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‘Vandalisation of critical infrastructure undermining investment’

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The Ashcraft Centre for Science Research has said that the vandalisation of critical national infrastructures and business assets in the country is undermining investor confidence.

According to the centres, it also inhibits the drive for foreign direct investment, social capital growth and real business development, as well as truncating real progress in other sectors of the economy.

Briefing journalists on the forthcoming South-South Zonal Stakeholders Summit on ‘Domesticating Stakeholders Statutory Responsibilities in Protecting Nigeria’s Critical Infrastructures and other Assets” in Abuja, Chief of Strategic Planning and Innovations, Ashcraft CSSR, Dr Chiakor Alfred, observed that one of the most worrisome challenges to Nigeria’s national economic development is the systematic vandalisation, degradation and destruction of its critical national infrastructures and business assets.

He noted that the consequences of these criminal activities constitute adverse national security risks of untold proportions and impact our collective destiny gravely, adding that hundreds of billions of Naira are lost every year as a result of the vandalisation of critical infrastructure.

Chiakor stated that the hostile operating environment has led to the liquidation and/or relocation to other countries of viable industries and business franchises that provided employment opportunities and economic value chains to Nigerians, adding that those have depressed the national economy and triggered high rates of unemployment and other attendant problems.