A Nigerian entrepreneur based in Canada, Oluwafemi Ayeyemi, has attributed the reluctance of many Nigerians in the diaspora to invest back home to worsening insecurity and poor infrastructure.
Ayeyemi made this known during a media tour of his ongoing ₦3 billion hotel project located in Obada, a suburb of Abeokuta, Ogun State.
While acknowledging the vast investment potential in Nigeria, he stressed that basic challenges such as inadequate water supply, erratic electricity, bad roads, and security threats continue to discourage many diaspora-based Nigerians from committing their resources to the country.
Speaking with journalists yesterday, the hotelier lamented the difficulties he faced during the ongoing construction of his 62-room hotel project, including the cost of building materials, unreliable contractors, and lack of basic infrastructure.
He noted that the poor condition of the road leading to the site prompted him to personally spend N5 million on sand and rock to make it motorable.
“I would have abandoned the project if not for my father’s encouragement. We started in 2017 and have faced many setbacks, but quitting is not an option. Doing business in Nigeria is very risky, especially with insecurity and bad roads. Yet, this hotel alone will provide jobs for at least 100 youths in this locality,” he said.
Ayeyemi appealed to the Ogun State government to extend road rehabilitation projects to business corridors in rural areas such as Obada-Oko.
He stressed that government intervention in infrastructure would not only support local businesses but also encourage more diaspora investment.
Also speaking, his wife, Elizabeth, expressed concern that many of their friends in the Diaspora are discouraged from investing in Nigeria due to insecurity and dilapidated infrastructure.
She urged both the federal and state governments to prioritise road projects and security to create a more enabling environment for returnee investors.
The couple, however, maintained that the government alone could not fix the economy and called on well-meaning Nigerians in the Diaspora to invest in ways that could create jobs and boost the economy.
