The Nigerian Investment Promotion Commission has commenced the development of a well- coordinated investment promotion ecosystem Act, to enable government and non-government investment promotion players to undertake mutually reinforcing and complementary roles to attract, retain and grow investment in Nigeria.
The Executive Secretary, NIPC, Saratu Umar, disclosed this in Abuja at the stakeholders’ engagement with Diplomatic Community.
Umar said this became very necessary as NIPC strategised to increase national attractiveness and investment. She added that the strategies would deepen the investment promotion drive of Nigeria and the day-to-day problem-solving for established and incoming investors were being put in place by the commission.
The Executive Secretary disclosed that the NIPC, as an investment commission, recognised the role of the diplomatic community as critical stakeholder in investment promotion, and that economic diplomacy was one of the pillars of the mandates undertaken by diplomats in host countries.
Based on this mandate, she noted that not only did diplomats assist in delivering marketing messages to target groups of potential investors, but also manage relationships and provide the relevant information required for investors to make informed investment decisions.
She said, “This has equally aided reinvestment and retention of investors within the aftercare strategy. We thank the diplomatic community for this mutually beneficial service to both the host country, in this case, Nigeria, as well as to their home countries.
We also acknowledge that diplomats and international development partners have successfully channelled the views of investors about the investment climate of our great country by working in tandem, to meet mutually beneficial goals especially through their support in policy advocacy. All of these remind us that investment promotion rests on good teamwork between the National Invest Promotion Agency (in this case NIPC), the embassies/diplomatic missions, and other stakeholders to ensure a win-win situation.”
The NIPC boss added that the engagement which would result in well-coordinated investment was critical to promoting economic growth, creating jobs, and generating wealth for Nigerians as well as facilitating development.
She added that the assignment was made compelling to set the nation on the path of sustainable progression towards becoming a more prosperous nation.
Umar said, “Indeed, a compelling investment haven, with opportunities that are too numerous to count. The fact that these opportunities are yet to be fully harnessed, presents astounding opportunity for investment, and this brings on the role of investment promotion to attract Foreign Direct Investment and mobilise Local Direct Investment for mutual benefits to both the investor and their home countries on one side as well as to Nigeria, on the other.
The global FDI market over the last decade has become very competitive and versatile where the investment promotion thrust of successful jurisdictions with the largest global market share of FDI inflows are driven by effective, efficient and performance driven Investment Promotion Agencies.”