The Nigerian Investment Promotion Commission (NIPC), says it has developed Investment Guide (iGuide), an online platform to provide investors with information on the processes and basic costs of doing business in Nigeria.
Mr Emeka Offor, the Director, Department of Strategic Communications made this known on Wednesday in Abuja during a news conference.
Offor said that the iGuide, an easy-to-use online platform was developed with the support of the UN Economic Commission for Africa (UNECA) and UN Conference on Trade and Development (UNCTAD).
He said that it would enable investors to make informed decisions on Nigeria as a preferred investment destination as it provided information on starting business, labour, production factors, land, taxes, investor rights, growth sectors and opportunities.
According to the director, the iGuide makes Nigeria one of 14 African countries to have one. NIPC is constantly reviewing the content in line with developments in the business environment.
Offor added that the commission in collaboration with the Federal Inland Revenue Services (FIRS) and other relevant agencies compiled and released the first edition of the Compendium of Investment Incentives in Nigeria.
“It is a compilation of fiscal incentives in Nigerian tax laws and duly approved sector-specific incentives.
“It covers six principal sections: investment policies and protections, general tax-based incentives, sector-specific incentives, tariff-based incentives, export incentives, and special economic zones.
“The document is the first step in understanding the impact of incentives in achieving government’s economic objectives and considering incentive reforms. NIPC intends to include state-level incentives in the next edition, which we have commenced work on.
“Arrangements are also being finalised for an Incentives Impact Assessment to better understand the cost and benefits of existing incentives. The feedback from this assessment will help inform recommendations for the reform of Nigeria’s incentives regime,’’ he said.
In order to further boost investment, he said that the commission upgraded its website in response to comments and observations from members of the investing community and the general public.
He said that the upgraded site has a simplified design for easier navigation, and could proactively provide information that should enable investors make better informed decisions on Nigeria.
Mr Adeshina Emmanuel, Director, Department of Investment promotion, NIPC explained that the department was primarily focused on promoting investments in Nigeria through targeted investment promotion and business and Investment Forums.
Adeshina said the department always identifed target investors using data from strategic communications, analyse and qualify target investors for specific investment opportunities.
He said that the commission also introduced Direct Investment Summit Nigeria (DISN), an international summit where foreign and domestic investors could be brought to one location in Nigeria to meet with investment opportunities.
He recalled that the first edition took place in May 2018, adding that the second edition was proposed for May 2020.