Insecurity: Senate President Says Investors Have Abandoned Nigeria

Senate President, Ahmad Lawan says Nigeria no longer safe for foreign Direct Investment due to the level of insecurity across the country. Lawan who spoke at a meeting with Service Chiefs at the National Assembly in Abuja, said investors no longer want to risk their investments in the country due to banditry and terrorism.

Security chiefs present at the occasion are;  Chief of Defence Staff, CDS, General Lucky Irabor also led the Chief of Army Staff, Lt. Gen Farouk Yahaya; Chief of Naval Staff, Rear Admiral Awwal Gambo, and Chief Air Staff, Air Marshal Oladayo Amao.

Others are the Inspector-General of Police, IGP, Usman Baba Alkali; Director-General of the Department of State Service, DSS, Yusuf Magaji Bichi; Commandant-General of the Nigerian Security and Civil Defence Corps, NSCDC, Dr Ahmed Abubakar Audi, and Director-General of the National Intelligence Agency, NIA, Ahmed Rufai Abubakar, amongst others.

According to a report by the National Bureau of Statistics, NBS capital importation to the country has continued on a downward slope in two years.

The report indicates that FDI fell by $331.2 million to $698.78 million in 2021, from the total sum of $1.03 billion recorded in 2020.

The NBS report, titled ‘Nigerian capital importation Q4’, showed that equities investment of the FDI totaled $692.58 million, while other capital was put at $6.2 million.

Nigeria recorded $154.6 million, $77.97 million, $107.81 million and $ $358.23 million FDIs during the first, second, third and fourth quarters of 2021, respectively while portfolio investment also fell by $1.75 million to $3.39 billion in 2021 from $5.14 billion recorded in 2020.

The report further showed that key Investments’ also fell by $890m from $3.51 trillion in 2020 to $2.62 trillion in 2021.

Speaking on the current security situation in the country the Senate President said Nigeria is no longer attractive to investors.

He said nothing to show for the huge funds allocated to security in the nation’s yearly budget.

He spoke barely 24 hours after terrorists attacked the convoy of Assistant Inspector-General of Police, AIG) in charge of Zone 12, Bauchi, Audu Adamu Madaki, inflicting gunshot wounds on him and killing his orderly.

Recall also that terrorists had last month attacked the Kuje, Abuja Prison releasing over 400 inmates, including hardened terrorists.

Two weeks ago, suspected terrorists also attacked the Presidential Brigade of Guards killing some soldiers and leaving others seriously wounded.

Some senators had tried to impeach President Muhammadu Buhari last week over the worsening security situation.

Lawan said, “Insecurity is everywhere and especially, if it is coming to the point of dislocating the security situation where the government is quartered. We will really review and see what more we have to do and how differently we have to do it.

“As far as I can remember, there has never been an administration in this country, especially since the Fourth Republic started in 1999, that invested more resources in the security of this country like this present administration.

“I have no doubt about it. I am a participant. To a very large extent I can say that none.

“We believe that as a National Assembly, we have always met this Executive at the right position, at the right time, especially when it concerns investment in the security of life and property in Nigeria.

“We have also, in our individual capacities as committees of the National Assembly and, in fact, as a National Assembly shown concern about the security situation.

“The security situation of any country cannot be 100 per cent satisfactory but, of course, there is a level at which no country can be comfortable with insecurity. Ours has lingered. We had hoped that by this time, the security situation in Nigeria would have been far better and Nigeria would have made more progress not only in the area of security but also in the area of economy which is tied to the security situation.

“I believe that all security agencies and armed forces have been doing their best but apparently, we have to do more to achieve what we desire to achieve.

“Our population is largely peasant. Most of our people are in the rural areas and they live their lives by going to farms. We all know this. In many parts of the country today, that is a herculean task.

“My belief is that we can do better to secure the rural areas, the so-called ungoverned space; at least for our population who go to farms to earn a living.

“Where our agricultural productivity is drastically going down will complicate the security situation because the most ordinary Nigerian cares more about what he or she or what the family will eat. And of course, all other things are secondary,” the Senate President said.