IMF: Nigeria is still investors’ destination of choice

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The International Monetary Fund, IMF, says it has received a large number of eager investors itching to invest in Nigeria, but was quick to add that many of the businessmen are wary of not being able to retrieve their funds whenever they decide to leave the country.

This was disclosed in Abuja by the Senior Financial Sector Expert, Debt and Capital Market Instruments Division, Monetary and Capital Markets Department, IMF, Ms. Miriam Tamene, when she led the Fund’s team to visit the Acting Director General of Securities and Exchange Commission, SEC, Dr. Abdul Zubair.

The IMF team was in Nigeria for consultations to get updates on developments covering all the financial and other key sectors of the economy. The report of their consultations is expected to be presented to the IMF Board in February 2018.

While describing Nigeria as an investment haven, Tamene urged the nation’s monetary and regulatory authorities to come up with policies that would reduce inflation rate and increase access to domestic funds to ensure the economy attains further growth in 2018.

Her words, “At the annual meetings of IMF, we were pleasantly surprised when we saw many investors interested in Nigeria’s securities market. A lot of people believe Nigeria is still investors’ destination of choice, but the main concerns most of them had was the fear that they might not be able to take out their money anytime they want, hence they are being very watchful.

“Investors are interested in Nigeria, but with difficulties they had in getting their money out recently, that confidence is not there yet. It has improved though, but they are still watching. It is still so much fragile and not what they can take for granted just yet,” she added.

In his remarks, Zubair said the future outlook appeared good for Nigeria as several initiatives had already been rolled out by the SEC which will help to grow the capital market and increase investor confidence.

He assured that there would be the introduction of more initiatives in the long term which would help ensure that Nigerian capital market remains one of the best performing in the world.

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