Investors from Nigeria and their counterparts from the Republic of Germany have blamed the absence of adequate infrastructures for the low rate of foreign direct investment (FDI) in the Nigerian economy.

Speaking during a forum organised by the Nigerian-German Business Group (NBGB), investors from both countries lamented the decaying infrastructures in Nigeria, blaming it for the high cost of doing business, thereby, serving as a disincentive for investors.

Speaking during the forum, Professor Tunde Adeniran harped on the need for collaboration between the public and private sectors in order to address the country's lingering infrastructural problem.

He disclosed that Nigeria's economy will fare better with the putting in place of adequate infrastructures, adding that Nigeria will become more competitive in the global economy.

He said: "Nigeria has been beset with numerous challenges that have hindered the growth of its economy compared with its counterparts in the continent and in the global scene. Most of these challenges are brought about by the low level of, and in most cases, the absence of relevant infrastructures that will support the growth of businesses - infrastructures such as roads, electricity, security, energy, among others.

All these have been responsible for the low level of Foreign Direct Investment inflow into the country. With the development of the country's infrastructure, the economy will become more competitive in the global scene."

He stated that the importance of foreign direct investment cannot be overemphasised as it will help in stimulating the Nigerian economy, bringing about the much needed growth, development, employment among others.

He lauded government's efforts at addressing the issue and called for increased investment in electricity, roads, agriculture, education, energy, among others.

He advised businessmen in the country to encourage foreign nationals to not just invest in businesses alone, but to also invest in the country's infrastructural development, bringing in money to finance the development of infrastructures, as this is a very lucrative venture.

He disclosed that for the much needed foreign investment to come, Nigerians have to encourage the expatriates, by showing their patriotism and belief in the economy. "The foreigners have to be made to believe that Nigerians have the interest of the country at heart and are committed to the growth and development of the economy before they can be made to bring in their money. Nigerians can show this commitment by putting their own money initially and entering into partnership with the foreign nationals."

The founder and president of NGBG, Mr. Joe Femi-Dagunro, disclosed that the Niger-Delta crisis and the energy situation in the country have really hindered the free flow of investment from foreign nationals, making the country an unattractive destination for investment as the country's products cannot compete effectively in terms of price in other markets in the West African subregion.

He disclosed that the group which is at the forefront of mobilising expatriates from Germany to invest in Nigeria, is not relenting in ensuring that the expatriates are encouraged and schooled on the challenges of doing business in Nigeria.

To this end, he noted that the group is currently supporting an organisation that is poised to commence business in Nigeria in a couple of weeks, adding that the organisation is determined to develop the Nigerian micro-finance industry, granting loans to individuals and micro-finance banks a single digit interest rate.