Sustainable good policies and enacting business friendly laws are baits for attracting foreign direct investments, Chairman and Chief Executive Officer of JPMorgan Chase & Co, Jamie Dimon, has said.
He gave the advice on Wednesday in Abuja when he spoke at the 30th Nigeria Economic Summit (#NES30), where during he noted the critical role of stability in governance and regulatory frameworks.
During the Fireside Chat session of the Summit, Dimon noted that real capital inflow was from companies and private capital rather than government initiatives.
“It is companies around the world that bring capital, including sovereign wealth funds, seeking investment opportunities here. To attract that capital, there must be consistent laws, regulations, rules, and a stable legal environment,” he said. Dimon further cautioned against erratic policy shifts, which discourage potential investors.
“If the government flips back and forth, people are just afraid to make those investments. The rules that attract capital are pretty basic and universal,” he noted. In addition to consistency, Dimon stressed the importance of sustainable policies.
He called for stronger partnerships with international financial institutions, such as the International Monetary Fund (IMF), World Bank, Asian Development Bank, and African Development Bank, to catalyse investment flows into critical infrastructure projects.
“What will bring in capital are successful projects — roads, bridges, ports, tunnels, mines. These are the types of projects that investors want to back,” he said. He stated that addressing Africa’s financing needs would require more robust support from these institutions.
He also warned that mechanisms like borrower’s clubs, which focus on debt negotiation, did not attract capital but merely help mitigate past mistakes. At the closing ceremony, Vice President Kashim Shettima reiterated the government’s commitment to fostering a conducive environment for the economy to thrive, noting that implementing the administration’s eight priority areas under the Renewed Hope Agenda is key to achieving macroeconomic stability, growth, and development.
The Vice President, who was represented by Vitalis Emeka Obi, Permanent Secretary in the Ministry of Budget and Economic Planning, called on various stakeholders to support the government in actualizing an inclusive future for Nigeria.
“The leadership of the states, private sector, civil society organisations, and development partners must join hands with the Federal Government to build a Nigeria that works for all,” Shettima said.
He also affirmed the government’s continued collaboration with the Nigerian Economic Summit Group (NESG) to host future summits and align the Green Book recommendations with government priorities for implementation.