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NIPC partners with Katsina state to boost investments in agriculture, mineral

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Katsina, Jan. 9, 2024: Katsina State Government has expressed readiness to collaborate with Nigerian Investment Promotion Commission (NIPC) to boost investments in the agriculture and mineral resources sectors of the economy.

Gov Dikko Radda made the disclosure through his Chief Press Secretary Mr Ibrahim Kaula-Mohammed in a statement on Monday in Katsina.

Kaula-Mohammed said the governor was speaking when he visited the NIPC headquarters, Abuja.

Gov. Radda, who highlighted the significance of value addition in agriculture, saying that many farmers struggle to turn a profit, but due to lack of processing facilities and limited access to loans, that become difficult to them.

He therefore stressed the need for initiative that could provide the necessary support for processing and adding value to agricultural products.

“Katsina is the investment drive for agriculture and mineral resources because we have a large deposit of various minerals in the state,” he said

Kaula-Mohammed quoted Gov Radda as saying that the state has abundant resources which includes lithium, bitumen, gold, among others.

The governor assured potential investors of the state government’s commitment to create enabling environment to facilitate business operations.

He also highlighted the state’s relaxed laws designed to accommodate investors and encourage them to invest in the state.

“We are always willing to participate in all investment forums that may likely need our presence.

“We have opened our windows. We need to diversify and do many things in order to mitigate the current economic challenges.

“And the only way you can do this is to attract more investments,” he emphasised.

Earlier, the Executive Secretary/CEO, NIPC, Hajiya Aisha Rimi, acknowledged the importance of attracting and retaining investors.

She outlined the commission’ s commitment to collaborating with states and supporting their investment promotion agencies through programs like the State Certification Programme.

The programme, she said, was aimed at strengthening the capacity of state agencies, streamline processes and facilitate investments.

“It’s not just about bringing in investors. We have to help them stay.

“Investors will go where they have ease. We have to make sure that when they come in, all their issues are attended to in a timely and uncorrupted manner,” Rimi stressed.

She pointed out that the collaboration between Katsina State and NIPC would foster economic growth, create employment opportunities, and maximize usage of the untapped agricultural and mineral resources.

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NIPC boss urges media to promote Nigeria positively

Abuja, Dec. 30, 2023: The Nigerian Investment Promotion Commission (NIPC), has urged the media to be good ambassadors and promote Nigeria positively to enable the country to attract more investments.

The NIPC Executive Secretary/Chief Executive Officer (CEO), Aisha Rimi, said this at a media “Meet and Greet” organised by the Commission on Friday in Abuja.

Rimi said Nigerians had a role to play in driving President Bola Tinubu’s Renewed Hope Agenda and ensuring the growth and development of the country, adding that the media was not left out.

“So it is essential that we make Nigeria work in whatever shape or forms we can. We are all stakeholders in this, and at every level, everybody has a role to play.

“There are countries where you never hear the press talking wrong about their country, no matter how the story goes, they spin it to their benefit.

“So let us try to do that. Let us be ambassadors. Let us promote Nigeria and promote the good things about Nigeria,” she said.

The CEO acknowledged that there might be instances where we get it wrong and things were not done as they should, but it was up to us to act as ambassadors.

Rimi said, “everybody is an ambassador of this country, and we must ensure that Nigeria is seen positively worldwide.

” Let us highlight the good stories; let us learn to support each other so that investors will be attracted to the country, and we will be able to grow the economy.”

While reiterating the mandate of the Commission, Rimi said NIPC was set up to facilitate and promote access to investors in the country and retain the ones already in existence.

She said,” if nobody traps these people and gives them the support they need, other countries are competing with Nigeria, so we must be very intentional.

” So our job is to bridge that gap between the private sector and government.

“To ensure that our investors, be they foreign or domestic, incoming or already here, that we ensure their experience and economic activities in Nigeria are fruitful and beneficial.

“This is because if they do well, we do well; we know the resultant effects, the multiplier effects that a successful investment will have on our economy, job creation, diversification of the economy, and all of that.”

According to her, the commission is realigning its focus and efforts to key into the new administration and Mr President’s eight-point agenda.

She thanked the media for the support the commission had enjoyed in the past and expressed optimism that such supportive cooperation would continue.

Rimi said,” as I settle down, I will continue to depend on your support to promote the commission’s activities.

“As we go into the next year (2024), by God’s grace, we will keep you abreast of the developments as they occur.

” Please look at us as an open agency. Our doors and ears are open; we will listen to constructive criticism and information, verify what we can, and provide you with what we can.

” But it is a partnership that we all exist in the same ecosystem, and so we must coexist harmoniously, cordially, and respectfully.”

The NIPC boss then pledged a stronger partnership with the media in the coming year while wishing everyone God’s continued blessings, guidance protection, good health, and all prosperity in 2024.

Also speaking, Mr Ifeanyi Onuba, the President of the Commerce and Industry Correspondent Association of Nigeria (CICAN), pledged the members’ commitment to showcase the commission in good light.

Onuba also called on the commission to carry every member of the association along in all its activities.

He said this would enable them to contribute their quota in disseminating the right news/information in a manner that would benefit NIPC and the country’s interest.

