{"id":46725,"date":"2021-02-11T18:54:15","date_gmt":"2021-02-11T17:54:15","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=46725"},"modified":"2021-02-11T18:54:15","modified_gmt":"2021-02-11T17:54:15","slug":"nigeria-need-appropriate-policies-to-attract-fdi-chuckwu-md-cowry-asset","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigeria-need-appropriate-policies-to-attract-fdi-chuckwu-md-cowry-asset\/","title":{"rendered":"\u2018Nigeria Need Appropriate Policies To Attract FDI\u2019-Chuckwu, MD Cowry Asset"},"content":{"rendered":"

The Managing Director, Cowry Asset Management Limited, Mr. Johnson Chukwu has said that Nigeria needs appropriate policies that would attract Foreign Direct Investment (FDI) into the country.<\/p>\n

Chukwu in his presentation on Thursday at a webner, organized by the Capital Market Correspondent Association of Nigeria, themed \u201cAddressing Nigeria\u2019s Fiscal Challenges \u2013 Exploring Alternative Fund Approach\u201d said: \u201cOur FDI which is what goes to private sector and infrastructural development has in the last six years (2015-2020) being flat.<\/p>\n

He noted that Nigeria recorded 51.44 trillion inflow of FDI in 2015 as against $1.028 trillion reported in 2020.<\/p>\n

\u201cIt is a far cry compared to country like Ghana whose receipt are three times what Nigeria realized and Egypt which is seven times what we received. FDI is an important source of capital funding for a country like Nigeria. Nigeria needs to come out with appropriate policies that will attract FDI especially on foreign exchange,\u201d he said.<\/p>\n

He noted that for a less stable economy like Nigeria, assessment of social conflicts by potential investors will be a key consideration.<\/p>\n

\u201cInvestors gear their foreign direct investments toward economies where they have the highest potential for profit and the least risk. As such, the dent of the social unrest to the image and perceived risk of long-term capital investment would mean that the country will struggle in attracting the much-desired long-term finance needed for accelerated growth and enhanced job opportunities,\u201d he said.<\/p>\n

\u201cOn revenue, Chukwu said: \u201cNigeria has a huge revenue short fall which means we have to look for fund outside government budget. Total revenue has remained largely flat between 2015 and 2020.<\/p>\n

\u201cIn 2015, total revenue realized by the federal government stood at N3.24 trillion as against N3.47 trillion reported as at November 2020. There have been a steady growth in expenditure, as at 2015 total expenditure stood at N4.76 trillion in contrast to N6.24 trillion recorded from January to November 2020.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cThe challenge we have in this country is a revenue challenge, we don\u2019t have the revenue size to support the type of government we run, that\u2019s why our recurrent expenditure has been increasing while our revenue remain flat. The government needs to interrogate issues of recurrent expenditure,\u201d he said.<\/p>\n

On the outlook of financial markets in 2021 Chukwu said: \u201cWe sustain our positive outlook for the Nigerian bourse in 2021 as its overall positive performance in 2020, despite the throes of COVID-19 and the accompanying economic recession, encourages optimism.<\/p>\n

\u201cThis is also justified by the strong fundamentals of the several quoted companies on account of their resilience during the pandemic and the likelihood that they will remain resilient in 2020\u201d.<\/p>\n

He noted that the real sector is expected to continue to benefit from the current low interest rate environment to refinance the loans more cheaply, thereby reducing financing cost and increasing profitability.<\/p>\n

On the flip side, he said rising inflation and foreign exchange rates could restrict consumer spending and squeeze company budgets, both of which could pose counterproductive to the real sector.<\/p>\n

\u201cOverall, we believe the positives should outweigh the downside risks especially for corporates that adopt sound risk management practices, he added.<\/p>\n

Meanwhile, Chukwu listed other veritable avenue, for development the government could explore, to include securitization of debt, raising infrastructure bond and viability gap funding as obtained in India.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Managing Director, Cowry Asset Management Limited, Mr. Johnson Chukwu has said that Nigeria needs appropriate policies that would attract Foreign Direct Investment (FDI) into the country.<\/p>\n","protected":false},"author":6,"featured_media":46726,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17,624],"tags":[8185],"coauthors":[2391],"class_list":["post-46725","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","category-politics","tag-nigeria-need-appropriate-policies-to-attract-fdi"],"yoast_head":"\n\u2018Nigeria Need Appropriate Policies To Attract FDI\u2019-Chuckwu, MD Cowry Asset - National Wire<\/title>\n<meta name=\"description\" content=\"The Managing Director, Cowry Asset Management Limited, Mr. Johnson Chukwu has said that Nigeria needs appropriate policies that would\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nigeria-need-appropriate-policies-to-attract-fdi-chuckwu-md-cowry-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Nigeria Need Appropriate Policies To Attract FDI\u2019-Chuckwu, MD Cowry Asset - 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