The Federal Government, says is committed to creating an articulated investment policy that will attract Responsible, Inclusive, Balanced and Sustainable investments, for the diversification of the economy.
The Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Dr Evelyn Ngige, stated this while declaring open, a Stakeholders’ Engagement on the draft of Nigeria Investment Policy, on Monday in Kano.
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Ngige said that event, holding in Kano, was for stakeholders from the Northern parts of the country, and on March 31, another one would hold in Lagos, for stakeholders from the Southern parts of the country.
Represented by the Director, Investment Promotion Department in the ministry, Mrs Olukemi Arodudu, said that formed the proces of developing Nigeria’s first ever investment policy.
She said that, until now, Nigeria’s Investment regime, was governed by the enabling Acts of the Nigeria Investment Promotion Commission and several other agencies of the Federal Government.
“This has made it difficult for would-be investors to accurately determine what Nigeria’s Investment Policy actually is.
“It is a fact however that, African countries that have clearly outlined investment policies attract more foreign direct investment.
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“This is one of the reasons why the development of an investment policy for Nigeria has been part of the heartbeat of the Industry, Trade and Investment sector at the federal level for the last few years,” she said.
She further said that the country took bold steps of reforming its International Investments Agreement between 2014 and 2016.
According to her, Nigeria also contributed immensely to the development of ECOWAS Common Investment Code and ECOWAS Common Investment Policy, which were negotiation of competition, investment and intellectual property rights policies.
In her remarks, the Director, Legal Service Department, Nigerian Investment Promotion Commission, Mrs Patience Okala, said the development of that policy was timely as the country was trying to diversify the economy.
“The development of this investment policy comes at an auspicious time when Nigeria is focussing on economic diversification and when state parties of the AFCFTA are actively negotiating the AFCFTA investment protocol,” she said.
She added that, to ensure the achievement of that objective, representatives from several MDAs comments and inputs were obtained in forming the document.
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“I urge us to let us work together going forward and implement the policy when it is approved, to ensure a coordinated investment promotion and facilitation in Nigeria.
“As this, will ensure success of the implementation of the policy and the growth of the Nigerian economy,” she said.
