Nigeria must tackle corruption to compete globally — Expert

The founder and CEO of Kyvatron, a multinational arbitrage trading firm, Bayo Iwu, has said that while Nigeria’s investment climate holds significant potential, the prevalence of corruption and fraudulent practices in the society stifles the business environment, preventing it from reaching its full potential.

In a statement made available to our correspondent on Saturday, Iwu stressed that Nigeria’s reputation has been tarnished by the actions of certain individuals, making it almost a “pariah” in the business world.

He, therefore, urged the Federal Government to tackle the scourge of corruption to redeem the nation’s image in the international business community.

He said, “Nigeria faces international challenges due to corruption, which affects its reputation and limits business opportunities.”
Speaking further, Iwu stated that China’s strict anti-corruption policies should serve as an example for Nigeria’s business sector to emulate. He stated, “Countries like China have strict anti-corruption policies, making them more attractive to investors.

“To compete globally, Nigeria must address corruption and promote transparency. Nigeria must take decisive action against corruption to compete favourably in the 21st-century business environment.”

Despite these challenges, Iwu highlighted that Kyvatron has achieved success in Nigeria’s arbitrage trading market. Established in June 2022, the company sources commodities and currencies cheaply in bulk and resells them at a profit, eliminating traditional investment risks.
“Kyvatron’s innovative approach has attracted investors seeking to combat inflation and financial insecurity, with returns reaching up to 23% per month. The company plans to expand its Nigerian operations, creating awareness about arbitrage trading and providing secure investment opportunities,” he added.