Nasarawa agency attracts over $500m domestic, foreign investment in one year

The Nasarawa State Investment and Development Agency (NASIDA) said that the agency has, in the last one year of its operation attracted an estimated sum of over $500 million domestic and foreign investments in key sectors of the state.

According to the NASIDA, being one of the critical agencies driving Governor Abudullahi Sule’s economy template, the Nasarawa Economic Development Strategy, they were able to earn the state the most peaceful place for any investor to do business.

Ibrahim Abudullahi, the Managing Director/Chief Executive Officer of the Agency, disclosed this on Thursday during a press conference to mark the agency’s one year of establishment in Lafia.

The agency which commenced full operation in February, 2021 has attracted 13 significant public private partnership projects and has implemented over 8 business environment initiatives in the state.

NASIDA boss says he is confident the agency would surpass its target of becoming a top investment destination in the country, considering it proximity to the nation’s capital, Abuja.

Abudullahi then attributed the relentless effort of the agency in attracting investments to the state, to why Nasarawa ranked amongst the top three investment destinations in Nigeria by the Nigeria Investment Promotion Council (NIPC) in the first and second quarter of 2021.

He was specific that, the set-up of Nasarawa infrastructure fund, which attracts 5% of the monthly Internally Generated Revenue, has in no small measure improve the Infrastructure Stock of the State.

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He stressed that, for the state to attain the peak of it desired development, there was the need for increased private sector participation.

He added that, “private investments are extremely important and they represent a key component of the state development aspirations, as the role of government is to continually provide a legal regulatory framework for businesses to operate in the state.

“it is very important to note that, in the last three years of Governor Sule in office, we have close significantly 13 Public Private Partnership projects, and we have implemented over 8 significant business environment initiatives in the state.

“And this has attracted over US$500 million investments in both domestic and foreign in the key sectors of the state,” Abudullahi said.

The MD/CEO mentioned fundamental framework for any sustainable development to build and creating an enabling environment for businesses to thrive, as part of the efforts by Governor Sule’s administration to revitalize the economy of Nasarawa State.

According to him, “you can not revitalize the economy, if you don’t set up the fundamental framework upon which any sustainable development must be built.

“You can also create the enabling environment to invite private sectors, who are the better managers of risk, capital and businesses, to come into the state to do business.

“This is the new world, which is the most sustainable model in developing economy all over the world,” he said.

Abudullahi who said, the state business climate is safe and healthy, with no governmet bureaucracy, emphasized that, Nasarawa has one of the best PPP framework on the ease of doing business in the country.

The state investment boss who reel out the successes of the agency in the last one year said, the Agency has signed an agreement for the Nasarawa transport service and the concession of the Lafia and Karu bus terminal in order to ease transportation problem in the state.

He added, “we have also signed an agreement with Bitcoin energy to concession the Auta-Balefi recycling plant”, with the plans to embark on energy project in the second phase of the project, which hope to attract about $32 million funding from domestic and foreign investment.

He further that, in effort to build the state as an emerging center for digital economy, the agency has also signed an agreement for the building of Nasarawa Technology Village, where it will accommodate development of a live, work, play innovative housing and ICT Hub.

Abudullahi further enumerated concession of the Karu Waste to Energy Project, Karu retail and recreational Mall, cassava Processing Park, meter Manufacturing Plant, Nasarawa Agricultural Commodity Company, are few among many investments in the state.

He assured that the agency will continue to Foster relationship with the private sectors in ensuring the business climate is top notch in the country, adding that from small business to big conglomerate the business climate is safe and healthy.