The Nigerian Investment Promotion Commission (NIPC) has partnered with the German Development Agency (GIZ) to improve promotion, facilitation and retention of investment both at the National and Sub-national levels of government.
Speaking during the peer learning and capacity development workshop in Abuja, the Executive Secretary (ES) of NIPC, Emeka Offor said that the continued decrease in government revenues has necessitated the need to facilitate the establishment a globally competitive sub-national investment climate in Nigeria.
According to him, “with the growing need for socio-economic development in Nigeria and the fluctuation in government revenue sources, the private sector remains the most viable option that can stimulate sustainable growth and development.”
The ES who was represented by Emmanuel Adesina, Director Investment promotion, NIPC, maintained that partnership was critical in creating a healthy competition among the states as well as attracting needed investments to promote national sustainable growth and development.
He further stressed on the need for government both at National and Sub-national levels to be deliberate in their approach towards investment attraction and retention to maintain a global competitive edge.
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He said, “More so that there is increasing competition for capital despite its dwindling size occasioned by the impact of COVID-19 which has necessitated a change in the global approach of many multinational enterprises.
“The competition is even more intense in Africa considering the import of the Africa Continental Free Trade Area (AfCFTA) which has turned 54 independent countries into a single economic market.
“While the Federal Government sets the national investment framework which sets the climate for investments in the country, investments are located within the boundaries of states. It is therefore important that the states are equally equipped to offer the same level of service, if not better, to investors.”
In his remark, Markus Wauschkuhn, Head of SEDIN-GIZ programme noted that one of the key measures of the SEDIN/ NIPC partnership is the facilitation of linkages and knowledge sharing on investment promotion strategies, approaches and innovations at the national and regional level.
According to him, the partnership is expected to enhance the capacity of state governments on investment promotion, gleaning from good practices in Africa and design a plan for improving state-based investment promotion and facilitation.
“This program will among other things help to identify key challenges and opportunities for improving investment promotion strategies in Nigeria,” he said.
