The President of Cyprus, Nicos Anastasiades, has reportedly disclosed why his country cannot invest in Nigeria despite its willingness to do so.
He was said to have disclosed the reasons to Nigeria’s presidential aspirant on the platform of the Young Progressives Party (YPP).
Moghalu, on his Facebook page where he posted photos of himself with Anastasiades, said that in a quick chat together, the Cyprus President disclosed that his country was willing to invest in Nigeria but is being deterred by what he referred to as difficult environment.
Moghalu’s meeting with Anastasiades happened after an interview with Bloomberg in London.
Following the disclosure, Moghalu, a former Central Bank of Nigeria deputy governor, reiterated the need for Nigerians to make the “right choices” during the 2019 elections.
“I look foward to building mutually beneficial trade and investment relations with Cyprus and other countries in the world” he concluded.
His post reads: “After my interview with Bloomberg in London, I met with Nicos Anastasiades the President of Cyprus, and in our quick chat he mentioned to me that his country wants to invest in Nigeria, but it is a difficult environment. Only sustained reforms from an informed worldview can attract investment and jobs to Nigeria, but we must make the right choices at the polls. I look forward to building mutually beneficial trade and investment relations with Cyprus and other countries in the world.
Although Cyprus’ per capita GDP (adjusted for purchasing power), according to the 2017 International Monetary Fund estimates, is $36,442 which is below the European Union average, the country’s low tax rates makes it an attractive destination for several offshore businesses.
Tourism, financial services and shipping are significant parts of the economy of the third most populous island in the Mediterranean.