NIPC

NIPC initiates master plan to boost FDIs

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The Nigeria Investment Promotion Commission (NIPC) says it is developing a masterplan to attract more Foreign Direct Investments (FDIs) into the country.

Hajiya Saratu Umar, Executive Secretary/Chief Executive Officer, NIPC, said this at a media briefing on Monday in Lagos.

She said the commission would achieve the vision of transforming the country into a destination of choice for investors through a Nigerian Investment Promotion Masterplan (NIPM), which would be ready within two months.

Umar explained that the masterplan would look at different sectors of the Nigerian economy that would attract FDIs,  such as agriculture, solid minerals and infrastructure.

She said that it would provide investment strategies for every sector, which would help investors with vital information to take investment decisions.

According to her, the masterplan will also detail strategies with which the commission will engage investors, both foreign and local.

“We will lean more on agriculture, mining and infrastructure. Particularly for agricultural products and solid minerals, we will look at the value chain; how to minimise exporting them as raw materials but as finished products.

“We must encourage investments in the non-oil sector, which will generate more foreign exchange for the country.

“The non-oil sector is not doing badly, but we need to do more as a country to promote investments in the sector rather than depend solely on the oil sector,” said Umar.

Speaking on the challenges of the business environment such as insecurity in some parts of the country and poor infrastructure, she said they were not enough to deter foreign investors.

“Our duty is to promote Nigeria as an investment destination of choice.

We have challenges like many other countries.

“There is no country in the world that does not have one form of challenge or the other,” she said.

The NIPC boss said the country’s challenges in the power and transportation sectors were also investment opportunities.

“The challenges represent opportunities for investors to come in and invest in these sectors, and in the process create jobs for Nigerians.

“Even with the security situation, in our engagements with foreign investors, we tell them there are still some parts of the country that are safe, where investors’ aspirations will be met.

“And we are confident that in the areas we have security challenges, those challenges will soon be over. The security challenges will not be forever, we hope they will fizzle out.

“We will work with other agencies to resolve some of the issues so that we can achieve the desired objective,” said Umar.

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NIPC seeks stronger collaboration among MDAs to promote investments

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The Nigerian Investment Promotion Commission (NIPC), has tasked stakeholders in Nigeria’s investment promotion ecosystem on stronger synergy to increase investments in the country.

The Executive Secretary of NIPC, Hajiya Saratu Umar made the appeal at the NIPC interactive forum with Ministries, Departments and Agencies (MDAs) in Abuja.

 According to Umar, stronger synergy in the investment ecosystem will attract more investments and foster rapid economic growth.

While describing MDAs as principal partners in driving investments, Umar expressed NIPC’s commitment to sustain regular engagements with them going forward.

“If the commission is to achieve its purpose, there is the need for effective  collaboration with stakeholders for mutually beneficial purposes and accelerated progress in Nigeria’s investment drive,” Umar said.

Umar said that investment promotion in Nigeria required better coordination, adding that stakeholders must work together to ensure that the greater synergy would provide a more coordinated traction to avoid loosing investments.

“Ultimately, the desired goal is to galvanise a collective action that will firmly place Nigeria on the path of sustainable prosperity.” she said.

She said that the commission was working on a strategy and promotion masterplan that would drive seamless collaboration and coordination of investment ecosystem.

According to her, this will usher in robust stakeholder communication and result in effective partnership.

“The NIPC is mandated to coordinate and promote investments in Nigeria which cannot be done without the input of stakeholders like the MDAs.

“We will still engage investors, banks, the diplomatic community, legal firms, and the media among others,” she said.

Speaking on the significance of NIPC, she said that investments were critical in supporting economic growth, creating jobs, and facilitating development in the country.

“Over the past few years, the global Foreign Direct Investments (FDIs) market has become competitive and versatile but NIPC is positioned to get a fair share of the global market.

“If we are to assert our dominant position as a player in the region, then we must enhance our investment drive and also build a conducive environment for investors to play in the economy so we don’t lose them to other countries,” she said.

NIPC

NIPC begins validation of investors’ readiness to invest in Nigeria

The Nigerian Investment Promotion Commission (NIPC) on Wednesday said that it has begun validating investors declaration to invest in Nigeria.

According to NIPC, the move is aimed at mobilising capital for National Development Plan (NDP).

The Acting Executive Secretary of NIPC, Mr Emeka Offor said this at a news conference in Abuja.

According to him, the competition for capital has become more intense, amid a drop in global volume.

“The work for NIPC in the next five years has been appropriately defined by the National Development Plan 2021 – 2022 (NDP).

“The Plan has projected a capital requirement of N348.7 trillion with 86 per cent (N298.3 trillion) expected to be provided by the private sector.

“Mobilisation of this capital has become the focus of the commission. It is in this respect that the commission has begun the process of validating the records of the investment announcements.

“We expect the report from this exercise to give us a further understanding of investors’ readiness to invest in Nigeria,’’ Offor said.

Offor said that the 2021 investments announcement report indicated that 23.30 billion dollars was tracked during the year, representing about 39 per cent more than the 16.74 billion dollars value tracked in 2020.

