Abuja: The Abuja Chamber of Commerce and Industry (ACCI) has expressed concern regarding the purported creation and functioning of the Presidential Foreign Intervention Promotion Council (PFIPC) and the Presidential Economic Advisory Council (PEAC). The chamber warns that these developments could potentially harm Nigeria’s business climate, diminish investor confidence, and tarnish the country’s international reputation. In response, ACCI is advocating for the implementation of institutional safeguards to protect the nation’s investment reputation.
According to News Agency of Nigeria, ACCI President Chief Emeka Obegolu, through a statement by Olayemi John-Mensah, the chamber’s Media and Strategic Officer, emphasized that these allegations stem from individual actions and should not be seen as representative of legitimate government entities. Obegolu highlighted the urgent necessity to enhance institutional safeguards and verification mechanisms to protect Nigeria’s investment environment.
As a leading advocate for the organized private sector in the Federal Capital Territory and surrounding areas, ACCI is particularly troubled by developments that might erode investor confidence in Nigeria. Obegolu stated, “Foreign investors rely heavily on the credibility, integrity, and authenticity of government institutions when making investment decisions. Any incident that creates uncertainty about official institutions or government processes has the potential to negatively influence investment inflows.”
The ACCI president further noted that the alleged creation of what appears to be a government-backed institution by individuals could weaken investor trust. This situation might necessitate stricter verification procedures by local and foreign investors, development partners, and diplomatic missions before they engage with organizations claiming government affiliation, potentially leading to increased transaction costs and investment delays.
Obegolu also addressed the engagement of foreign diplomats and international stakeholders with the alleged fictitious agency, highlighting the reputational risks it poses to Nigeria. This issue arises amidst Nigeria’s efforts to position itself as a favorable destination for foreign investment. Ensuring the integrity of government institutions is essential for attracting sustainable foreign direct investment.
Furthermore, the incident may cause temporary confusion regarding the legitimate government bodies responsible for investment promotion and facilitation. Obegolu advised business owners to only engage with recognized government agencies and verify institutional mandates before forming partnerships or agreements. He also recommended confirming official correspondence and authorizations before committing financial resources to any government-related initiative.
Expressing confidence in the swift actions of the presidency, security agencies, and relevant government institutions to address the allegations, Obegolu praised the prompt investigations undertaken. He emphasized that the private sector thrives on transparency, accountability, and institutional credibility, and this incident should be seen as an opportunity to reinforce governance systems and strengthen public trust.
The ACCI president reiterated the chamber’s dedication to collaborating with government institutions, development partners, diplomatic missions, and the broader business community. This commitment aims to foster a transparent, secure, and investor-friendly business environment. He urged business owners to conduct thorough due diligence and verify the legal status and official mandates of any organization claiming government authority before engaging in commercial or investment relationships.