Private Equity and Venture Capital Association of Nigeria (PEVCA), has assessed President Bola Tinubu’s recent policies and claimed that they don’t seem well-thought-out and could deter foreign investment in the nation.
This was mentioned by the association in its midyear assessment and strategic perspective for 2024, when it was mentioned that the present administration’s recent measures could impede and complicate matters.
The paper claims that the Tinubu administration’s policies have conflicting objectives, which could turn off both domestic and foreign businesses.
It noted that the short-term revenue generation goals of the current administration are impeding plans to create a business-friendly environment.
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The report reads, “The introduction of policies with competing goals and interests will remain a deterrence for investors. Policies lack consistency and, in some cases, appear to be more of a knee-jerk reaction rather than a well thought out plan. Specifically, a number of short-term revenue generation goals continue to compete with the goal of creating a favourable business environment that attracts investors.”
Furthermore, the report provided examples of policies geared towards revenue generation which contrast with the goals of attracting foreign investment.
Such examples include; the introduction of an expatriate levy for companies operating in Nigeria which was later suspended, the cybersecurity levy and others.
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It noted that the policies if implemented would have created an adverse working environment for the current administration but stated it revealed how the government does not collaborate with the private sector.
Also, the report stated that several key government agencies and departments, including the Securities Exchange Commission (SEC), remain without a board.
This situation follows President Tinubu’s decision in June 2023 to “clean shop” by dissolving all statutory agencies, ministries, and departments.
It was noted that new appointments have not yet been made, which has stalled economic activity
