The leader of the UK Chapter of African youth group GenVoices has voiced concerns about the impact the current security situation in Nigeria is having on economic growth.
Speaking exclusively to Naija Living ahead of this week’s GenVoices event on entrepreneurship, Sheun David Onamusi, a media and marketing professional who heads the group’s UK chapter said that the government was sending ‘weak’ signals to potential foreign investors.
“No country can successfully grow its economy without the presence of global brands across different industries. However, before any investor parts ways with their cash they would want to ensure its security as much as is within their control.”
“As a benchmark, investors will consider political stability alongside environmental factors such as the security of life and properties.”
He added that the current Boko Haram insurgency in Nigeria coupled with the government’s hitherto comatose approach to tackling terrorism within the country would definitely cast a shadow over the country’s credibility as an investment friendly destination.
Nigeria recently gained elevated status in the world’s economic scale after a rebasing of the country’s GDP catapulted it into the biggest economy in Africa, eclipsing the more developed South Africa.
In recognition of this new status, the world’s business leaders converged in the capital city of Abuja for the world economic forum in April amidst security concerns after an explosion rocked the city, days before the summit killing tens of people.
The UK has seen an increase increase in the number of Nigerian businesses seeking investment from foreign investors and vice versa as the country prepares to take it’s place amongst the world’s most profitable economies.
Onamusi, insists that for this to happen, entrepreneurship has to be nurtured and small businesses have to be supported and encouraged.
Ahead of the highly anticipated event at Greenwich University on Friday, GenVoices Head of sponsorship Godman Usman stated that the main highlight of the talks titled, “The future of Entrepeneurship in The New Nigeria” aims to further discuss the current insecurities in Nigeria and how this negatively affects the growth of Africa’s biggest market.
“With every growing economic powerhouse comes the importance of attracting Foreign Direct Investments. Nigeria will be no exception from this economic fact”, he said.
The event which will be hosted by Feyi Fawehinmi will also feature a book launch by author and entrepreneur Chude Chudeonwo who is the founder of the Future Awards Nigeria.
To find out more about the GenVoices event and to register, please log on here.