The federal government has reassured its commitment to the drafting of Nigeria’s investment policy to attract more investors into the country.
The Permanent Secretary Federal Ministry of Industry , Trade, and Investment Dr. Evelyn Ngige disclosed this during the opening ceremony of stakeholders’ engagement on the draft of Nigeria’s investment policy (NInP) held in Kano.
Dr. Evelyn Ngige represented by the Director of investment in the ministry Mrs. Olukemi Arodudu said the stakeholder’s meeting was geared toward outlining a comprehensive investment policy to attract more foreign investors into the country.
“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 is”
“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.”
The Permanent Secretary maintained that within the Economic Community of West African States (ECOWAS), Nigeria contributed immensely to the development of both the ECOWAS Common Investment Code as well as ECOWAS Common Investment Policy.
“Nigeria is playing a major role in the second stage of the African Continental Free Trade Agreement (AfCFTA), Which is the negotiation of competition, investment, and intellectual property rights policies. “
In a remark, the Director of Legal Service Department Nigeria Investment Promotion Commission Mrs. Patient Okala said Draft investment policy would help to put together Nigeria’s policy Direction for investment.
“Nigeria’s Policy for investment is represented in different documents of government, we have a large chunk of it in the Nigerian investment promotion commission Act, we have some portion of it in Nigeria’s international agreements regime, which we have done a comprehensive review”
The workshop attracted all states of the northern part of the country.
Cover/Abdullahi Jalaluddeen
