A former Deputy Governor of the Central Bank of Nigeria (CBN), Tunde Lemo, said on Monday Ghana has upstaged Nigeria as an attractive destination for foreign investors.
Lemo stated this when he featured in a Channels Television’s programme monitored in Lagos.
He listed infrastructure decay, insecurity, and poor ease of doing business, among others as some of the reasons why foreign investors preferred Ghana over Nigeria.
Lemo said: “Our infrastructure is in decay, it is very seriously impacted negatively. Look at the textile industry for instance. When we had independence, the first 10 years, the Chinese and the Indians came here and set up textile companies.
“At the peak, we had over 170 textile companies but today, all of them have folded up, only six or seven are in operation, albeit marginally.
“The reason is because the infrastructure in those climes is much better than what we have now. So, we need to free up resources beyond what government can do, and then harvest all of these and put aggressively into revamping our infrastructure”
