Against the backdrop of the Federal Government’s decision to restrict flights, particularly from countries that are currently the hotbed of COVID-19, experts have warned that restrictions on flights would limit the flow of foreign direct investment into the country.
In an interview, Ovie Ogidiaka, Financial Analyst, said flight restrictions would impact Nigeria’s economy negatively. He explained that it would lead to loss of revenue and downsizing in the aviation sector, as it will hamper foreign remittance from citizens abroad.
Travel expert, Olubiyi Oluwajoba, admitted that the restrictions and measures put in place by the Federal Government were done with probity. However, he lamented that travel agencies were feeling the heat. He explained that thousands of Nigerians visit Dubai regularly, but added that since February, the number had greatly reduced.
He said, “Brazil, Turkey and India are definitely going to affect FDIs,’’
While noting that the first concern of a leader should be the safety of the people. Oluwajoba 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 the value of foreign investment to Nigeria was $3.3bn in 2019 while total stock of FDI was estimated at $98.6bn.