Nigeria needs right policies to drive POST-COVID-19 investments – NIPC

The Nigerian Investment Promotion Commission (NIPC) has said bold and coherent policies are required to drive post-covid-19 investments into the recessed Nigerian economy.

Yewande Sadiku, the executive secretary of the NIPC, stated this during a media interaction in Abuja. According to her, there must be appropriate policies and reforms, as there are indications that a postCovid era would be defined by an investment-driven economy.

“Trade, foreign exchange policies, manufacturing need to be boldly coordinated and coherent to drive the expected reforms and attract investments in this period,” she said.

According to Sadiku, portfolio and institutional reforms are needed, and there is a need to prepare grounds for local investments to thrive in the country.

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Already, most nations are making key efforts in keying into vaccine production, a move that could spur growth and economic recovery on the already weakened global economy.

The NIPC boss noted that Nigeria could be better positioned to attract investors with coherent reforms.

“We saw how global economies readjusted themselves during the Covid- 19 era. We saw countries clamp down on some importation of materials focusing on local production. With the recorded progress in vaccine production, many countries could domesticate vaccine production.

She said countries could build capacity to spread production in continent where they have global linkages and strengths.

“There would be deliberate facilities to protect their production value chain in various parts of the world, as such impact- investments would be the focus as global economies seeks to protect their economies through investments.

Yewande, however, informed that the government was putting forward policies that will enable Nigerians invest in the country, to drive economic recovery.

She said the economic sustainability plan of the Federal Government was already impacting on new frontier investments such as solar, e-commerce and information technology.

She emphasised the need to link agriculture with the manufacturing sector, adding that despite the pandemic, the agriculture sector has shown enduring resilience in pulling up the economy.