The Immediate past Minister of Power, Prof. Bart Nnaji, on Friday said that adequate infrastructure, sound economic policies, secure environment, rule of law and stable political climate were needed to attract foreign investment to Nigeria.
Nnaji, Chairman and Chief Executive Officer, Geometric Power Ltd., said this on Friday while delivering the 5th Convocation Lecture of the Bells University of Technology, Ota.
The lecture had the theme: “Toward a Sustainable Value System for Economic Growth“.
He said, “Unstable political system cannot engender economic growth because no investor will be willing to invest in an unsecure environment.“
The former minister noted that the bedrock of economic growth of any nation remained stable power supply, and called on the Federal Government to intensify efforts to tackle corruption in the power sector.
He said that adequate infrastructure would ensure a healthy competition among investors, and result in rapid economic growth.
“There is also the need to improve the rail system because of lack of good roads in the country,“ he said.
Nnaji urged effective implementation of policies that would achieve sustainable economic growth.
He advised the government to invest in human capital development to move the country forward.
