FG unveils first Nigeria investment policy draft in Kano

The Federal ministry of industry, trade and investment on Monday unveiled the first-ever Nigeria Investment Policy (NinP) draft to stakeholders from Northern Nigeria in Kano.

The engagement is part of the ministry’s strategy to bring together different stakeholders to familiarise themselves with the provisions of the new policy.

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According to the Permanent Secretary of the ministry, Dr Evelyn Ngige, the new policy draft helps both local and foreign investors to determine what Nigeria’s investment policy actually is.

Represented by the Director, Investment Promotion Department of the ministry, Mrs Olukemi Arodudu, the Permanent Secretary said, “Nigeria’s investment regime up till now, is governed by the enabling acts of the Nigeria Investment Promotion Commission and several other agencies of the federal government.

“This has made it difficult for would-be investors to accurately determine what Nigeria’s investment policy actually is.

 “It is a fact, however, that African countries that have clearly outlined investment policies have found it easier to attract more foreign direct investment.  This is one of the reasons why the development of an investment policy for Nigeria has been part of the heartbeat of the Industry, Trade and Investment sector at the federal level for the last few years.

“In addition, Nigeria took the bold step of reforming her International Investment Agreements negotiation model between 2014 and 2016 and we are now a reference point for reforming and modernising investment promotion and protection agreements.

“The main focus of this national investment policy for Nigeria, is to create an atmosphere, which will attract responsible, inclusive, balanced and sustainable investment, whether foreign or domestic into every sector, thereby achieving the much desired economic diversification and building a nation where the future generations of Nigerians can thrive,” the permanent secretary added.