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 will help 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 modernizing 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.
She said the policy will also help complement Nigeria’s role in West Africa and the continent in general, just as the country is playing a major role in the second stage of the African Continental Free Trade Agreement (AfCFTA).
Arodudu also said the engagement will later in the week take place in Lagos for stakeholders from the Southern part of the country.
Earlier, the Director, Legal Service Department, Nigerian Investment Promotion Commission (NIPC), Patience Okala, said the development comes when Nigeria is focusing on economic diversification and when AfCTA parties are actively negotiating protocol.
“The policy focuses on the three pillars of Investment Protection, Investment Facilitation and Sustainable Development,” Okala added.
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