The Minister of Industry, Trade, and Investment, Niyi Adebayo, on Thursday, acknowledged Nigeria’s fall in a ranking of top investment destinations in Africa, blaming the country’s low ranking on insecurity.
The ranking contradicts President Muhammadu Buhari’s presentation at the Expo 2020 Dubai trade and investment forum in UAE, where he said that Nigeria remains Africa’s most attractive investment destination.
A report by Rand Merchant Bank (RMB) titled, ‘Where to Invest in Africa 2021’ ranked Nigeria 14th on investment attractive nations in Africa.
Nigeria was second in the 2014 report.
The Minister at a media briefing at the State House, Abuja, highlighted: “The reasons for that are various, the major one being the security problems that we have in the country.
“And as you are all aware, the Federal Government is making every effort to resolve the security problems, so that we will go back to the position of being the preferred destination.
“Our position is getting better because there seems to be a big interest now in investing in Nigeria.”