By Emmanuella Anokam / Blessing Onyeaka
The federal government on Monday unveiled the Nigerian Investment Promotion Commission (NIPC) “State Book” aimed at boosting domestic and foreign direct investment (FDI) for economic growth.
The “State Book”, a compendium of key investment opportunities and comparative advantages of the 36 states and the CTF, was prepared by the NIPC in collaboration with the Nigeria Governor’s Forum (NGF).
Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment, said at the compendium’s official launch in Abuja that the initiative would help investors better appreciate investment potentials across Nigeria.
In a keynote address, Adebayo noted that the document would help attract the right investments to Nigeria, improve productivity, create jobs and generate income for the country.
“The ministry appreciates that the work has been fully supported and approved by all 36 governors, including the CTF Minister.
“It shows how we are working collectively to ensure that Nigeria is properly positioned to provide first-hand information on the abundant opportunities and benefits in our country,” he said.
The Minister assured the NIPC of the ministry’s advice and support to effectively support states in promoting, attracting and managing domestic and foreign investment.
On that note, he urged states and stakeholders to take advantage of NIPC’s initiatives to make the country a destination of choice for investors and to make all Nigerian states “ready and friendly”.
According to Fayemi, represented by Asishana Okauru, chief executive of NGF, it was timely for states to start charting a path out of the adverse socio-economic effects of the COVID-19 pandemic.
“For most Nigerians, the health risks accompanied by the pandemic lie behind multiple, complex and broader structural issues such as economic uncertainty, a growing desire for a social safety net and increased insecurity, as well as poverty, ”he noted.
According to the National Bureau of Statistics (NBS), capital imports fell almost 60%, from $ 24 billion in 2019 to $ 10 billion in 2020.
Fayemi, however, said the drop, fueled by the COVID-19 pandemic and the resulting drop in commodity prices, was to be reversed in 2021.
“We need to work together as federal and state governments to, as a first step, bring capital imports back to 2019 levels and use them as a springboard for future growth.
“We also need to improve financing for subnational development, through an innovative combination of development finance mechanisms, including the use of public-private partnerships (PPP) to leverage the funds needed for public infrastructure development.
“To attract international capital, Nigeria needs to improve coordination among the various organs of government, ensure coherence between fiscal and monetary policies, and have the agencies responsible for formulating and implementing these policies, all singing their hearts out. from the same hymn sheet.
“At the sub-national level, we need to pay special attention to investment promotion and ease of doing business (EoDB). At the Forum, we will continue to provide technical assistance and peer learning opportunities to states that have not yet established API and EoDB steering committees, ” he said.
Ms. Yewande Sadiku, Executive Secretary of NIPC, while introducing the document, thanked the NGF, the Ministry and the Board of Directors of NIPC, for their commitments towards the completion of the project and for supporting the completion of the project. of its mandate.
Sadiku described the book as an important part of NIPC’s efforts to support states in investment promotion and, having completed this first edition, he would engage in follow-up projects that would increase the visibility of investment prospects.
The (NAN) reports that the document, which was released virtually in August 2020 and sent to all foreign ministries and outposts, allows for more efficient matching of investors with states. (NOPE)
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