Nigeria to reposition its economy to boost foreign direct investment
The Nigerian Investment Promotion Commission (NIPC) has restated its commitment to position Nigeria as a preferred investment destination.
The Executive Secretary of NIPC Saratu Umar, made the pledge at the NIPC Stakeholder Engagement Forum/Business Meeting with the Diplomatic Community in Abuja.
According to Umar, the commission is strategising to increase attractiveness and branding to position Nigeria as a constant preferred investment destination of choice.
She said that NIPC was developing strategies to deepen Nigeria’s investment promotion drive critical for day-to-day problem-solving for established and incoming investors.
“NIPC recognises the role of the diplomatic community as critical stakeholders in investment promotion, considering that economic diplomacy is one of the pillars of the mandate undertaken by Diplomats in host countries.
“Not only do diplomats assist in delivering marketing messages to target groups of potential investors, they also manage relationships and provide the relevant information required for investors to make informed investment decisions.
“This has equally aided reinvestment and retention of investors within the aftercare strategy.
“We thank the diplomatic community for this mutually beneficial service to both the host country, in this case, Nigeria, as well as to their home countries.
“We also acknowledge that diplomats and international development partners have successfully channelled the views of investors about the investment climate of Nigeria.
“This is by working in tandem to meet mutually beneficial goals, especially through their support in policy advocacy.
“All of these remind us that investment promotion rests on good teamwork between the National Investment Promotion Agency, the embassies/diplomatic missions, and other stakeholders to ensure a win-win situation,” Umar said.
The NIPC boss emphasised that Nigeria was a resource rich country with great potential, saying “it is indeed a compelling investment haven, with opportunities too numerous to count.
“The fact that these opportunities are yet to be fully harnessed presents astounding opportunity for investment, and this brings on the role of investment promotion to attract Foreign Direct Investments (FDIs).
“It will also mobilise Local Direct Investments (LDIs) for mutual benefits to both the investor and their home countries on one side, as well as to Nigeria, on the other.
“The global FDIs market over the last decade has become very competitive and versatile.
“This is where the investment promotion thrust of successful jurisdictions with the largest global market share of FDIs inflows are driven by effective, efficient and performance driven Investment Promotion Agencies (IPAs).
“With more than 170 IPAs worldwide competing to channel FDIs to their different countries, a compelling imperative is established that NIPC is positioned to ensure that Nigeria gets a fair share of this global market.
“The commencement of the Africa Continental Free Trade Area (AfCFTA) also makes it imperative for Nigeria to enhance its investment promotion drive.
“This is to remain the constant preferred investment destination of choice,” she said.
Umar expressed the hope that the forum would usher in renewed concerted efforts that would place Nigeria and other countries on the path of sustainable prosperity.
Present at the business meeting were the Minister of State for Foreign Affairs, Amb. Zubairu Dada, Ambassadors and Heads of Missions to Nigeria, development partners and representatives from Ministries, Departments and Agencies (MDAs).
NAN/Hauwa Abu
