuesoke, referring to a report in Guardian, Onuesoke argued that, "if insecurity is a panacea for the attraction of foreign investors, the rate of foreign investors would have increased, but the reverse is the case with over N1.77 trillion foreign investments divested from the country in the last two years as a result of insecurity.

“The prevailing insecurity in the country and other macroeconomic challenges have continued to hamper investment in the stock market, with foreign investors pulling out N1.64 trillion from the market in three years. In 2018, N642.65 billion in foreign portfolio investment outflow was recorded, while foreign investors withdrew N523.42 billion and N481.93 billion during the corresponding period in 2019 and 2020,” he recalled while quoting a Guardian newspaper opinion report.

The PDP Chieftain argued that it will be naïve enough for an investor to close his eyes to insecurity or any other investment risk that has the capacity to jeopardise his investments.

He stressed that, "without caring about profit, an astute foreign investor will take flight with at least, the principal amount when danger is real, perceived or anticipated.

“The spate of security crises, a tough business climate, and policy inconsistency are among the factors that cut Nigeria’s Foreign Direct Investment (FDI) to $875 million in the second quarter of this year, the lowest since 2016. This was contained in a presentation by the Chairman, Presidential Advisory Committee on the Economy, Prof. Doyin Salami, for the Nigeria Economy Summit Group (NESG),” he recalled.

Instead of living in a life of consolation, Onuesoke advised that the government should match words with actions in dealing with the security challenges in Nigeria, adding that once it is handled foreign investors will flow into Nigeria hence investment opportunities are bound in all nook and cranny of the country.

“The security agencies should be properly trained and equipped to ensure efficiency and effectiveness in their operations. The government should also avoid the temptation of politicizing insurgency and herdsmen attack of various villages throughout the country, but treat them as an enemy in the wheel of progress of the country," He advised.