By Naomi Uzor
The Former Governor of Cross River State, Donald Duke, has said that for Nigeria to attract Foreign Direct Investment, FDI, there is urgent need to stabilize its currency.
Duke, who was the guest speaker at the November breakfast meeting of the Nigerian-American Chamber of Commerce, (NACC) tagged, â€œForeign Direct Investment as a Catalyst for Development,â€� stated: â€œBeyond oil, our major interest should be the territory of Nigeria. To attract investments, we must stabilize our currency. With an interest rate of 30-25 per cent, it is hardly achievable. There is need for a single digit interest rate to attract FDI into the country. Nigerians has to think outside the box and grow at least by 15 per cent. Sooner or later, if we donâ€™t grow the country as a whole, we will crowd Lagos out because it is going to be over populated.â€�
He said that the so much talked about ease of doing business can only be achievable if sufficient energy can get to the people.
Duke further stated: â€œWe have gas in Nigeria and it is being flared. We need the gas. It is not just enough to say we are now re-injecting the gas; we have to do a lot more because it is important to make Nigeria attractive for investors to invest. 90 per cent of investors will require power, so we really need to look into energy.
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