Insecurity: Investors confidence in Nigeria is declining – MAN

The Nigerian economy’s credibility may be jeopardized by the ongoing kidnappings of business executives, according to the Manufacturers Association of Nigeria (MAN).

 The Director-General of MAN, Mr. Segun Ajayi-Kadir, made this announcement on Tuesday in Lagos.

 His comments came after Mohamed Fouani, the managing director of the Fouani Group, and four other people were successfully rescued by the Lagos State Police Command.

Ajayi-Kadir underlined that the business community and Nigeria’s general economic development are seriously threatened by the issue of insecurity.

Read Also: App-based drivers demand regulation of Uber, Bolt others in Lagos

He praised the security agencies for the safe release of Mr. Fouani, noting that their efforts were successful and resulted in no casualties among the victims.

He said, “The association is, however, concerned about insecurity, as the kidnap of the Fouani managing director left the entire manufacturing community shocked and concerned about the safety of its chief executives and indeed, its workforce.”

“This, if not checked, will erode investor confidence in the economy and further jeopardise the efforts of the present administration of President Bola Ahmed Tinubu at repositioning the economy for growth.”

“MAN also extends its solidarity and hearty felicitation to the family and colleagues of the managing director over the release. The association remains concerned about the safety and well-being of its members and will continue to collaborate with authorities to address security challenges facing the operators in the manufacturing sector in particular and the nation in general,”