October 17, (THEWILL) – American multinational financial services firm, JP Morgan, has advised countries, including Nigeria, who are seeking foreign direct investments (FDIs) to ensure consistency in their regulatory frameworks.
Speaking on Wednesday, at the 30th Nigerian Economic Summit, Mr Jamie Dimon, the Chairman and Chief Executive Officer of JP Morgan, said only consistent laws, regulations, rules, legislation and legal environments attract investments.
Noting that regulations do not inhibit companies from growing, Dimon emphasised that good leadership, which encapsulates trust is required to manage businesses effectively.
He said, “There is no mystery about that; you know, capital goes to where it’s taken care of where people think they can make some money and have a return on the capital in the long run. And very often countries, for example, Nigeria, if they have very inconsistent policies, investors don’t want to go there.
“I think we in America do a much better job than I call development finance. If you look at our development institutions, we could double or triple that. And I think we should.
“JP Morgan will double, triple our investment in the development banks, but the real capital is private capital companies around the world that might be sovereign wealth funds and they want to come here for investment opportunities.
“So to do that requires consistent laws, regulations, rules, legislations and legal environments. If you have that, you will get plenty of capital here.”
