Business & Finance

Things Are About to Get Worse in Nigeria – Ex AMCON Chairman


The hardship Nigerians are facing are about to get worse, if the words of ex Chairman of the Asset Management Corporation of Nigeria (AMCON), Chike-Obi is to be taken seriously.

Speaking on CNBC on Monday, Chike said no serious company with a compliance department will come and invest in Nigeria at the moment.

This is because the country is making it too difficult for inflow of funds and investment, he said, adding that no amount of public speeches by the presidency or road shows will convince investors to invest in the country’s economy as long as the status quo is maintained.

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As things stand, remittances from abroad and foreign investors almost matches the FX Nigeria is generating from oil revenue.

Apart from that, the gap in parallel market kills the desire for foreign investors as it doesn’t make sense to ask one to bring in dollars and change it at the official rate (N305 per dollar) when the parallel market sells at N440 per dollar.

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