NIPC targets specific sectors for FDI into Nigeria

The Nigerian Investment Promotion Commission (NIPC) is strategizing to drive investment in specific sectors of the economy as a way of boosting the country’s Foreign Direct Investment (FDI) inflow.

Speaking in Abuja on Thursday, the newly appointed Executive Secretary of the Commission, Saratu Umar said “in implementing our mandate, we will support Federal Government’s various general and sectoral policies and Executive pronouncements.

“We will take to a logical conclusion the National Investment Promotion Masterplan which is aimed at having clear actions that key into Federal Government’s various sectoral masterplans and policies.

“We will orchestrate and execute targeted investment drives along country-specific, investor-specific, sector-specific, industry-specific, regional-specific, and investment-type specific strategies to facilitate FDI (and LDI – Local Direct Investment) that fit into Nigeria’s development and investment needs, in an inclusive, coordinated, tangible, measurable and effective manner,” she stated.

Umar explained that the “Global Foreign Direct Investment (FDI) markets over the last decade have become more competitive, and the investment promotion thrust of countries that are attracting the largest global market share of FDI inflows are driven by effective, efficient, and performance-driven Investment Promotion Agencies (IPAs).

“With over 170 IPAs worldwide competing to channel FDI to their different countries, it is imperative that the NIPC is positioned to ensure Nigeria wins in this global market. This is especially important with the onset of the Africa Continental Free Trade Agreement which is now in force.

“In 2021, a UN report noted that Foreign Direct Investment (FDI) into Africa grew by 147 percent; this has accentuated the race by African economies to showcase their investment climate reforms and business-friendly policies, facilitated by very competitive IPAs, that are vying for a greater share of inbound investment,” she added.

The Executive Secretary further explained that the “critical shifts in the AfCTA and ECOWAS Investment Protocols, as well as the ongoing development of the national investment promotion policy, the national trade policy and the national industrial development policy, require that the central and strategic role of the NIPC in the coordination of all investment promotion activities in the Nigerian Economy, should be established, enshrined and repositioned as envisaged in its enabling law, without prejudice.

“We will logically conclude the National Investment Promotion Coordination Framework, to provide a clear strategy for a seamless collaboration and coordination of the Investment eco-system, as well as usher in a robust and effective stakeholder communication and engagement.

“This will result in effective partnerships between NIPC and critical stakeholders including the international community and development partners towards creating synergies that facilitate impact,” Umar stated.