Expert calls for Investment Policy review …says strong investment data-base way forward 

By Lucy Ngozi

The Director General, Nigerian Institute of Advance Legal Studies(NIALS) professor Adedeji Adekunle, SAN, has called on the federal government to critically look into its investments policies and other bilateral treaties with the aim of revamping the economy for better. 

Speaking in Lagos at a symposium on: International Law and Practise in honour of late, Prof Micheal Ayo Ajomo, and the launch of a book: The law of International Investment, dedicated to the late legal icon, professor Adedeji maintained that for Nigeria to move forward economically, it have to revisit some of its treaties which give the country a comparative advantage business-wise. 

“We need more foreign direct investments, but then we must put our data- base, business policies and documents in order, for investors to take critical decisions, because no one would invest in a hostile economic environment,” he stressed 

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Also speaking, a constitutional Layer Robert Clark, said Nigeria newly elected leaders should emulate other World powers to improve the lots of its citizens adding that Nigeria has all it takes to make citizens very comfortable, if not poor leadership. 

“Every selfless tourist ought to learn and bring home knowledge garnered from developed economies and make Nigeria attractive for same foreigners to visit us for business relationship instead of continuously wasting taxpayers monies junketing,” he stressed  

“Nigerian leaders have no track record of bringing home technical-know-how from other countries. Wasting fortunes oversees is precarious to us, let the right persons be at the rightful places and be allowed to do their jobs without external interference, then things will pick up again,”

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The legal icon reminded the new administration that investors are watching to see what policies and measures that would be put in place as such would determine their investment decisions. 

Also speaking, the director, research, NIALS Proff Paul, said corporate organisations should review its Corporate governance Code and ensure it in tandem with the new code for prudent administration and management. 

“Our Corporate governance Code must be design to promote export and allow direct Foreign Investment (DFI) to discourage Brain drain and capital flight.” he stressed.

End.

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