Home Economy Nigeria’s investment grew by 130% to $8.9bn in 2021 Q3, says NIPC

Nigeria’s investment grew by 130% to $8.9bn in 2021 Q3, says NIPC

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Nigerian Investment Promotion Commission (NIPC) has disclosed that $8.99 billion was tracked as investment announcements for the Q3 of 2021, 130 per cent more than the $3.95 billion value recorded in the corresponding period in 2020.
The announcements according to the Commission spread across 33 projects in 8 states.
This was made known by the Acting Executive Secretary of the Commission, Mr Emeka Offor during a media parley with Commerce and Industry Correspondents (CICAN) in Abuja on Tuesday.

He said the Commission as part of its mandate is “Putting in place a mechanism that would allow the NIPC to validate these announcements and progress them from mere announcements to actual investments,”
Speaking further Mr Offor stated that sustaining its engagement with the sub-national governments through the State Investment Promotion Agencies (State IPAs) is aimed at expanding the current coverage of the Nigerian Investment Certification Programme for States (NICPS).

“Recently, we had an engagement with State Investment Promotion Agencies aimed at and building synergy across States for regional investment promotion and sustainable economic development.

“We are also building relationships with international development organisations such as UNIDO, GIZ, Afreximbank, to build the capacity of staff as well as elevate the investment potentials of Nigeria. Just yesterday, we held a webinar in collaboration with Afreximbank as part of our relationship with the Bank.

“The NIPC is also working with relevant organisations under the coordination of the Federal Ministry of Industry, Trade and Investment (FMITI) to organise Nigeria’s participation at the World Expo holding in Dubai, the United Arab Emirates, from 01 October 2021 to 31 March 2022 under the theme “Connecting Minds, Creating the Future,” the acting ES said.

He asserted that the Expo provides a platform for countries, multilateral organizations, foundations, and businesses to gather in one place to foster creativity, innovation and proffer solutions to universal problems.

“Over 25 million visitors from 192 countries are expected in Dubai during the period of the Expo. Nigeria will be hosting a trade and investment forum, as one of the side events, during the Expo. The forum would be held from 04 – 06 December 2021 at the Dubai Exhibition Centre. Details about participation are available on our website. Our Director of Investment Promotion will provide more details on NIPC and Nigeria’s preparedness to leverage the Expo to showcase Nigeria’s a trade and investment opportunities.”

Referring to the One-Stop Investment Center, Mr Offor stated that “the NIPC Act, through which the Commission is established, mandated it to co-ordinate and monitor all investment promotion activities to which the Act applies. Hinged in this, the One-Stop Investment Centre (OSIC) was established in 2006 with 13 participating agencies, cutting across Federal, State and Non-governmental Organisations.

“The Centre was established on the following principles of Convenience, Efficiency, Simplicity, Speed and Transparency. Through the Centre, operational manuals of participating agencies, as regards processing of investment entry requirements, have been streamlined.

“To enhance its effectiveness and ensure timely service, the Commission had always envisaged a virtual OSIC. To this end, the Commission had been working on the Single Window Investors’ Platform. The Window which has 4 components is the e-business facilitation platform of NIPC which is fashioned in line with the e-government initiative of the Federal Government,” he added.

He said the SWIP project commenced in 2020aimed at enabling NIPC to leverage technology to better deliver on its mandate.

Breaking down the investment announcements tracked by the Commission, Mr Abubakar Yerima, Director Strategic Services at the NIPC disclosed that the investment announcements for the Q3 of 2021, was 130 per cent more than the value in the corresponding period in 2020 which stood at $3.95 billion.

NIPC INTELLIGENCE

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