New Telegraph

Twitter: Nigeria’s FDI target at risk, says expert

Following the Federal Government’s decision to ban Twitter in the country, members of the organised private sector (OPS) have raised the alarm that this could further lead to more foreign firms shunning Nigeria’s economy over infringement on ease of doing business. Also, the ban is expected to take a toll on the country’s foreign direct investment (FDI) inflow with the economy suffering a decline. Nigeria recorded its highest FDI in eight quarters in the third quarter of 2020, as the nation attracted investment worth $414.79 million.

This rose to over $500 million in Q4’20. Also, the private sector group insisted that the ban would metamorphose into more foreign firms dumping Nigerian market for neigbouring countries. OPS is the umbrella body of the country’s chambers of com-merces comprising of Manufacturers Association of Nigeria (MAN), Lagos Chamber of Commerce and Industry (LCCI), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Manufacturers Association of Nigeria Export Group (MANEG), Nigerian Association of Micro, Small and Medium Enterprises (NASME), Nigeria Employers Consultative Association (NECA)and Nigerian Association of Small Scale Industrialists (NASSI) in Nigeria. Speaking with New Telegraph in Lagos, a member of LCCI and past chairman of the LCCI SMEG (Small and Medium scales Enterprise Group), Dr. Abiodun Oladapo, fumed that the Twitter ban would definitely change the strategic investment plans of many foreign firms targeting Nigeria. According to him, inconsistent regulation of this current administration is giving bad signal to the image of the country.

Oladapo added that lots of businesses had recorded huge revenue losses, especially in the manufacturing sector, to harsh business environment caused by bad regulatory policies, which is an infringement on ease of doing business. According to him, the biggest challenge facing businesses currently in the country is not only COVID-19, but that of harsh operating environment, infrastructure deficit, multiple taxation and government’s policy summersault. Oladapo said: “Certainly, it is an infringement on the country’s ease of doing business. If you say the world is now moving digital, and one of the principal tools being able to move along the digital economy is this social media and you are now saying that it should be deactivated, so what exactly are you saying.

“It is like somebody saying that they banned movement by cars or by planes and do we have to go back to the old days to use horses, camels or our legs to treks and carry out businesses? You think that businesses would thrive? I’m not too sure? It appeared to be an over killed by government. So, government should have been able to look into it as a means of carrying out modern businesses and see a way to effectively handle whatever challenge they are facing with it.” Speaking further on the implications of the Twitter ban on the economy, he said: “Certainly, it will take toll on our economy, especially when you look into the young entrepreneurs using these social media platforms.”

Read Previous

Buhari’s deployment of TSA in combating public graft

Read Next

Visa: Nigeria, others top e-commerce drivers in SSA

Leave a Reply

Your email address will not be published. Required fields are marked *