December 5, 2021

NEWS AGENCY OF NIGERIA

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Commission seeks synergy with state agencies to strengthen subnational investments

He said that a more proactive approach to investor support, across federal and state governments, was required to convert tracked investment announcements to actual investments.

By Emmanuella Anokam

The Nigerian Investment Promotion Commission (NIPC) has called for effective synergy with state Investment Promotion Agencies (IPAs), to strengthen subnational investments for economic diversification and growth.

Mr Emeka Offor, Acting Executive Secretary, NIPC made the call on Tuesday, in Abuja, at its stakeholder engagement with states.

The engagement had as its theme: “Building synergy across states for Regional economic growth and sustainable development”.

Offor, while speaking on the flow of Foreign Direct Investments (FDIs), noted that Nigeria needed to attract about $10 billion dollars annually, as against the current level of attracting just about two billion dollars annually.

He said that a more proactive approach to investor support, across federal and state governments, was required to convert tracked investment announcements to actual investments.

“The gaps between announcements and actual investments demonstrate investment potential,” he said.

The NIPC CEO furthermore disclosed that the commission’s Investment Certification Programme for states (NICPS) was aimed at further improving the capacity of states to document, promote and facilitate private investments.

According to him, state certification is achieved following training and assessment on three standards, including the state’s ability to provide complete, accurate and relevant information to investors in a timely manner; ability to offer sites and buildings that met targeted investors needs in an efficient manner.

Similarly, the state’s ability to promote, in a focused manner, and to offer professional levels of service to potential and existing investors.

In her remark, Ms Olufore Abimbola, Head, UNIDO, said the UN agency focused on investments and technological innovations in achieving industrialisation, and through the perspective of NIPC, it sought to attract investments differently.

Abimbola advised that successful women and youth in the states could be used to boost states’ Internally Generated Revenue (IGR) and build the economy.

Also speaking, Mr Markus Wauschkuhn, Head SEDIN-GIZ, who called for policy dialogue to strengthen investment facilitation in Nigeria, added that for investments to thrive, the private sector and the states needed to work together.

For Mrs Furera Jumare, Director-General, Jigawa state Investment Promotion Agency (InvestJigawa) noted that basically, the IPAs faced challenges caused by the economic impact of COVID-19 pandemic.

She said that because of the pandemic and the ensuing recession globally, which made the FDIs to dwindle, all states needed to work assiduously to attract FDIs. (NAN)