The Independent Media and Policy Initiative (IMPI) has released a statement affirming that Nigeria maintains a robust investment climate, contrary to perceptions of diminished investor confidence. Signed by Chairman Niyi Akinsiju, the policy statement presents verifiable data comparing Nigeria with other jurisdictions such as India and the UK.
IMPI’s analysis contrasts the narrative of economic downturn with factual data, highlighting Nigeria’s comparative advantages. For instance, while Nigeria reported 767 company closures in 2023, the UK recorded 345,000 closures in the same period. Similarly, China witnessed 460,000 quarterly business shutdowns, and India saw 10,655 MSME closures in 2022-2023.
The statement underscores Nigeria’s resilience amid global challenges, citing significant Company Income Tax (CIT) increases and successful local investments. It mentions notable achievements such as May & Baker Nigeria’s expansion, Seplat ANOH Gas project, APM Terminals in Apapa, Lekki Deep Seaport, Air Peace, Norrenberger Financial Group, AA Rano, and GB Foods’ tomato processing plant in Kebbi State.
IMPI argues that these investments demonstrate Nigeria’s economic vibrancy and potential for growth. Despite adversities, the country continues to attract significant investments across various sectors, showcasing its appeal to both domestic and international investors.
The policy group urges against negative narratives and politicization of economic developments, emphasizing the need for constructive engagement to drive sustainable growth. IMPI’s statement seeks to counter pessimistic views and promote a balanced understanding of Nigeria’s economic landscape, emphasizing its resilience and potential for prosperity.
