The Institute of Chartered Accountants of Nigeria (ICAN) has deplored the decline of about 69 per cent and 44 per cent in foreign direct investment (FDI) inflow in the first and third quarters of 2023.

ICAN president, Dr INNOCENT OKWUOSA, said exodus in the country’s industrial sector since August 2023 may not have created the ease of doing business that can attract and retain FDI.

He noted that the challenges in Nigeria’s business environment are multifaceted, listing security concerns, infrastructural decay, regulatory constraints, and policy inconsistency.

The ICAN boss stressed that these factors and others have created a high-risk environment for sustainable business operations in Nigeria.  

He added that a gap in infrastructure, particularly in critical areas such as power, transportation, human capital, and technology amplifies operational challenges for businesses.  

ICAN, therefore, advised government to create an enabling environment that could attract private sector investment in infrastructure development.