NIPC Masterplan to Boost FDI, Slash Nigeria’s Appetite for Loans

Eromosele Abiodun

The Nigerian Investment Promotion Council (NIPC) has announced that it has initiated steps to curtail future borrowings by the federal government and boost the country’s foreign exchange earnings.

According to NIPC, part of the initiatives to achieve the set goals is through a masterplan that is expected to open up more investment space for new investors, both foreign and local, as well as retain those already in the system.

Executive Secretary/Chief Executive Officer of the Council, Hajiya Saratu Umar who stated this during a chat with newsmen in Lagos, said the mandate of NIPC was critical in this regard being the agency of the federal government that has the statutory mandate to encourage, promote, and coordinate investment into the economy. 

This, she stressed, is critical to promoting economic growth, creating jobs and generating wealth for Nigerians as well as facilitating development. This assignment is made very compelling if we are to set the nation on the path of sustainable progression towards becoming a prosperous nation.

She pointed out that there was need to promote the country’s investment potential by putting up a marketing/branding strategy, stressing that there would be vigorous campaign as the country cannot continue to go for loans.

“Nigeria is a resource rich country with a potential that is unrivalled by any other country in the world. Investment promotion comes into attracting Foreign Direct Investment (FDI) and mobilise/remobilise Local Direct Investment to unleash the potential of the economy to the optimum.

“The market for FDI has become very competitive and versatile where the investment promotion thrust of successful jurisdictions that are attracting the largest global market share of FDI inflows are driven by effective, efficient and performance driven investment promotion agencies.  With over 178 IPAs worldwide competing to channel FDI to their different countries, a compelling imperative is established that NIPC ensures Nigeria gets a fair share of this global market. 

“This is especially important with the onset of Africa Continental Free Trade Area, which is now in force where an investor can establish operation in any signatory country and access the Nigerian market.  If we are to assert our position as a dominant regional player, we must enhance our investment drive, “she said.

She also observed that the African economies had accentuated their investment climate reforms and business friendly policies, facilitated by very competitive investment promotion drive.