Agric, manufacturing, others attract more investments in states - NIPC — Nigerian Pilot News
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Agric, manufacturing, others attract more investments in states – NIPC

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Nigerian Investment Promotion Commission, NIPC, has revealed that agriculture, manufacturing, education, and solid minerals development are among the sectors with the highest investment attraction in the country.

Executive Secretary of the commission, Ms Yewande Sadiku, stated during a virtual media parley in Abuja that this was revealed during a survey conducted by NIPC recently cross states.

Sadiku said, ” the survey revealed the sectors that have the highest investment attraction in states to include agriculture, manufacturing, education, solid minerals development and construction or real estate.”

This is even as she said that the commission has developed a database for states that contains essential information including contact details of persons of interest to investors.

Sadiku called on state governments to set up functional investment promotion agencies to attract both local and Foreign Direct Investments, FDI.

She said the move was to afford NIPC a scientific basis that can be used to enhance working relationships with states and provide the necessary support to sub-national investment promotion mechanisms.

She, however, expressed concern that about 10 states in the country cannot boast of a functional Investment Promotion Agency, IPA, saying the ugly development was discovered during a survey carried out by the commission.

“According to the survey, 26 states representing 72 percent have a functional IPA with a mandate to promote investments, six states representing 17 percent have the function situated within a ministry, and four states representing 11 percent have it in government bodies other than an IPA or ministry.

“However, in reality according to our records, existing structured SIPAs are not up to 26 but we continue to encourage state governments to set up these agencies backed by legal instruments,” the NIPC boss said in a presentation at the media parley.

The commission advised States Investment Promotion Agencies, SIPAs, to leverage on its database and several reform programmes to improve their efficiency and effectiveness in investment promotion drive.

She, however, reaffirmed the importance of strategically pitching Nigeria’s investment prospects on the basis of the competitive advantages of states and carefully positioned investible sectors and projects, in spite of the present pandemic.

Sadiku noted the projections from UNCTAD and IMF that FDI flows will slow down in 2020/2021 and most economies will face economic challenges, but stressed that it equally presents optimism for local investors and businesses that can position to take advantage of the unique opportunities presented by COVID-19.

She stated that though many businesses have been negatively affected by the pandemic, new windows of opportunity have been created for medical and pharmaceutical, technology-enabled, and ICT sectors to exploit.

During the parley, the Departments of Investment Promotion and States Coordination made presentations on profiling attractive sectors and investment opportunities and provided insights into how investment promotion is undertaken in states.

Also speaking at the event, NIPC’s Director in charge of Investment Promotion, Mr Adeshina Emmanuel, said the commission has put in place an investor tracking mechanism to follow up investment announcements with a view to translating them into actual investments.

“The department, working with Stratcom, is developing an investor tracking sheet which it intends to use for the purpose of follow up to know how the commission may help in actualizing investment plans,” he said.
Adeshina said NIPC has also designed a standard web-based template for profiling investment opportunities and managing the collected information with an intelligent, modern database.

“The template allows the collection of information on the key features of any investment prospect and the economic impact of the actualisation of the prospect,” he added.

On her part, the Head of Department, States Coordination, Hajja Wakil stated that the department had recently updated its database for states and now has better access to the appropriate contacts so as to deliver direct engagements between investors and opportunities in states.

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