Members of the Monetary Policy Committee (MPC) have advised the Central Bank of Nigeria and the fiscal authorities on steps to be taken to boost Foreign Direct Investment (FDIs) flows to the economy.
In their personal statements during the last MPC meetings held in Abuja, released at the weekend, the committee members said Nigeria is not the only emerging market economy that experienced outflows of portfolio investments, and prescribed wayout for.improved foreign capital inflows to the economy.
They insisted that the key lesson from other countries, e.g., India, Indonesia, Vietnam, South Africa, etc., is to scale up improvements in overall investment climate to attract foreign direct investments which is much more sustainable.
A member of the committee, Aloysius Ordu, said Nigeria needs urgent actions on this front, adding that efforts to diversify export base remains of utmost importance.
“Measures are warranted to significantly boost oil production from 1.28 million barrels per day, which is well below the OPEC quota of 1.58 million barrels per day, especially as oil prices are above US$80 per barrel. Much more could also be done in the mining sector in view of the country’s rich endowment in mineral resources,” he said.
