… Says business climate not friendly yet
By Henry Daniel
Following the CBN’s recent ban of Cryptocurrency operators’ account, a former deputy governor of Central Bank of Nigeria (CBN), Professor Kingsley Moghalu has frowned at the policy saying that such decision by the apex bank was not well calculated.
The erswhile deputy governor who spoke on Channels TV during the week, said Nigeria government should not stop the importation of capital into the country particularly this period when the country is recording more capital flight than ever. He noted that other countries are managing the Cryptocurrency Prudently to grow and develop their economies having understood the totality of crypto vusiness.
The political economist urge Nigeria government to learn from other countries who are maximising the potentialities in crypto instead of outright ban, he decried the fact that foreign investors are taking their leave from Nigeria because business and investment climate and policies are not only unpredictable and inefficient but unfriendly.
“The federal government should as a matter of urgency think deep and make investment climate more friendly, predicable and efficient. There are too many ad hocism in the management of Nigeria economy. There are no deep thinking from the side of economic managers in today’s Nigeria.
“What we see is abrupt policy changes (policy somersault) and investors don’t like such adhocracy. As a result, Foreign direct investment is declining. Because the market environment is hostile”.
He charged Nigerian political and economic leaders to think imaginatively and creatively before dishing out any policy, programmes and plans to the people, noting that such unstructured decisions are always counter- productive.