‘Insecurity, infrastructure deficit scare investors away from Nigeria’

A Canada-based Nigerian and hotelier, Oluwafemi Ayeyemi, has expressed concern that rising insecurity and infrastructure deficit top the list of challenges scaring investors away from Nigeria. Ayeyemi, made the call during a tour of his multimillion naira hotel project at Ijeja community in Obada-Oko area of Abeokuta, Ogun State. Ayeyemi said the need to invest […]

A Canada-based Nigerian and hotelier, Oluwafemi Ayeyemi, has expressed concern that rising insecurity and infrastructure deficit top the list of challenges scaring investors away from Nigeria.

Ayeyemi, made the call during a tour of his multimillion naira hotel project at Ijeja community in Obada-Oko area of Abeokuta, Ogun State.

Ayeyemi said the need to invest and contribute to Nigeria’s economic development inspired the project.

“To be honest, lack of infrastructure and insecurity is a discouragement.

“I’m leading by example because I want my friends to come back home and invest. I have a couple of friends who would love to invest in Nigeria but two things are discouraging them. Number one is insecurity and the second one is bad roads. So, many of them are sacred,” he said.

The young investor, flanked by his Wife, Mrs Elizabeth Ayeyemi,
called on the government to address insecurity, infrastructure deficit, inflation, energy cost, interest rate and other challenges affecting businesses in the country.

He explained that his project will boost tourism and hospitality business in Ogun State and also create jobs for the youths.

“Also, this investment is another way of creating jobs for the people. The hotel will generate between 60 to 100 employment for the people within the community.

“On the site presently, we have over 300 people working here and a number of them are from the neighbourhood,” he said.

He, however, expressed concern over the deplorable state of the road network in the area and begged for the government’s intervention.

The young investor said he had spent about N5m on palliative measures on the road, which is currently being worsened by erosion.

On the road challenge, he said “We will do all our best to make it motorable. We can’t do it alone. We need the government’s assistance. This is just a road within a community, if you go to the major roads, they’re all bad. If the road is fixed it will boost the business.”

Equally lending her voice, Mrs Ayeyemi, said “The government should help everybody out. A lot of people want to invest in this country but because of the insecurity, roads. If the government can fix the road everybody will want to invest.”