An Economist, Mr Titus Okuroumu, has called on the Federal Government to build more industrial clusters to attract more Foreign Direct Investment (FDI) into the country.
Okuroumu, who is a former Director in the Central Bank of Nigeria (CBN), gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos on Thursday.
Okuroumu was reacting to the National Bureau of Statistics (NBS) which reported capital importation into the country of 8.48 billion dollars in the first quarter of 2019.
The figure represents an increase of 216.03 per cent over the 2.14 dollars imported in the fourth quarter (Q4) of 2018 and 34.61 per cent increase over figures of the first quarter of 2018.
The bureau said that the largest amount was received through portfolio investment which accounted for 84.21 per cent (7,145.98 million dollars) of total capital importation.
This was followed by Other Investments which accounted for 12.91 per cent (1,096.15 million dollars) and Foreign Direct Investments which accounted for 2.86 per cent (243.36 million dollars) of total capital importation.
The economist said the increase would have been more if industrial clusters were established where they were necessary.
He said that the fact that portfolio investment accounted for 84.21 per cent showed that industrial clusters were imperative.
According to him, the industrial parks in Aba, Onitsha, Kano and elsewhere are not enough to lure investment to the country’s shores because industrial parks facilitate trade.
“More industrial cluster is imperative because an industrial park is filled with key infrastructure for manufacturing to thrive,” he said.
“The Federal Government should reduce the time lag for processing foreign trade papers to on the spot accomplishment instead of the current seven days.
“If adequately implemented, it will boost business and make the country a hub for foreign trade.”
Okurounmun advised state governments to attract investment into their states through infrastructure, adding that coastal states should build seaports to boost investment.
He also urged the governors to build more road networks in the hinterland to spur business.
