The Nigerian Investment Promotion Commission (NIPC) has urged Investment Promotion Agencies (IPAs) across the country to increase their collaborative efforts with the commission in order to achieve the common goal of increased investment inflow for the country.
Saratu Umar, executive secretary/CEO of the NIPC, said this during an interactive stakeholder’s forum with investment promotion agencies in Abuja on Tuesday.
She noted that with almost 180 IPAs worldwide, competing for a share of FDI to their different countries, the NIPC must be well positioned to ensure that Nigeria gets a fair share of investments.
“The central and strategic role of the NIPC in the culmination of all investment promotion should be activated to ensure that Nigeria’s investment promotion gains traction to promote investment Into different sectors of the economy In a bid to facilitate economic growth and national development, create jobs and reduce reliance on debt,” she said.
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Speaking to representatives of the various IPAs, she said each of them must collaborate with NIPC adding that there will also be more engagement forums for increased efficiency.
She urged the agencies to work together to transfer information that can support, optimize and give value propositions relevant to investments in the economy and reiterated the NIPC’s commitment to work with them to drive the common goal of increased investment inflow for economic development.
“Nigeria is a resource-rich country with potential that is unrivalled by any other country globally but it is yet to be fully utilised; The level of resource mobilization is insufficient for inclusive growth and national development and this is where the role of the investment promotion agencies to attract Foreign investment and mobilize domestic investment,” she said.
With the commencement of the African Continental Free Trade Area (AfCFTA), Umar said it is imperative for Nigeria to enhance its investment promotion goal to ensure it is the preferred destination for investments.
Speaking on the Nigerian Investment Promotion Masterplan (NIPM), she said it will help facilitate foreign and local direct investment that fit into Nigeria’s development and investment needs, in an inclusive, coordinated, tangible, measurable and effective manner.
“The NIPM will streamline Nigeria’s investment needs and NIPC’s targeted investment drives along country-specific, investor-specific, industry-specific, regional specific and investment type specific strategies,” she said.
