The Nigeria Investment Policy would help the country attract responsible, Inclusive, balanced and sustainable investments, whether foreign or domestic into every sector of the economy, thereby achieving much economic diversification.
A statement by Comfort E. Philip-Egwu, Senior Information Officer Assistant Director Information said the Permanent Secretary, Federal Ministry of Industry Trade and Investment, Dr Evelyn N. Ngige said this at the Stakeholders’ Engagement on the draft Nigeria Investment Policy held in Lagos.
TheFact Nigeria gathered that the aim to achieve economic diversity was in building a sustainable nation for the future generations.
Nigeria Investment Policy (NinP) when implemented would promote a sustainable economic development of Nigeria.
It would be recalled that the Stakeholders’ Engagement on the draft Nigeria Investment Policy started in Kano from March 28 to 29, 2022 while that of Lagos was held between March 31 and April 1, 2022.
Represented by the Permanent Secretary, the Director Investment Promotion Department in the Ministry, Mrs Olukemi Arodudu said that NinP was expected to guide investment both in the public and private sectors.
She said: “The Ministry has conducted a multi-layered stakeholders’ engagement with stakeholders from key Ministries, Departments and Agencies at both Federal and State levels, the organized private sectors, development partners, regulators, investment bankers, multilateral investment agencies, major investors to mention but a few, to ensure that all Investment related issues are covered in the policy, and for acceptability”.
She said that before now Nigeria’s investment regime had been governed by the enabling Acts of the Nigerian Investment Promotion Commission and several other agencies of the Federal Government and this made it difficult for would-be investors to accurately determine what Nigeria’s investment policy actually was.
She said that African countries with clearly outlined investment policies have found it easier to attract more foreign direct investment which is one of the reasons why the development of an investment policy for Nigeria has been part of the heartbeat of the Ministry at the Federal level for the last few years.
The Permanent Secretary also said that for Nigeria to maintain her leadership role in the African continent, the need for a well-articulated Nigeria Investment Policy cannot be over-emphasised.
She urged all stakeholders to see the engagement as a God-given opportunity to contribute their quota to the development of the nation and the creation of a better tomorrow for future generations of Nigerians.
The Director, Legal Service Department of the Nigerian Investment Promotion Commission, Mrs. Patience Okala said NInP was expected to provide Panoramic view of Nigeria‘s framework and priorities of investments as it relates to both the public and private sectors.
She said the policy cannot be considered and concluded until the inputs of all stakeholders particularly the private sector, which are the drivers of the economy are accommodated.