The Chairman of the Nigeria Chapter of BIGWIL International Community of CEOs and Diplomatic Forum, under the aegis of the International Human Rights Observatory-Africa (IHRO-Africa), Ambassador Daniel Chukwuka Koussou, has called on policy makers to implement business-friendly reforms to stem the tide of human capital flight in Nigeria due to the harsh business environment.

He made this call during the inauguration of the committee members in Lagos on Thursday, noting over 100 companies have exited Nigeria since 2020 due to the dire economic prospects in 2023 and 2024.

According to Koussou who is the Chairman, Committee on Economic Diplomacy, Trade and Investment, IHRO-Africa, included in these “Are some key companies like Unilever, Microsoft, and Total Energies.

“These lost outputs and potential investments are estimated at 56 Billion dollars. Therefore, addressing economic instability, volatile currency fluctuations, and the high cost of operations is very critical in order to retain existing businesses and attract new ones.”

He added that while many companies are leaving, others equally come in and expand their businesses in the country.

“However, the spate of exits underlines the tough environment businesses face in the country: a factor of economic instability, volatility of the currency, and rising operational costs,” he further stated.

Koussou assured that IHRO-AFRICA would work with regulators, private and government agencies to create a business-friendly environment.

“Our mission today is to find real solutions to help businesses thrive and to attract investors from around the world. The global economy is expected to grow by some 3% next year.

To take full advantage of this, we need to position Nigeria as a serious competitor in those areas in which we have comparative advantages: agriculture, technology, energy, and tourism and also Venture into other sectors where we have not fully exploited our comparative advantages, but to sustain this, much more will be required in forming firmer international relationships and economic diplomacy.

“We call on policy makers in Nigeria to further create business-friendly laws to reduce the rate at which our professionals leave the country.

“We, as a civil society group will showcase the best of Nigeria, from agriculture to creative industries, to the world.

“We will do this to secure Nigeria. We will be building Nigeria into a place where investments can naturally flow.”

Economic diplomacy, Koussou explained, goes beyond agreements on trade and investments, stressing that it’s “A matter of trust and better understanding that the world will afford Nigerian businesses.

“This means making sure that Nigeria remains transparent, secure, and easy to do business with. That is the work we shall be continuing.

He added that going forward, the following three cardinal objectives will be pursued by the committee: making Nigeria a top choice for investment; employ economic diplomacy to open new markets for Nigerian businesses; and working with regulators, private and Governmental agencies to ensure this vision is achieved.

“What we do is to continuously promote business-friendly and investor-friendly environments that would attract investors from all corners of the world. By streamlining our regulations and building the necessary transparency in our processes, we will be building Nigeria into a place where investments can naturally flow. In 2023, foreign direct investment in Nigeria stood at $5.3 billion, showing growth that is yet to be tapped.

“This can be further increased with better policies, directing the investment to the areas that we most need,” he said.

On employing economic diplomacy to open new markets for Nigerian businesses, Koussou said: “We will be expanding trade agreements and deepening diplomatic relations to open up new markets for Nigerian products and services.

“We showcase the best of Nigeria, from agriculture to creative industries, to the world. We do this to secure Nigeria.

Stakeholders, including notable film producer, scriptwriter, director, and Chairman of the Federation of Registered Guilds and Associations in Nollywood, Dr Victor Okhai; and Manager of First City Monument Bank, Adeola Odeku, Victoria Island, Lagos, branch, Mr David Ujah, who also underscored the need for deliberate efforts to attract investors and harness Nigeria’s untapped potential.

The Commissioner, Public Complaints Commission, Federal Capital Territory, Mr Musa Dikko, aligned with IHRO-AFRICA’s mission, stressing the significance of building trust in the business space and encouraging Nigerians to report complaints to the commission.

In his remarks, the Country Director, BIGWIL IHRO-Africa, Dr Chimbo Obieze, noted that Nigeria is the best place to invest in Africa, that “This organisation is here is to work with the different levels of government and the private sector.”

The National President of the National Association of Nigeria Travel Agencies (NANTA), Mr Yinka Folami, advised Nigerians to begin to be conscious of the Nigerian state.

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