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The Nigerian Investment Promotion Commission (NIPC), on Wednesday, disclosed that $23.3 billion investment inflow was tracked in 2021, which was 39 per cent higher than the $16.74 billion tracked in 2020.
The acting Executive Secretary of the Commission, Emeka Offor, who made the disclosure at a media briefing in Abuja, explained that the increase was indicative of the growing adaptation to the global ‘new normal’ after the economic disruption occasioned by the restrictions imposed to check the spread of COVID.19 pandemic.
He added that the figure also showed the growing confidence of investors in the efforts to improve the national investment landscape. He noted that there were series of initiatives outlined in the National Development Plan (NDP).
According to him, the top five states by value of investments are; Lagos State, $8.7 billion; Bayelsa State, $3.6 billion; Delta State, $2.9 billion; Akwa Ibom State, $2 billion and Adamawa State-$1 billion. Offor also noted that the manufacturing sector had the highest number of projects being 20 as well as the highest value, $10.5 billion representing 45 per cent of the total inflow.
Offor explained that NIPC has developed a strategy for profiling business opportunities in each State as well as sustaining the engagements with the sub-national governments.
“We would continue to build on past successes while we chart new paths for sustainable development of the capacity of staff of the State Investment Promotion Agencies while also stimulating healthy competition for investments across the regions and the States. We would leverage on our relationships with the Executive of the States to ensure sustained appreciation of the issues of the business environment with the understanding that the aggregation of the sub-national perception forms the national image, and also expand the coverage of Nigerian Investment Certification Programme for States (NICPS).
He added that during the period, NIPC would aim at completing the reform process it initiated on the process and administrative framework of the Pioneer Status Incentive under the Industrial Development (Income Tax Relief) Act.
“We would undertake the review of the qualifying list to include emerging activities that require government support while delisting activities that are matured. In line with the e-government initiative, the Commission launched the e-OSIC under the Single Window Investors’ Portal (SWIP). The prevailing global business environment has made it imperative for organisations like NIPC to adopt technology as part of operational tools. Consequently, we would aim at completing the 3 other modules by the end of Q3 2022 while also transiting the internal operations of the Commission into an electronic document management system.
“We urge all hands to be on deck to ensure that Nigeria attracts the quantum of investment required to stimulate sustainable socio-economic development. Every Nigerian, home or in the diaspora should develop a conscious sense of patriotism by being cautious of our statements. Let us begin to highlight the positives in the country more while pointing out the negatives for correction,” he implored.
On his part, the Director, strategic services, Abubakar Yerima, revealed that NIPC has a 5 year strategic plan (2022-2026) in line with the National Development Plan of (2021-2025) which involves proactive partnership for Investment Promotions with high profile private sector organizations as Investment ambassadors.
According to him, the single windows Investment portal (SWIP) was still on top gear to stimulate NIPC transaction relationship with its 4 modules: e-OSIC, Pioneer status Investment Processing (e-PSI), Investment opportunities profile (e-IOP) and stakeholders relationship system (e- SRM).
“The Commission is transiting its internal operations into an EDMS to enhance confidentiality, efficiency, and effective monitoring of staff. On Stakeholders’ Engagements, we are building relationships across sectors for synergy and coordination of investments promotion activities.
“MoU has been signed with a private firm (Horasis) to provide technical support. On innvestmen announcements, we shall sustain the drive at tracking investment announcement and report quarterly while validation of existing information in progress,” he added.
Speaking on its forth coming National Conference on Investment in the States (NCIS), the director of Policy Advocacy, John Oseji, said it was
NIPC’s mandate includes amongst others, to seek and encourage partnership and collaboration with all stakeholders in the business of investment promotion and facilitation, and investment climate reforms.
He said NCIS was initiated as part of the measures by the Commission to deliver on its mandate. The event, which brings together the relevant investment development and promotion institutions, agencies, organizations and even individuals, from both the public and private sectors.
The purpose is to discuss, mobilize broad—based support for, and provide a road map towards creating an enabling investment environment to attract both domestic (DDI) and foreign direct investment (FDI) into the country.
“We are to take a closer look at the economic and development Agenda for the federal and Sub-National Governments, with a view to identifying the key challenges to effectively
implementing them and proffering measures to into their States.
“We shall strengthen the existing collaboration and network with one another to proffer among the stakeholders to initiate and develop response and strategies to sustain the improving investment and make Nigeria the preferred investment destination climate of the States among the emerging markets.
“To create an avenue for building the capacities of the relevant State Ministries and opportumties and incentives available in the Investment Promotion Agencies (IPAs) for various States of our country for investment attraction and facilitation that would lead to investment retention and expansion,” he added.
