The Nigerian Investment Promotion Council (NIPC) has taken action to reduce future borrowings by increasing the nation’s foreign exchange profits while Nigeria’s debt profile continues to climb.
A master plan is one of the strategies being used to work toward the goals that have been defined. It is anticipated that it will expand the pool of potential investors, both domestic and international, and keep those who are already part of the system.
The Executive Secretary/Chief Executive Officer of the Council, Hajiya Saratu Umar, discussed the direction with the media in Lagos yesterday and stated that the NIPC’s legislative responsibility to stimulate, promote, and coordinate investment into the economy was crucial in this respect.
She asserts that this is essential for fostering development, fostering economic growth, and producing prosperity for Nigerians. If we want to put the country on the path of sustainable development toward becoming a successful nation, this assignment is meant to be highly persuasive.
She emphasized that a marketing/branding plan was needed to highlight the nation’s investment potential and that there would be aggressive campaigns because the nation could not keep taking out loans.
She reiterated: “Nigeria is a resource rich country with a potential that is unrivalled by any other country in the world. Investment promotion comes into attracting Foreign Direct Investment (FDI) and mobilise/remobilise Local Direct Investment to unleash the potential of the economy to the optimum.”
“The market for FDI has become very competitive and versatile where the investment promotion thrust of successful jurisdictions that are attracting the largest global market share of FDI inflows are driven by effective, efficient and performance driven investment promotion agencies.”
“With over 178 IPAs worldwide competing to channel FDI to their different countries, a compelling imperative is established that NIPC ensures Nigeria gets a fair share of this global market.”
“This is especially important with the onset of the Africa Continental Free Trade Area, which is now in force where an investor can establish operation in any signatory country and access the Nigerian market.”
“If we are to assert our position as a dominant regional player, we must enhance our investment drive.”
She also noted that the highly competitive investment promotion push had helped African economies emphasize their business-friendly policies and adjustments to the investment climate.
“The central and strategic role of the NIPC in the coordination of investment promotion should be activated to ensure Nigeria’s investment promotion drive is given traction to onboard investments into the different sectors of the economy in a bid to facilitate economic growth and national development including job creation, import substitution, foreign exchange generation and reduction of our reliance on debt amongst others.”
“Consequently, it has become critically important for all stakeholders in the investment promotion ecosystem to work in synergy and complement our competences to collectively drive a national investment promotion campaign.
“Thus, the National Investment Coordination Framework being evolved by the NIPC will provide a clear strategy for a seamless collaboration and coordination of the investment ecosystem as well as usher in a robust and effective stakeholder communication and engagement.”
“We believe this will result in effective partnership with all critical stakeholders including the media community to galvanise Nigeria’s investment performance and ensure investment plays a central role in national development.
“Indeed, the media is amongst the most important stakeholders in the investment ecosystem.
“The immediate focus of this stakeholder engagement is to seek a more effective partnership towards national development.”
“Ultimately, the desired goal is to ensure collective action that will firmly place the country on the path of sustainable prosperity for current and future generations,” she added.
Speaking further about the Masterplan, the Executive Secretary said that by examining the numerous businesses throughout the agri-value chain and utilizing the nation’s significant mineral potential, the investment focus will be most apparent in non-oil export.
Reflecting on the current infrastructure and the unfriendly environment for investment, she admitted that while they were real, some of them will be addressed and others might even be made into opportunities for investors with the right involvement and campaigns.
