Nigeria to tackle corrupt practices in contractual obligations to retain, attract foreign investors

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Expert urges Nigeria to tackle corrupt practices in contractual obligations to attract foreign investors in 2020, Naija247news has learned.

At the recent Convention on Business Integrity Regulatory Conversations 5.0 in partnership with Action Aid UK with the theme “National Integrity Barometer: A Roadmap For 2020”, Mr. Soji Apampa, the CEO of the Convention on Business Integrity, CBi Nigeria gave his thoughts on the subject “Sanctity of Contracts as a Critical Driver of Foreign Capital Investments Into the Nigerian Economy.”

Apampa noted that fixing governance in the country was vital to entrenching the “Sanctity of Contracts,” thereby ensuring that the nation aligns with global best practices on rules and regulations around business and commerce.

According to him, “Nigeria represents a very strong proposition for investments if it can fix governance. We must fix the issues around governance for Nigeria to attract more investments and pull itself out of the current economic doldrums”.

Apampa believed that building integrity in the nation was important if Nigeria was going to achieve an enabling environment to attract investments into its economy.

He cited the maritime sector as an example noted that with the issues of corrupt practices addressed and standard operating procedures adhered to, vessels across the globe would find the Nigerian ports, especially in the eastern zone, attractive for commerce, which will increase economic activities and increase revenue.

The CBi Nigeria CEO emphasized the need for institutions to leverage on building integrity, which will, in turn, position Nigeria as a leading nation in the global community with a high premium placed on respect for laws and contracts.

Speaking further, Apampa emphasized the fact the National Integrity Barometer that will be launched in 2020 by the CBi will highlight the corruption risks across sectors in the nation, which should draw the attention of the government and agencies to ensure that the issues are addressed.

He agreed that the sanctity of contracts and enforcement were part of the areas Nigeria must give priority to attract long-term capital investment, that can contribute to the development of the economy.

CBi’s CEO also called for increased investment in infrastructure (Hard and Soft) and the need for the stakeholders, investors and policymakers in the country to carry out the necessary risk assessments in that area.

The CBi has been a strong advocate over the years for the “Sanctity of Contracts” in the Nigerian economy, which is essential for attracting investments, that can create more jobs and address the state of poverty in the nation.

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