FG Announces New Strategy for Direct Investment Promotion

Emmanuel Addeh in Abuja

The Federal Ministry of Industry, Trade and Investment has held a retreat and workshop to unveil its new strategy for the mobilisation of direct investment at all levels to be implemented  ministries, departments, and agencies of federal and state governments.

 The new Federal-State Investment Strategy (FSIPS), was authored by renowned global investment strategy expert, Dr Nicky Okoye, and forms an integral part of his work on “National Investment Strategy” which has been implemented by several African countries and sub-national authorities.

A statement from the ministry stated that it had used the last three years to subject the new strategy to the scrutiny of stakeholders and has received widespread acceptability.

 It added that the strategy was equally presented, evaluated and scrutinised by the National Council on Investment (NCI), which is Nigeria’s highest investment body, comprising the leadership and institutional membership of all the investment promotion ministries, departments and agencies.

In the opening remarks by the Minister of Industry, Trade and Investment, which was delivered at the retreat by the Deputy Director of Investment Promotion Department in the Ministry, Mr. Ishaya Abednego, the ministry indicated that the drive to expand its collaboration with stakeholders for repositioning Nigeria’s direct investment landscape was yielding positive results

 It added that this was especially evident by its current collaboration with the African Enterprise and Entrepreneurship Institute, and its founder, Okoye, in authoring and developing the new strategy.

“The unique import from the collaborative efforts to unveil the Federal-State Investment Promotion Strategy at the retreat, is that the African Enterprise and Entrepreneurship Institute has been directed to provide all Federal and State Government Ministries, Departments and Agencies with the roadmap.

“This also include the strategic framework, implementation matrix and direct investment guide for effective rollout of the new strategy for the benefit of national and state based industry, small businesses and entrepreneurial development.

“State Investment Promotion Agencies were particularly encouraged to take advantage of the Investment Promotion Agency Support structures embedded into the new strategy,” the statement said.

Okoye, in his remarks, said the strategy was a pathway to harmonise and integrate the various federal and state government investment policies, as well as provide for the first time, unique collaborative roles for accredited private sector professionals at the global and local levels.

In addition, it stated that the strategy has particularly repositioned direct investment for the small business community at the community, state and federal levels.

According to Okoye, it also  provides a unique pathway for extensive sustainable investment returns by integrating market access and consumer demand, to business opportunities, built on targeted industrial ecosystem segments.

“ The most appealing part of the new strategy is its ability to stimulate new job creation in specific targeted industrial segments which have been recorded to experience growing global consumer demand especially as it relates to a post Covid-19 environment,”  he stated.