As Nigeria’s debt profile continues to be on the rise, the Nigerian Investment Promotion Council (NIPC) has initiated steps to curtail future borrowings by boosting the country’s foreign exchange earnings.
Part of the initiatives to achieve the set goals is through a master plan that is expected to open up more investment space for new investors, both foreign and local, as well as retain those already in the system.
Addressing the media yesterday, the Executive Secretary/Chief Executive Officer of the Council, Ms Saratu Umar, said the mandate of NIPC was critical in this regard being the agency of the Federal Government that has the statutory mandate to encourage, promote, and coordinate investment into the economy.
She said there was a need to promote the country’s investment potential by putting up a marketing/branding strategy, stressing that there would be vigorous campaigns as the country cannot continue to go for loans.
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“Nigeria is a resource rich country with a potential that is unrivalled by any other country in the world. Investment promotion comes into attracting Foreign Direct Investment (FDI) and mobilise/remobilise Local Direct Investment (LDI) to unleash the potential of the economy to the optimum.
“The market for FDI has become very competitive and versatile where the investment promotion thrust of successful jurisdictions that are attracting the largest global market share of FDI inflows are driven by effective, efficient and performance driven investment promotion agencies.
“With over 178 IPAs worldwide competing to channel FDI to their different countries, a compelling imperative is established that NIPC ensures Nigeria gets a fair share of this global market.
“This is especially important with the onset of the Africa Continental Free Trade Area, which is now in force where an investor can establish operation in any signatory country and access the Nigerian market.
“If we are to assert our position as a dominant regional player, we must enhance our investment drive,” she explained.
The NIPC boss noted that the media is amongst the most important stakeholders in the investment ecosystem.
“The immediate focus of this stakeholder engagement is to seek a more effective partnership towards national development.
“Ultimately, the desired goal is to ensure collective action that will firmly place the country on the path of sustainable prosperity for current and future generations,” she added.