In a bid to mobilise over N298.3 trillion capital from the private sector to make up the N348.7 trillion needed fund for the National Development Plan (NDP), the Nigerian Investment Promotion Commission (NIPC) has begun the process of validating investment announcement records to ascertain the figure that materialised into actual investment in the country.
Speaking in Abuja on Wednesday, the Acting Executive Secretary of NIPC, Emeka Offor stated that the competition for capital has become more intense, amidst a drop in global volume.
“The work for NIPC in the next five years has been appropriately defined by the National Development Plan 2021 – 2022 (NDP). The Plan has projected a capital requirement of N348.7 trillion with 86 per cent (N298.3 trillion) expected to be provided by the private sector.
“Mobilisation of this capital has become the focus of the Commission. It is in this respect that the Commission has begun the process of validating the records of the investment announcements. We expect the report from this exercise to give us a further understanding of investors’ readiness to invest in Nigeria,” he stated.
Offor further explained that according to NIPC’s Strategic Plan from 2022 – 2026, validation of the records will give the Commission direction towards a global drive on investment in Nigeria.
“The 2021 Investments Announcement Report indicated that US$23.30 billion was tracked during the year, representing about 39 per cent more than the value tracked in 2020 (US$16.74 billion).
“The increase in value is indicative of the growing adaptation to the global ‘new normal’ after the economic disruption occasioned by the restrictions imposed to check the spread of COVID-19 pandemic. It also indicates the growing confidence of investors in the efforts to improve the national investment landscape.”
According to him, the top 5 states, by the value of investments, are Lagos State (US$8.7 billion), Bayelsa State (US$3.6 billion), Delta State (US$2.9 billion), Akwa Ibom State (US$2 billion), and Adamawa State (US$1 billion).
ALSO READ FROMÂ NIGERIAN TRIBUNE
- Suspense As APC, PDP Governors Meet In Lagos
- I Had Sex With Sofiat Before We Cut Off Her Head, Removed Flesh From Her Thigh For Money Ritual —Lover Boy
“The manufacturing sector had the highest number of projects (20) as well as the highest value, US$10.5 billion (45%). Construction (16 per cent), electricity, gas, steam and air conditioning supply (13 per cent), information and communication (12%), and mining and quarrying (9 per cent) made up the top 5 sectors for the year. More information is available on the website.
“Further to setting an agenda for the Commission, we have begun the process of developing a strategic plan with a focus on the NDP sectors. Critical to this strategy is the profiling of the opportunities in each State as well as sustaining the engagements with the sub-national governments.
“We would continue to build on past successes while we chart new paths for sustainable development of the capacity of staff of the State Investment Promotion Agencies while also stimulating healthy competition for investments across the regions and the states.
“We would leverage on our relationships with the Executive of the States to ensure sustained appreciation of the issues of the business environment with the understanding that the aggregation of the sub-national perception forms the national image, and also expand the coverage of Nigerian Investment Certification Programme for States (NICPS).”
Offor said: “During this period, we would aim at completing the reform process we initiated on the process and administrative framework of the Pioneer Status Incentive under the Industrial Development (Income Tax Relief) Act. We would undertake the review of the qualifying list to include emerging activities that require government support while delisting activities that are matured.
“In line with the e-government initiative, the Commission launched the e-OSIC under the Single Window Investors’ Portal (SWIP). The prevailing global business environment has made it imperative for organisations, such as us, to adopt technology as part of their operational tools.
“Consequently, we would aim at completing the 3 other modules by the end of Q3 2022 while also transiting the internal operations of the Commission into an electronic document management system.”
He solicited the support of all industry players to ensure that Nigeria attracts the quantum of investment required to stimulate sustainable socio-economic development.
Marburg Virus: What You Need To Know About Disease Recently Detected In West Africa
NIPC begins validation of investment announcement record to mobilise N298.3trn capital for NDP
FACT CHECK: US Did Not Give Nigeria 48 Hours Ultimatum To Detain Abba Kyari NIPC begins validation of investment announcement record to mobilise N298.3trn capital for NDP
NIPC begins validation of investment announcement record to mobilise N298.3trn capital for NDP
and then