*As NIPC Moves To Launch Other Investment Initiatives For Economic Growth
Taking stock of activities of the Nigerian Investment Promotion Commission (NIPC) in the last one year, the Executive Secretary/CEO, Ms. Aisha Rimi, declared that Nigeria has made significant strides to improve the investment landscape in the country.
She made the remark at the weekend during NIPC Media Parley in Abuja.
According to her, NIPC has implemented policy recommendations that created an environment conducive to both foreign and local investors, in alignment with the objectives of President Bola Tinubu's 8-Point Agenda, especially in the areas of economic diversification and infrastructure development.
The Executive Secretary said "As we continue this journey, I want to highlight the synergy between the NIPC's efforts and President Bola Ahmed Tinubu's 8-Point Agenda, which outlines the key pillars for transforming Nigeria's economy. The 8-Point Agenda—ranging from fostering a diversified economy, enhancing infrastructural development, improving security, to boosting human capital—provides a solid foundation for driving investment and economic growth in the country.
"These efforts underscore our commitment to facilitating economic growth through private sector engagement."
Engagement with potential investors, she said, included hosting investment forums and participating in international trade exhibitions, where Nigeria was showcased as a premier investment destination.
"For instance, at the World Economic Forum in Davos, I had the distinct honor of representing Nigeria with a delegation led by Vice President Kashim Shettima. This forum provided a platform for discussions with global CEOs, underscoring Nigeria's rich investment potential."
She also disclosed that NIPC has developed several strategic partnerships with leading international organizations, including JETRO, JICA, UNDP, GIZ, and UNIDO.
"These collaborations have played a key role in providing technical support, funding, and access to international markets. By partnering with these esteemed organizations, we are able to tap into their expertise, resources, and global networks to enhance investment opportunities in Nigeria.
"Additionally, we have fostered productive engagements with the Norwegian government to explore ways to strengthen economic ties with Nordic countries, particularly in sectors like telecommunications, oil and gas, and manufacturing."
On Policy Advocacy, she said that NIPC has been diligently advocating for policies that create a welcoming environment for investors.
The Executive Secretary also explained that NIPC has pushed for enhanced regulatory frameworks that support business operations and ensure investors can thrive in the Nigerian Market through dialogues with relevant MDAs and state governments in the country.
Apart from attracting new investments into the country, she said NIPC has evolved strategies focusing on retaining existing investors by ensuring their concerns are addressed promptly and effectively.
"This is part of our broader strategy to align with President Tinubu's goal of stabilizing the economy and improving Nigeria's global competitiveness." she said
The Commission, she said, has also adopted a robust Investor Relations strategy to keep the lines of communication open with businesses currently operating in Nigeria.
"Regular feedback mechanisms have been instituted, enabling us to understand investor expectations and challenges, thus allowing us to act proactively and decisively."
NIPC, according to her, is also strengthening relationships with State Governments.
"Our strategic partnerships with Sub Nationals have been central to retaining investments. Through the Nigerian Investment Certification Programme for States (NICPS), we work closely with state governments to create attractive, investor-friendly environments that contribute to economic growth at the state level.
"NIPC has adopted a broader focus in promoting investment, concentrating on states with unique comparative advantages. This tailored approach ensures that investments are not just attracted but also aligned with regional strengths, thereby catalyzing local economic development and complementing the broader goals of economic diversification.
"The NICPS aligns with President Tinubu's objective of ensuring that investments are spread equitably across the country, taking into cognizance each state's unique competitive advantages."
The Executive Secretary said NIPC has launched numerous capacity-building programs in collaboration with international donor agencies towards enhancing the skills of local entrepreneurs and equip them with the necessary tools to compete on the national and global stages, and ultimately contribute to a more favorable investment climate.
"Again, this aligns with the Administration’s commitment to human capital development as a key driver of national growth." she added
NIPC, according to her, is also working tirelessly to create a unified brand identity for Nigeria as a top investment destination.
Nigeria as a hub for innovation and technology investments, she said, will advocate for incentives that attract tech-based companies looking to establish operations in Nigeria.
With global recognition shifting towards sustainable investment, she said NIPC is prioritizing eco-friendly projects that contribute to sustainable development goals.
"Partnering with investment bodies focusing on sustainability will be pivotal in enhancing Nigeria's appeal to socially responsible investors and advancing the green agenda.
"We will continue to rely on and leverage the media's undeniable reach and influence in showcasing Nigeria’s investment opportunities.
"I am pleased about the journey ahead and the vital role that each of you plays in this process. Your engagement as brand ambassadors for Nigeria will significantly influence our ability to attract and retain investments that drive our economy forward.
