NIPC Backs NDP’s N348.7trn Target, Adopts Aggressive Strategy For FDIs

BY COBHAM NSA – The Nigerian Investment Promotion Commission (NIPC) will be active in mobilising the N348.7 trillion capital requirement of the National Development Plan (NDP) 2021 – 2022 as part of its Foreign Direct Investment (FDI) Strategic Plan for 2022.

Similarly, the Commission says the process of validating records of investment announcements has commenced in order to further understand investors’ readiness to inject funds into the Nigerian economy.

NIPC’s Acting Executive Secretary, Emeka Offor, who unveiled the Commission’s strategic plan in Abuja, said it is focused on the NDP highlighted sectors given that competition for capital has become more intense amid a drop in global volume.

He said besides adopting an aggressive approach to woo domestic and FDIs into the country, as well as effective engagement of stakeholders this year, the Commission is all for robust media partnership and developmental reporting that enhances the business environment to attract more investments into Nigeria.

Speaking at the 2022 first quarter NIPC Media parley on Wednesday, Offor admitted that there has unfortunately been a drought in investment inflows in recent times, partly due to an unfavourable investment climate engineered by insecurity and the COVID-19 pandemic.

He however said critical to the NIPC’s strategic plans for 2022 is the profiling of available opportunities in each State of the Federation as well as sustained engagements with the sub-national governments.

According to him, the Commission would not relent in building on past successes and charting new paths for sustainable development of staff capacity in State Investment Promotion Agencies while also stimulating healthy competition for investments across the regions and states nationwide.

“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 said.

While noting that N298.3 trillion, representing 86 per cent of N348.7 trillion projected capital requirement for the NDP, is expected to come from the private sector, Offor said NIPC would also focus on completing the reform process 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”, he assured.

Further unveiling the Commission’s plans for the year, the Acting Executive Secretary said; “In line with the e-government initiative, the Commission launched the e-OSIC under the Single Window Investors’ Portal (SWIP)”, adding that; “The prevailing global business environment has made it imperative for organisations, such as us, to adopt technology as part of their operational tools.”

He hinted that efforts would be geared towards completing the three other modules by the end of Q3 2022 while also transiting NIPC’s internal operations into an electronic document management system.

On States’ profiling in the year 2021, Offor listed the five front runners, by the value of investments, as Lagos State – US$8.7 billion; Bayelsa State – US$3.6 billion; Delta State – US$2.9 billion; Akwa Ibom State – US$2 billion; and Adamawa State – US$1 billion.

Also, in terms of sectoral investments, the NIPC boss said the top five top performers were the manufacturing sector with the highest number of projects (20) as well as the highest value of US$10.5 billion – 45 per cent; followed by construction – 16 per cent; electricity, gas, steam and air conditioning supply – 13 per cent; Information and communication – 12 per cent; and mining and quarrying – nine (9) per cent.

Going forward, the NIPC Chief Executive said it is imperative for all stakeholders to focus on highlighting the positives in Nigeria, even as he stressed that all hands must be on deck to ensure the country attracts the quantum of investment required to stimulate sustainable socio-economic development.

On the need to protect Nigeria’s image while favourably promoting its abundance potential, Mr Offor said; “It is therefore very important that every Nigerian, based at home or in the diaspora develop a conscious sense of patriotism by being cautious of our statements” while also pointing out the negatives for correction.