NIPC partners Afreximbank as firm commits $50m

.Firms commit over $50M investment

The Nigerian Investment Promotion Commission (NIPC) says it has recorded significant achievements in its drive to position Nigeria as a leading investment destination in Africa.

Through strategic partnerships and targeted investment promotion efforts, the commission said that global firms have committed over $50 million to projects in key sectors of the Nigerian economy.

One of the outcomes is the partnership with Afreximbank to attract investments by leveraging the African Continental Free Trade Area (AfCFTA) and the bank’s financing opportunities.

The collaboration, according to the commission, aims to channel investments into agriculture, manufacturing, ICT, healthcare, and renewable energy.

Shettima Barma, deputy director and head of the Investment Promotion Department, speaking during a media engagement in Abuja, said that global firms have shown strong interest in Nigeria’s investment opportunities.

Among the key commitments are IDEMIA, a French smart identity solutions company, committing $50 million to deploy biometric identification systems for international passports, national ID cards, and voter registration.

He noted that Woodcross Resources, a Ugandan-based mining company, is planning a 150-200 metric ton tin mining refinery in Nigeria in partnership with New Frontier Development and Protex Healthcare Ltd, a Belgian firm, establishing a burn and dialysis center in Abuja, valued at over N300 million.

As part of its outreach efforts, he stated that the NIPC has profiled over 50 credible projects using its Investment Opportunity Profiling (IOP) form, more than 100 Public-Private Partnership (PPP) projects were sourced, with 34 curated into a Deal Book disseminated at international business and investment forums.

Barma also said that the NIPC has profiled 15 industries, including agriculture, manufacturing, renewable energy, ICT, and creative industries, into comprehensive factsheets to guide investors.

He noted that in collaboration with the EU, GIZ, and the Ministry of Power, the commission launched the One Stop Investment Platform for Renewable Energy, a resource hub designed to attract investments in sustainable energy projects.

“A French company, IDEMIA smart identity company has emphasized strong commitment investing in Nigeria to deploy a biometric identification system for international passport, national ID card, voter registration etc. This investment is within the range of $50m.

“Woodcross Resources, a Ugandan-based mining company has indicated willingness to setup a 150- 200MTS Tin Mining Refinery in Nigeria. The company visited NIPC with their Nigerian Partner New Frontier Development;

“A Belgian company, Protex Healthcare Ltd, is setting up a burn and dialysis center worth over N300m. Land has already been acquired in Abuja;

“Established an African Invest Platform with a Japanese company for investor matchmaking. First round
of meeting was held with NACCIMA and MAN;

“Signed an agreement with Afreximbank to attract investments into Nigeria leveraging on AfCFTA and
the financing sources from the Bank. Organizing a webinar last week in February 2025. Facilitating meetings with Brazilian firms to export fertilizer and poultry from Nigeria

“Nigeria may not be the leading investment destination globally, but in Africa, we stand out due to our population, raw materials, attractive incentives, and skilled workforce,” he said

Aisha Rimi, executive secretary/CEO of NIPC, said looking ahead, the commission is pivoting towards innovation and sustainability as key drivers of economic growth.

Rimi said that the commission plans to attract investments in sectors like fintech, agri-tech, and renewable energy, with incentives to encourage technology-driven businesses to establish operations in Nigeria.

She stated further that the NIPC will collaborate with investment bodies focused on green initiatives to attract socially responsible investors.

“We aim to position Nigeria as a hub for innovation and technology investments, while also prioritizing eco-friendly projects that align with global sustainability goals. We are laying the groundwork for Nigeria to emerge as a global leader in technology and sustainability investments,” Rimi explained.

The NIPC boss also said that the commission is committed to strengthening human capital as part of its long-term strategy. According to her, through partnerships with international donor agencies, the commission has launched capacity-building programs for local entrepreneurs, equipping them with skills to compete on both national and global stages.

To retain existing investors, Rimi said that the commission has strengthened its investor relations strategy. Through regular feedback mechanisms and the Nigerian Investment Certification Programme for States (NICPS), “NIPC has partnered with state governments to create investor-friendly environments tailored to their unique competitive advantages.”