The Nigerian Investment
Promotion Commission (NIPC) says it will deepen the existing investment and inject fresh capital into the economy through its newly inaugurated committees.
The commission’s Executive Secretary, Mrs Uju Baba, disclosed this in Abuja at the inauguration of the technical committees on Doing Business and Competitiveness and Investors After-Care.
Baba, represented by Mr James Ebuatse, Director, Department of National Competitiveness and Policy Advocacy, said the committees would come up with strategies to ensure that recommendations advanced were adopted by government.
She said the committees were composed of heads of Ministries, Departments and Agencies (MDAs) of the Federal Government whose mandates were directly related to regulating the act of doing business in the country.
Baba said the objectives of the committees on Doing Business and Competitiveness were to review the causes for unimpressive ratings of the economy by various global rating agencies which had affected investors’ confidence.
“Others are to take an in-depth review of global reports in the context of the mandate of your various MDAs coupled with the comments from investors and organised private sector.
“Then, recommend improvement on existing policies and legislation that govern the act of doing business in Nigeria,’’ Baba said.
According to her, the committee on investors care is a problem solving organ constituted to appraise complaints from investors operating in the country.
The executive secretary added that it would also proffer interventions by government for the purpose of ameliorating the day to day challenges faced by investors.
Baba lamented that with the abundance of potential possessed by the country, it should attract more fresh capital than it currently did.
“According to the United Nations Conference on Trade and Development (UNCTAD), the economy attracts an annual average of six billion dollars foreign direct investment.
“Whereas the economy agenda demands an annual minimum private capital inflow of about 13 billion dollars,’’ she stressed.
The Chairman of the Committee on Investors After-care, Mr Amos Sekaba, said it would ensure that the six billion dollars foreign direct investment would be doubled.
Sekaba said existing investors would be supported to encourage new investors in the country.
“We will ensure that challenges faced by investors are properly addressed because our economic development plan is hinged on private sector development,’’ he said.
Also, Mr Craig Giesze, Senior Operations Officer, Trade and Competitiveness Global Practice, said countries that had improved significantly in their investment climate had committees such as the ones inaugurated by the NIPC.
Giesze said inauguration of the committees was the right step, adding that it was a process, and changes would not happen overnight.
He lauded the country for its regulation which ensured that a company could be established within 24 hours.
“Right now in Nigeria, a company can be established within 24 hours, which is progress,’’ Giesze said.