The fragile investor-confidence which Nigerian economy has garnered in the last 12 months from both domestic and foreign investors, despite its slow and vulnerable recovery is under serious threat as the change President Muhammad Buhari and his party the All Progressives Congress (APC) are offering Nigerians, is increasingly getting messier by the day.
The invasion and subsequent siege to the National Assembly Complex by faceless security operatives who admitted members of only APC into the complex, but denied members of other parties, including the main opposition People’s Democratic Party (PDP) entry is an aberration in a democratic system.
This, plus the senseless and mindless killing of innocent citizens of this country by jihadist masquerading as herdsmen or the so-called armed bandits, are aspects of the Buhari and APC ‘change’ that have put the country not only in the theatre of the absurd, but also on reverse gear economically and politically.
Experts say that Nigeria, by virtue of its demography, large market and citizen’s strong buying-power, is a compelling investment destination, but no sane investor is ready to put his money in an economy that does not guarantee him safety of his investment.
“Between now and the second half of next year, there won’t be any major investment coming into the country because of the political risk associated with the February 2019 general election,” the experts stated.
According to the experts, no investor is going to take the risk in spite of the huge opportunities in the country in virtually all sectors of the economy that are crying for investments, especially in the real estate sector where the value of the opportunities available for investors is estimated at N56 trillion.
Already, investors in this sector are contending with a myriad of challenges ranging from high cost of funds, where available, very unfriendly regulatory environment, long, expensive and tortuous property registration process, and above all, what Paul Onwuanibe, CEO, Landmark Group, calls “the scourge of an emerging economy where there is huge regulatory limits that is very little enabling.
The same applies to other sectors, but investors have been contending with all of that because, one or another, they can recoup their investment. But the events of the past few months are too bizarre for any investor to risk.
How does Nigeria and its economic managers explain to the outside world that masked security operatives could invade the hallowed chambers of the National Assembly where there are supposed to be soldiers, police and other security apparatus all of whom seemed to be helpless?
Political analysts described what happened at the National Assembly as the height of desperation by a political class that have failed the people, but wants to cling on to power at all cost by doing what is despicable and unimaginable in sane society where political leaders have values to protect.
These are reflections of what William Shakespeare saw in the English society of his time that made him think, “it is either there is civil strife in the skies, or the earth too saucy with the gods incenses insurrection”. But unlike the situation in Shakespeare’s society, which had to do with the gods, Nigeria’s case is human. It is a case of man inflicting pain on Nigeria and Nigerians, meaning that it is in the power of Nigerians to resist their tormentor(s).
The country is passing through desperate moments and the citizens should not, as the same Shakespeare warned, blame “their stars but themselves that they are underlings”.
The invasion of the National Assembly by faceless security operatives is one absurdity too many in a beleaguered country that has seen all manner of anti-democratic acts that are threatening its continued existence. But as Ben Murray-Bruce stated in his Twitter handle, @benmurray, “we will forever defend this hard fought democracy; illegality will never stand”.
