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Wednesday, October 20, 2021

Flight restrictions will limit foreign investments, experts warn

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Experts have warned that restrictions on flights would limit the flow of foreign direct investment into the country.

Financial Analyst, Ovie Ogidiaka, in an interview with our correspondent, said flight restrictions would impact Nigeria’s economy negatively.

He explained that flight restrictions on certain countries would lead to loss of revenue and downsizing in the aviation sector.

“A ban will hamper foreign remittance from citizens abroad,” he added.

Travel expert, Olubiyi Oluwajoba, said although restrictions and measures put in place by the Federal Government were done with probity, travel agencies were feeling the heat.

Oluwajoba explained that thousands of Nigerians visit Dubai regularly, but added that since February the number had greatly reduced.

“Brazil, Turkey and India are definitely going to affect FDIs,’’ he said.

He noted that the first concern of a leader should be the safety of the people.

He added that the Federal Government had expressed this by flight restrictions to countries that are currently the hotbed of COVID-19.

The United Nations Conference on Trade and Development World Investment Report for 2020 revealed that foreign investment to Nigeria totaled $3.3bn in 2019 while total stock of FDI was estimated at $98.6bn.

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