U.S., stakeholders advocate inclusiveness in business
operations
The Lagos Chamber of Commerce and Industry (LCCI), has said
an estimated N200billion planned investment in agro allied industry has been
put on hold in the
country due to insecurity across several sections of the
country.
According to the President of LCCI, Babatunde Ruwase, during
the Chamber’s ‘Security meets Business” Dialogue session, in Lagos, yesterday,
food security is at risk as agricultural production is threatened by security
concerns, coupled with food inflation hovering at 20 per cent against 12 per
cent for core inflation.
Besides, the United States and other stakeholders in
different military and security formations have urged businesses to consider
inclusiveness, especially of their host communities for sustainable peace, and
secured business environment.Ruwase noted that there was no better time to
consider the business dimension of the security challenge than now, adding that
no meaningful business can be done in an environment that is insecure.
“Security of life and property is a very critical factor in
the investment environment, and a major consideration in investment decisions.
The impact of these security challenges on business and investors confidence is
phenomenal. Not much investment activities are taking place in the
North-Eastern part of the country.
“Attacks by herdsmen on farming communities across the
country is not abating, resulting in increasing loss of lives.“Many rural
farmers are holding back from the current planting season because of the fear
of attacks by herdsmen.
“Agricultural activities are being negatively impacted.
Already food inflation is at 20 per cent as against 12 per cent for core
inflation,” he said.Ruwase said that the oil and gas sector was facing fresh
threats of attacks on oil installations, adding that there was 10 per cent
increase in insurance premium on security related risks in the last one year.He
noted that an estimated N78billion was spent by ICT and Telecoms companies in
replacing stolen and vandalised equipment.
According to him, Nigeria’s position in the Transparency
International Security Ranking has plunged to 149 out of 163 countries because
of the security challenge.Ruwase acknowledged the efforts and progress of the
government and security agencies in addressing the problem of insecurity in the
country, but noted that a great deal still needs to be done.
The United States of America, Consul-General, John Bray, said
the private investment of U.S. companies in Nigeria was more than $8.1billion.
Bray noted that despite the security challenge in the country, some American
companies had thrived, while some that could not cope left.He said to address
the issue, the Department of Commerce, Ministry of Trade and Industry of U.S.
and their Nigerian counterpart would hold dialogue to identify impediment in
the business environment.
The Consul-General said that the dialogue session would forge
collaboration between the public and private sector to improve security in the
country.On his part, the Chief of Army Staff, Lt. Gen. Tukur Buratai, said
combating terrorism successfully was the greatest challenge facing most 21st
Century nations.
Buratai, who was represented by Maj.-Gen. Enebong Udoh, Grand
Commander, 81 Division, Nigerian Army, said the Nigerian Army was poised to
confront all prevailing and evolving internal and external threats in order to
guarantee the nation’s territorial integrity at all times.He said to improve
operational capabilities, new platforms, surveillance, and communication
equipment were procured and deployed into its operation.“The Nigerian Army will
continue to remain apolitical, professional and responsive in the discharge of
its constitutional role,” he said.
Buratai said the Army would ensure through its dogged
operation to ward off prevailing and emerging threats; to ensure adequately
conducive and secured environment was created for sustainable economic growth.
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