The federal Ministry of Industry, Trade and Investment yesterday in Abuja unveiled the maiden Nigeria Investment Policy (NInP) and the Trade Policy of Nigeria (TPN) which are expected to last from 2023 to 2027.
Speaking at a stakeholders’ sensitisation workshop on the two policies, the Permanent Secretary of the ministry, Dr Evelyn Ngige, said that the two policy documents which were recently approved by the Federal Executive Council were developed by the ministry to enhance investment in the local economy and facilitate increased foreign and domestic trade.
Dr Ngige, who was represented by the Director, Policy and Planning, Babagana Alkali, noted that, “Policy certainty and stability are very vital in attracting and sustaining investments in the local economy as it provides a comprehensive and harmonised framework that consolidates investment-related regulations at the national and sub-national levels.
“It will also to align with subsisting national plans such as the Medium-Term National Development Plan 2021-2025, the Agenda 2050, the National Industrial Revolution Plan (NIRP), among other sectoral policies to ensure inclusiveness and consistency.”
Earlier in his remarks, the Executive Director of the Nigeria Export Promotion Council (NEPC), Dr Ezra Yakusak, noted that the trade policy was designed to facilitate export promotion and boost manufacturers’ capacities.
Also speaking, the Special Adviser (SA) to President Tinubu on trade and investment, John Uwajumogu, said the federal government would rigorously ensure the implementation of the policy “which will serve as a catalyst to attract both local and Foreign Direct Investments (FDIs).”
