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HomeNewsFG Reaffirms Commitment To Development Of Nigeria's Investment Policy

FG Reaffirms Commitment To Development Of Nigeria’s Investment Policy

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The Federal Government has reaffirmed its commitment to the development of Nigeria’s Investment Policy to attract more investors into the country.

Dr. Evelyn N. Ngige, the Permanent Secretary Federal Ministry of Industry, Trade, and Investment, disclosed this during the opening ceremony of Stakeholders’ Engagement on the draft of Nigeria’s Investment Policy (NInP) held in Kano.

She said the Stakeholders’  Engagement was geared toward outlining a comprehensive investment policy to attract more foreign investors into the country.

Represented by the Director Investment Promotion Department in the Ministry, Mrs. Olukemi Arodudu, noted that African countries that have clearly outlined investment policies have found it easier to attract more foreign direct.

“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.

She therefore affirmed that for Nigeria to maintain her leadership role in the African continent, the need for a well-articulated Nigeria Investment Policy could not be over-emphasised.

Dr. Evelyn Ngige stated that the main focus of the national Investment Policy for Nigeria, is to create an atmosphere that would attract  Responsible, Inclusive, Balanced and Sustainable Investment (RIBS), 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.

She, therefore, urged participants at the Stakeholders’ Engagement  to collectively consider the draft policy and  give it the best, so that the final document that would  emerge after the  exercise would  achieve its aim of sustainable development of Nigeria

In her opening remarks, the Director of Legal Service Department, Nigerian Investment Promotion Commission, Mrs. Patience Okala said the Nigeria Investment Policy would help to put together Nigeria’s policy direction for investment.

Mrs Okala stated “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”

Participants at the forum included representatives from key Ministries, Departments and Agencies at both Federal and State levels, organized private sector, Academia, Development partners, Donor Agencies, multilateral Investment Agencies, major investors, among others.

WikkiTimes gathered that the Stakeholders’ Engagement on the draft (NInP) is taking place in two venues this week, namely, Kano for stakeholders from the Northern part of the country between 28th and 29th March, 2022 and Lagos, for stakeholders from the Southern part of the country between   31st, March and 1st, April 2022 and this has formed part of the process of development of Nigeria’s ever first Investment Policy.

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