Domestic investors, key to Nigeria’s economic revival- NIPC

The Nigerian Investment Promotion Commission (NIPC), says the country should encourage domestic investors to invest in various sectors of the economy instead of relying on foreigners to revive the economy.

Yewande Sadiku, executive secretary of the commission, said that the only way out of the economic recession is for wealthy Nigerians to invest in their father’s land than any other national who does not know the terrain of where they will invest their money on.

“Direct Domestic investment is key to Nigeria economic growth. We want Odu’a to develop a database of wealthy Nigerians on how we can get them invest in the country,” said Sadiku at a meeting between the commission and management of Odu’a Investment Company Limited and Development Agenda for Western Nigeria (DAWN) in Ibadan, the Oyo State capital

The NIPC boss who said federal government is trying in its own way to invest in the areas of opportunities urged states to compete among themselves in the areas of investment thus bulk of investments lies in the state.
“Nigeria competes with rest part of the world, I think states should also compete. Africa contributes 13% to global population, but only 2% to global GDP and 4% of Global investment flow and Nigeria attracts 11% of global flow according to 2015 report.”

“Infrastructure is better developed, infrastructure is the biggest challenge that many investors see as an issue and finance, so I will like us to work together on this summit on domestic direct investment.

“In October, we are planning to have a program on Direct Investment summit to attract Nigerians invest in Nigeria.

Group Managing Director/Chief Executive Officer of Odu’a, Adewale Raji, frowned at 40-50 percent loss of agricultural produce during post-harvest as he said that the company was working on massive agricultural production of staple which will be processed on site.

Raji said this will create more jobs for the teeming unemployed, reduce rural-urban drift among others.

“Agriculture and value chain is a key area we are taking into consideration. This is an area you can have direct impact on people’s life.

Acting Director General of DAWN, Seye Oyeleye maintained that the commission has responsibility to ensure intergration of states and sustainable development within the South Western Region of the country.

 

Akinremi Feyisipo, Ibadan‎