The Chairman of the Nigerian Economic Summit Group (NESG), Asue Ighodalo, said on Tuesday the Nigerian business environment is over-regulated by the Federal Government.
Ighodalo, who disclosed this at a forum in Abuja, said the tight regulation is affecting the Nigerian market and preventing foreign investors from coming to the country.
He was reacting to the decision of the microblogging platform, Twitter to locate its African headquarters in Accra, Ghana.
He said Nigeria needs to encourage investment by going back to the drawing board.
The businessman said: “The economy of Nigeria is overregulated. The overregulation of the Nigerian economy and private sector participation affects investments.
“It is a chicken and egg thing. As a developing economy, you want people to bring money to invest, create jobs, pass on technology and skills. If there are jobs and people are earning, income is being distributed and redistributed.
“We have to go back to the basic. We need to encourage and attract investments into Nigeria.”