The International Human Rights Observatory Africa (IHRO-Africa), a civil society organisation, has called on policy makers to implement business-friendly reforms to mitigate human capital flight in Nigeria.Daniel Koussou, the Chairman of the committee on Economic Diplomacy,
Trade and Investment, IHRO-AFRICA, made the call during the inauguration of the committee members in Lagos on Thursday.
He expressed concerns over the increasing cases of human capital flight due to the harsh business environment.
According to Koussou, over 100 companies have exited Nigeria since 2020, resulting in estimated losses of 56 billion dollars.
He attributed this to economic instability, volatile currency fluctuations, and high operational costs.
To address this, Koussou emphasised the need to tackle economic instability, volatile currency fluctuations, and high operational costs.
He also called for the need to simplify Nigeria’s regulations and build necessary transparency and expanding trade agreements and deepen diplomatic relations to open new markets for Nigerian businesses.
Koussou noted that IHRO-AFRICA would work with regulators, private and government agencies to create a business-friendly environment.
He also highlighted Nigeria’s potential, citing 5.3 billion dollarsmin foreign direct investments in 2023, which could be increased with better policies.
“This can be further increased with better policies, directing the investment to the areas that we most need.
“Our mission is to find real solutions to help businesses thrive and to attract investors from around the world.
“We call on policy makers in Nigeria to further create business-friendly laws to reduce the rate at which our professionals leave the country.
“We, as a civil society group will showcase the best of Nigeria, from agriculture to creative industries, to the world. We will do this to secure Nigeria.”We will be building Nigeria into a place where investments can naturally flow,” he said.
Stakeholders, including Dr Victor Okhai, Chairman of the Federation of Registered Guilds and Associations in Nollywood, and Mr David Ujah, Manager of First City Monument Bank, Adeola Odeku branch, echoed the need for deliberate efforts to attract investors and harness Nigeria’s untapped potential.
Mr Musa Dikko, Commissioner, Public Complaints Commission, Federal Capital Territory, aligned with IHRO-AFRICA’s mission, emphasising the importance of building trust in the business space and encouraging Nigerians to report complaints to the commission.
Dr Chimbo Obieze, Country Director, BIGWIL IHRO-Africa said “Nigeria is the best place to invest in Africa.
This organisation is here is to work with the different levels of government and the private sector.
Mr Yinka Folami, National President of the National Association of Nigeria Travel Agencies (NANTA), advised Nigerians who are known to pocess unending spirits to begin to be conscious of the Nigerian state.
