Investment commission seeks collaboration with diplomatic community on national attractiveness

The Nigerian Investment Promotion Commission (NIPC) Is seeking collaboration with the diplomatic community to increase the country’s national attractiveness for more investments.

Speaking at an interactive stakeholder engagement with the diplomatic community in Abuja, Saratu Umar, executive secretary/CEO, NIPC, said the commission recognises the role of the diplomatic community as critical stakeholder in investment promotion.

“economic diplomacy is one of the pillars of the mandate undertaken by Diplomats in host countries; not only do Diplomats assist in delivering marketing messages to target groups of potential investors, they also manage relationships and provide the relevant information required for investors to make informed investment decisions which has aided reinvestment and retention of investors,” she said.

She also appreciated the diplomatic community for successfully channeling the views of investors about the investment climate of Nigeria by working in tandem, to meet mutually beneficial goals especially through their support in policy advocacy.

“As NIPC strategizes to increase national attractiveness and branding, to position Nigeria as a constant preferred investment destination of choice, strategies to deepen the investment promotion drive of Nigeria and the day-to-day problem-solving for established and incoming investors are being put in place,” Umar said.

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She reiterated that Nigeria is a resource rich country with great potential and a compelling investment haven, with numerous opportunities yet to be fully harnessed which necessitates the need to attract Foreign Direct Investment (FDI) and mobilize Local Direct Investment (LDI) for mutual benefits to both the investor and Nigeria.

She said a well-coordinated investment promotion ecosystem as mandated by the NIPC establishment Act, is being developed to ensure Government and non-government investment promotion players can undertake mutually reinforcing and complementary roles to attract, retain and grow investment in Nigeria.

Umar noted that the involvement of the diplomatic community is important seeing as the global FDI market over the last decade has become very competitive and versatile where the investment promotion thrust of successful jurisdictions with the largest global market share of FDI inflows are driven by effective, efficient and performance driven Investment Promotion Agencies (IPAs).

“With over 170 IPAs worldwide competing to channel FDI to their different countries, a compelling imperative is established that NIPC is positioned to ensure that Nigeria gets a fair share of this global market; The commencement of the Africa Continental Free Trade Area (AFCTA) also makes it imperative for Nigeria to enhance its investment promotion drive, in order to remain the constant preferred investment destination of choice,” she said.

She said stakeholders in the investment promotion ecosystem will work in synergy and complement the commission’s mandates and competences to facilitate a national investment promotion campaign under the Nigerian Investment Promotion Masterplan and the National Investment Promotion Coordination Framework being developed by the NIPC, where it 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.