Even with the craving for and hoopla around FDI, Nigeria is not in the top 10 leading destinations in Africa. And after having done well for themselves, the foreign multinationals end up remitting huge dividends back to their home economies. While the dividends paid to out-of-country investors may not exactly be directly proportional to capital flight, they nonetheless mean that funds that could have been reinvested within the Nigerian economy will be remitted to other economies. The Minister of Solid Minerals, Dele Alake, who many thought would have been Minister of Information, just came out with the good news that a Nigerian solid minerals corporation would soon be set up by his ministry. The solid minerals corporation should quickly take itself out of the picture as a commercial enterprise, though it can still remain as an enabling regulatory agency for the solid minerals industry.

Source: Punch September 06, 2023 05:33 UTC