Buhari losing foreign goodwill: British warns investors to keep off Nigeria

President Muhammadu Buhari, leading the government of the All Progressives Congress (APC) may have plunged Nigeria into deplorable diplomatic perception; an indication that the Nigerian president is fast losing goodwill in the international community, and perhaps, within the Nigeria clime. This is not unconnected with reports of the failure of the Buhari administration respect judge orders or the behaviours of the Police to defy constitutional laws during elections.

National Daily gathered that Priti Patel, former Secretary of State for International Development of the United Kingdom, cautioned foreign investors to be careful in investing in Nigeria.
Patel, a member of the British Parliament, in an opinion for City A.M., stated that President Muhammadu Buhari was not in the habit of obeying law and court orders.
Patel cited the case of a firm owned by two Irishmen, which got a contract in Nigeria in 2010, adding that Buhari, upon assuming office in 2015, cancelled the contract.
Patel narrated that the firm’s efforts to get compensation through the court were also frustrated as Buhari refused to obey court decisions made in favour of the foreign firm.
Patel narrated: “In Nigeria, the unhappy experience of the firm founded by two Irishmen, Process and Industrial Development, is a case in point, and demonstrates the risk that businesses will face in Nigeria.
“In 2010, P&ID signed a 20-year contract with the Nigerian government to create a new natural gas development refinery, but the project fell through after the Nigerian government reneged on its contractual commitments.
“Upon taking office, President Buhari promptly cancelled a compensation settlement.
“Since Buhari reneged on this deal, P&ID has undertaken legal efforts to affirm a tribunal award, first decided in London. It also made several attempts in court to force the Nigerian government to respect its obligations.
“The most recent court decision at a London tribunal confirmed that the Nigerian government owes P&ID almost $9bn for the initial breach of contract, loss of income, additional costs, and interest accrued after five years of non-payment.
“However, the Nigerian government has continued to flout international law and convention, and it refuses to respect the various court decisions.
“Investors must consider this long-running scandal and weigh this obstinacy against Nigeria’s mishandled economic potential.”
The British parliamentarian remarked that, “Nigeria is ranked 145th in the world for its ease of doing business, which demonstrates the risks of investment into Nigeria.”

However, Senior Special Assistant on Media and Publicity to the President, Garba Shehu, was gathered to have in a statement debunked the accusation.

He declared: “Her claim is a fabrication that cannot be supported by the facts on the ground.
“Nigerian has recognised the rights of investors, both local and foreign, as enshrined in our constitution, which states clearly that no investment can be taken from its owners without recourse to the law. Given the constitution, you don’t even need international protection for assets held in this country.
“Beyond this, we have established a proper climate of investment on account of which, the nation has gained 24 points of excellence in the global ease of doing business index.”