The International Monetary Fund, IMF, has expressed surprise that many investors see Nigeria as a country of economic prosperity where business and trading activities can flourish despite recession.
According to the IMF, what the country needs to do is to roll out policies that would reduce inflation rate and increase access to domestic funds to ensure that the economy experiences further growth in 2018.
Making this known on Wednesday when he visited the Securities and Exchange Commission (SEC) in Abuja, the Senior Financial Sector Expert, Debt and Capital Market Instruments Division, Monetary and Capital Markets Department, IMF, Miriam Tamene, asserted that IMF is surprised that many investors are very keen to come and invest in Nigeria.
She however said that many of them still have misgivings about the fate of their investments as they are of the belief that their investments and funds may be trapped in Nigeria and they might not be able to recover them.
In 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 response, Acting Director General of the Security and Exchange Commission, SEC, Abdul Zubair said that the present leadership of SEC has rolled out some effective measures that would give it a new shape and improve the capital market so as to make it one of the best in the world and help in building confidence in the minds of potential investors that their investments are safe.
She said that the future looks bright as several initiatives had already been rolled out by the SEC which would help to grow the capital market and increase investors’ confidence, adding that more initiatives would be rolled out to ensure that Nigerian capital market remains one of the best in the world.