Lack of infrastructure hinders Nigeria’s economic growth – investor


Mr Ranjan Mishra, the Senior Production Manager, Eastern Metal Company in Asaba says lack of infrastructural development is hindering the economic growth of the country.

Mishra, an Indian investor made this known on Wednesday in Asaba at the end of a two day, Nigerian Metallurgical Industry Stakeholders Forum (MISF), the second edition.

He said that Nigeria’s economy might not experience rapid growth except infrastructure such as power, road and good transportation system were put in place.

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“Nigeria is blessed with abundant mineral resources that can boost its economy and create employment opportunities for the youths but its growth is slow due to lack of infrastructure.

“We produce metal of different types for building, road construction and among others but the company is spending a lot of money to generate power for its productions.

“We spend over N20 million every month on power alone; transporting our raw materials to the factory and finished goods to other states is also costing the company a lot,” he said.

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He also complained of middlemen influencing prices of raw materials being used by the company and on their finished goods as well.

Mishra advised the goverment to have a fix price on raw materials being used for the production of metals.

He also complained of the recent kidnapping of one his men traveling to India along Benin expressway, adding that the company spent over 50 million before he was released.

“We are like prey for kidnappers because of our colour, we need security, we are scared to move freely even here in Asaba, foreign investors operating in Nigeria should be secured by the government.” (NAN)

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