Moses Uwagbale<\/p>\n\n\n
The Federal Government has unveiled the Nigerian Investment Promotion Commission\u2019s (NIPC) \u2018Book of States\u2019, aimed at spurring domestic and Foreign Direct Investments (FDIs) for economic growth.<\/p>\n\n\n
The \u2018Book of States\u2019, is a compendium of key investment opportunities and comparative advantages of the 36 states and the FCT was prepared by NIPC in conjunction with the Nigeria Governor\u2019s Forum (NGF).<\/p>\n\n\n
Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment, said at the formal launch of the compendium in Abuja, that the initiative would help investors to better appreciate investment potentials across Nigeria.<\/p>\n\n\n
In a keynote address, Adebayo noted that the document would help to attract the right investments to Nigeria, improve productivity, create jobs and generate revenue for the country.<\/p>\n\n\n
\u201cThe ministry appreciates that the work was fully supported and endorsed by all 36 governors, including the Minister of FCT.<\/p>\n\n\n
\u201cThis shows how we are collectively working to ensure that Nigeria is properly positioned to provide first-hand information on the abundant opportunities and advantages in our nation,\u2019\u2019 he said.<\/p>\n\n\n
The minister assured the NIPC of the ministry\u2019s guidance and support in relation to effectively supporting the states to promote, attract and manage domestic and foreign investments.<\/p>\n\n\n
On this note, he urged states and stakeholders to take advantage of NIPC\u2019s initiatives targeted at making the country a destination of choice for investors and making all Nigerian states \u2018investor ready and friendly\u2019.<\/p>\n\n\n
In a remark, Dr Kayode Fayemi, Chairman, Nigeria Governors\u2019 Forum, and Ekiti State Governor, said the initiative was timely to cushion the COVID-19 pandemic effect.<\/p>\n\n\n
According to Fayemi, represented by Asishana Okauru, Director-General of NGF, it was apt for the states to begin to chart a path out of the adverse socio-economic effects of the COVID-19 pandemic.<\/p>\n\n\n
\u201cFor most Nigerians, the health risks accompanied by the pandemic, ranks behind multiple, complex and larger structural concerns such as economic uncertainty, an increasing desire for a social safety net and heightened insecurity, as well as poverty,\u2019\u2019 he noted.<\/p>\n\n\n
According to the National Bureau of Statistics (NBS), capital importation fell by almost 60 per cent, from $24 billion in 2019 to $10 billion in 2020.<\/p>\n\n\n
Fayemi, however, said that the drop, fueled by the COVID-19 pandemic and the resulting crash of commodity prices, must be reversed in 2021.<\/p>\n\n\n
\u201cWe must work together as Federal and State Governments to, in the first instance, take capital importation back to 2019 levels, and use it as a launch pad for future growth.<\/p>\n\n\n
\u201cWe also have to improve subnational development finance, through an innovative mix of development finance mechanisms, including the use of Public Private Partnerships (PPPs) in securing funds required for public infrastructural development.<\/p>\n\n\n
\u201cTo attract international capital, Nigeria must improve coordination across various organs of government, ensure coherence between fiscal and monetary policies and have the agencies responsible for formulating and implementing such policies, all singing from the same hymn sheet.<\/p>\n\n\n
\u201cAt the subnational level, we need to pay special attention to Investment Promotion and Ease of Doing Business (EoDB). At the Forum, we will continue to provide technical assistance and peer learning opportunities to states yet to establish IPAs and EoDB Steering Committees,\u2019\u2019 he said.<\/p>\n\n\n
Ms Yewande Sadiku, NIPC\u2019s Executive Secretary, while presenting the document, thanked the NGF, the ministry and NIPC\u2019s Governing Council, for their commitments towards the completion of the project and support for the achievement of its mandate.<\/p>\n\n\n
Sadiku described the book as an important building block in NIPC\u2019s effort to support states in investment promotion and having completed this maiden edition, it would commit efforts to follow-on projects that would elevate investment prospect visibility.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
Moses Uwagbale The Federal Government has unveiled the Nigerian Investment Promotion Commission\u2019s (NIPC) \u2018Book of States\u2019, aimed at spurring domestic and Foreign Direct Investments (FDIs) for economic growth. The \u2018Book of States\u2019, is a compendium of key investment opportunities and comparative advantages of the 36 states and the FCT was prepared by NIPC in conjunction […]<\/p>\n","protected":false},"author":1,"featured_media":24454,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[499],"class_list":["post-29556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-nipc","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n