Nigeria’s Economy: Former British Council Director Defends Growth, Urges Improved Regulations

Former British Council Director in Abuja, David Roberts, defended Nigeria’s economic growth and called for improvements in regulatory institutions and measures to counter corruption.

According to Roberts, Nigeria’s economy, which posted a GDP growth of 3.46% in Quarter 4, cannot be said to be in a mess.

He emphasized the need for the country to build confidence in its regulatory capacity and renew efforts to identify and stamp out corrupt practices.

The former British diplomat highlighted the positive impact of the removal of the fuel subsidy, citing a 50% reduction in fuel importation and a 66% increase in capital importation.

He also pointed out that Nigeria’s stock market has surpassed Argentina’s, becoming the world’s most profitable stock market.

However, Roberts also expressed concerns about the composition of the board of MTN Group, which includes the former heads of the Nigerian Communications Commission, the Federal Inland Revenue Service, and the Minister of Communication Technology.

He suggested that such arrangements could raise doubts about Nigeria’s regulatory capacity and discourage foreign investment.

To attract more foreign capital, Roberts recommended that Nigeria focus on improving its regulatory institutions and tackling corruption.

He believes that the country has good policies in place but must take steps to build confidence in its regulatory capacity and renew efforts to identify and stamp out corrupt practices.

Nigeria’s economy has shown signs of resilience and growth, but there is still room for improvement in regulatory institutions and the fight against corruption.

By addressing these issues, Nigeria can attract more foreign investment and further strengthen its economy.