The Manufacturers Association of Nigeria (MAN) has warned that the continued abductions of company executives could erode investor confidence in the Nigerian economy.
Director-general of MAN, Segun Ajayi-Kadir, made this statement on Tuesday in Lagos, in a reaction to the Managing Director of Fouani Group, Mohamed Fouani, and four others by the Lagos State Police Command.
The victims have however been rescued.
Ajayi-Kadir emphasised that the issue of insecurity poses a significant threat to the business community and the overall economic development of Nigeria.
He praised the security agencies for the safe release of Fouani, noting that their efforts were successful and resulted in no casualties among the victims.
He said, “The association is, however, concerned about insecurity, as the kidnap of the Fouani managing director left the entire manufacturing community shocked and concerned about the safety of its chief executives and indeed, its workforce.”
“This, if not checked, will erode investor confidence in the economy and further jeopardise the efforts of the present administration of President Bola Ahmed Tinubu at repositioning the economy for growth.”