"The collaboration between NIPC's initiatives, President Tinubu's 8-Point Agenda, and the Nigerian Investment Certification Programme for States positions us on a path to sustainable economic growth and national prosperity.
"Together, we can champion Nigeria's investment narrative and foster a future characterized by innovation, partnership, and sustainable growth." she stated
During the media parley, other departments and committees in the Commission took turns to unveil their achievements.
The Deputy Director / Head, Investment Promotion Department, Shettima Barma, reeled out the key achievements in the last two years.
He said "In line with the Department’s Key Performance Indicators (KPI), the following achievements were recorded:
"Continuous updating of the online Investment Opportunity Profiling (IOP) Form where investors with viable and credible projects upload information based on the template provided. This form is on NIPC’s website;
"Over fifty (50) credible projects have been profiled based on the IOP Form; Over hundred (100) PPP projects were sourced from targeted public and private sectors for profiling. About thirty-four (34) of these projects were compiled into a one-pager to produce Deal Book which are disseminated at outbound business and investment fora across the globe for the purpose of matchmaking;
"About 15 sectors/industries have been profiled into Factsheets in Agriculture and its industries, Manufacturing, Power – Renewable Energy, Transport and its sub-sectors, Oil & Gas, Health, ICT, Creative Industry.
"These are continually been updated.
NIPC with other selected MDAs worked to produce the first Nigerian Investment Policy (2023-2027) document;
"vi. Establishment of One Stop Investment Platform for Renewable Energy; co-funded by the EU and GIZ in partnership with the Ministry of Power and NIPC. The platform will be domiciled in the Commission;
"Outcome of BIFs attended: A French company, IDEMIA smart identity company has emphasize strong commitment investing in Nigeria to deploy biometric identification system for international passport, national ID card, voters registration etc. This investment is within the range of $50m.
"Woodcross Resources, a Ugandan-based mining company has indicated willingness to setup a 150-200MTS Tin Mining Refinery in Nigeria.
"The company visited NIPC with their Nigerian Partner New Frontier Development;"
He went on "A Belgian company, Protex Healthcare Ltd, is setting up a burn and dialysis center worth over N300m. Land has already been acquired in Abuja;
"Established an African Invest Platform with a Japanese company for investor matchmaking. First round of meeting was held with NACCIMA and MAN;
"Signed an agreement with Afreximbank to attract investments into Nigeria leveraging on AfCFTA and the financing sources from the Bank. Organizing a webinar last week in February 2025.
Facilitating meetings with Brazilian firms to export fertilizer and poultry from Nigeria;
The Commission, he said, aims to promote at least 5 projects per year with a value between N5 - N10 Billion through direct targeted investment promotion.
Making presentation on the Achievements and next step for the Department of State Coordination, led by Aisha Wando, said meetings have been held with some state governments towards getting their buy in on the NICPS Programme.
"So far meetings were held with States Governors of Lagos, Ekiti, Enugu, Gombe, Plateau, Kano, Jigawa, Katsina, Lagos and Plateau.
"Collaborated with the Oyo State Agri-Business Development Agency (OYSADA) and Arise Integrated Industrial Platforms to facilitate an investment of over US$100m in agricultural sector by Raedial Holding Ltd in Oyo State.
"Collaborated with Ondo State Development & Investment Agency and ONDIPA to facilitate US$4m fiber cables investment by BC Fiber Optic (a Turkish Company) in Ondo State.
"Collaborated with the Oyo State Ministry of Lands & Housing to facilitate the revival of the Oluyole Free Trade Zone on a PPP or BOO arrangement with the Consumer Goods Myanmar Limited’ (CGM). The company intends to establish 8 manufacturing plants in the zone.
"Provided support towards the resuscitation of the Osun State Investment Promotion Agency (OSIPA) to create an enabling business environment for existing businesses and to attract potential investors in the State.
"Partnered with the Ministry of Solid Minerals Development and other relevant agencies to resolve the lingering investment dispute between the Osun State Government (the host state) and the Segilola Resources Operating Ltd" she added.
Other achievements, she said, included "Engagement held with full participation of all States Investment Promotion Agencies (SIPAS)
"Participated in Regional Trades Fairs in the Southwest, Southeast and Northwest."
She disclosed that there was also partnerships with the various States chapters of the Organised Private Sector, Chamber of Commerce & Industry and Manufacturers Association of Nigeria to sensitize their members on the activities of the Commission.
Other departments and committees that made presentations at the parley included Freedom of the Information Act (FOIA) Committee, Department of Investor Relations, Nigerian Investment Promotion, One Stop Investment Centre, and the Department of Policy Advocacy