Baroness Lynda Chalker, the Coordinator of the Nigeria’s Honourary International Investment Council gave the warning on Tuesday.
Chalker said the country now has several competitors, even in the oil sector.
The HIIC Coordinator fielded questions from State House correspondents after meeting with President Goodluck Jonathan at the Presidential Villa, Abuja.
She noted: “The private sector is very cautious and wants to see commitments, wants to see an end to terrorism in the North and end to oil theft in the South.
“It also wants to see good governance in the states.
“All these things have to be considered together to attract investors who will make sensible investment, which gives them good returns on investments.
“They are not going to put money just for the love of Nigeria.
“It has to make economic returns and it is our responsibility to do all and give advice so that Nigeria can succeed in attracting investment.
“We must never forget that Nigeria, even in the oil field, now has many competitors.”
According to Chalker, the meeting with President Jonathan focused on some of the issues that would be discussed during the next HIIC meeting scheduled to hold in Abuja by the middle of the year.
She said: “We will be having further discussions and also seeking to bring about an end to oil theft in the Delta, which is critical for the country and they are critical for the way in which the country is viewed abroad.
“We talked about the presentation of news, whether it was always fair.
“We talked about the relationship between the Federal Government and the many states.”
The HIIC, an advisory council to Nigerian Government on how to attract foreign investments, meets twice a year.
The Council met last in London, United Kingdom.
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