THE Country Director of the World Bank Office in Nigeria, Shubham Chaudhuri, has said that Nigeria needs a clear and consistent economic policy reform to boost the level of foreign investment into the country.
He said this during the Nigeria-British Chamber of Commerce Advocacy roundtable with the theme, ‘Economic Recovery Beyond COVID-19.’
Investment inflow into Nigeria dropped by $4.53bn or 78.6 per cent to $1.29bn in the second quarter of this year.
The World Bank Country Director admitted that the country had been badly hit by the COVID-19 pandemic and the collapse in crude prices.
The impact reflected on the economy which contracted in the second quarter of 2020 by 6.1 per cent, signaling a possible recession.
He said that Nigeria needed a strong regulatory environment to attract capital investments into the country.
Chaudhuri said, “This is the opportunity for Nigeria to get back on track to fully realise the development potential, which experienced a setback in the last four decades.
“The government has already taken bold steps, such as the Economic Sustainability Plan and other programs and initiatives.”
He called for a transparent and clear economic agenda in Nigeria, based on structural reforms, adding that equal opportunities must be provided for both small and large businesses.
According to him, a clear economic policy will accelerate job creation, increase investment inflows and infrastructure investments.
