The Organised Private Sector of Nigeria (OPSN) says foreign and local investors will continue to ignore the country as widespread insecurity worsens.

It called on President Muhammadu Buhari to review the country’s security architecture to tackle widespread insecurity hampering economic growth.

Mr Taiwo Adeniyi, chairman of OPSN, made the call during a news conference on ‘The State of the Nigerian Economy and a Call for Urgent Action’ held on Tuesday in Lagos.

Mr Adeniyi explained that the economy, with enormous potential, would attract further investment, creating more jobs.

“It is evident that there is a dearth of both foreign and domestic investment inflows in the last four quarters, and this can linger for a longer period unless drastic steps are taken to address the menace.

“Adequate funds should be allocated to national defence to reflect the importance of national security as we face multiple threats from bandits, Boko Haram, and other undesirable elements in all geographical zones.

“The need to continually motivate the men and women of the armed forces and other paramilitary agencies through the provision of the necessary equipment to combat the security menace cannot be over-emphasised,” he noted.

The chairman attributed the insecurity and rate of kidnapping and other social vices to the high rate of unemployment in the country. According to him, this data comes with serious social and economic consequences if the underlying issues are not quickly addressed.

“We urge the government to refocus its efforts on supporting organised businesses to increase production capacity, which will invariably enable them to create more jobs. Verifiable support should be given to micro, small and medium enterprises (MSMEs).

“This is to enable growth from the bottom up, and a critical impact-audit of current interventions made to determine their effectiveness and relevance in the context of current realities,” Mr Adeniyi said.

Also speaking, Saratu Aliyu, President, Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, urged the government to cooperate fully with OPSN to address the economic challenges.

Mrs Aliyu said, “We keep stressing that whenever the government is formulating policies for us to use for our businesses, we should have inputs.

“This will enable business people to operate comfortably and do their businesses in the manner that will benefit Nigerians.”

The OPSN comprises the Manufacturers Association of Nigeria (MAN), (NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigeria Association of Small Scale Industries (NASSI), and Nigeria Association of Small and Medium Enterprises (NASME).

(NAN)