He said that the increase in value was indicative of growing adaptation to the global ‘new normal’ after the economic disruption by restrictions imposed to check the spread of COVID-19 pandemic.

“It also indicates the growing confidence of investors in the efforts to improve the national investment landscape,’’ Offor said.

He listed Lagos, Bayelsa, Delta, Akwa Ibom and Adamawa as the top five states by value of investments with the manufacturing sector having the highest number of projects.

Offor said: “The top five states by value of investments, are Lagos (8.7 billion dollars), Bayelsa (3.6 billion dollars), Delta (2.9 billion dollars), Akwa Ibom State (two billion dollars), and Adamawa (one billion dollars).

“The manufacturing sector has the highest number of projects (20) as well as the highest value, 10.5 billion dollars representing 45 per cent.

“The construction sector has 16 per cent, electricity, gas, steam and air conditioning supply 13 per cent, information and communication 12 per cent and mining and quarrying nine per cent made up the top five sectors for the year,’’ Offor said.

The NIPC boss further said that the commission had started the process of developing a strategic plan with focus on NDP sectors.

According to him, critical to this strategy is the profiling of the opportunities in each state as well as sustaining the engagements with the sub-national governments.

“We would continue to build on past successes while we chart new paths for sustainable development of the capacity of staff of state investment promotion agencies.

“We will also stimulate healthy competition for investments across the regions and the states,’’ Offor said.

He added that the commission would leverage on relationships with states to ensure sustained appreciation of the issues of the business environment.

“This is with the understanding that the aggregation of the sub-national perception forms the national image, and also expands the coverage of Nigerian Investment Certification Programme for States (NICPS).

“During the period, we would aim at completing the reform process we initiated on the process and administrative framework of the Pioneer Status Incentive under the Industrial Development (Income Tax Relief) Act.

“We would undertake the review of the qualifying list to include emerging activities that require government support while delisting activities that are matured,’’ Offor said.

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NIPC, Horasis sign MoU on investment platform

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 The Nigeria Investment Promotion Commission( NIPC) has signed a multi-year Memorandum of Understanding with the prestigious Horasis Forum.

The initiative is to create the country’s flagship business, investment, trade facilitation and social transformation platform.

President Muhammadu Buhari on Oct. 30, 2019 had hosted a high level delegation from Horasis in a virtual session.

The meeting formally endorsed the creation of the Horasis platform in Nigeria, with all its contributory social and economic development initiatives through the Horasis-Nigeria Economic Development Council.

Speaking after the signing ceremony, the Africa Director of Horasis, Dr Noel Akpata, said the vision of making Nigeria one of the most attractive nations for business, investments and social innovation would be attained with the MoU.

The Chairman of Horasis in Nigeria, Dr Shamsuddeen Usman, in his remarks said that the platform would enable the launch of a Global Brand Strategy for Nigeria by leveraging the vast global Horasis Platform and its networks.

The former Minister of National Planning also said Horasis and the Nigerian government is partnering to maximise the platform in order to attract investments and credible trading partners.

The platform, he added, would help leverage the use of global emerging technologies toward trade facilitation as well as execute impactful and socially responsible initiatives.

Since 2005, Horasis in partnership with global and local corporations from emerging markets through annual meetings had created a powerful platform for cooperation between emerging and developed markets.

The flagship events are the Horasis Global Meetings and other regional summits focusing on China, India, and South East Asia.

The participants at Horasis Meetings are global Chief Executive Officers, key business leaders from emerging markets, Investors, renowned thought leaders and relevant public figures, including heads of government.

The virtual signing ceremony was attended by the Managing Director of NAN, Mr Buki Ponle, as well as other dignitaries.

iFair

NIPC partners Israeli’s Embassy on i-FAIR 2021/22  

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The Nigerian Investment Promotion Commission (NIPC) says is it is partnering Israeli Embassy in Abuja on Innovation Fellowship for Aspiring Investors and Researchers (i-FAIR) 2021/22.  

The Acting Executive Secretary/CEO, NIPC, Mr Emeka Offor disclosed this when he led a team of the commission’s staff to pay a courtesy visit to the embassy in Abuja.  

According to a statement issued on Sunday by Mr Daniel Awurum, Head, Press and Protocol, NIPC, the  event is scheduled for Dec. 7,  at the Skill “G” Innovation Centre, Abuja.  

NIPC said the partnership would was to explore viable options that could position the country as an investment destination of choice to investors.  

According to Offor, Nigeria has the most start-ups in Africa and a dominant force in the tech space, but falls short on critical elements that help start-ups to thrive beyond their founding.  

“These critical elements such as digital infrastructure and lack of investment requires investors’ engagements and start-up supports which the Government of Israel through the i-FAIR initiative is bridging.  

“It is our hope that the spread gets wider and we will create awareness of the facility across our development partners,” Offor said.  

i-FAIR initiative was created by a partnership between the Embassy of Israel’s Skill G Innovative Centre and the Nigerian Government.  

The initiative targets 5 focus areas – Agriculture & Food Security, Food Technology, Renewable Energy/Environmental Management, Medical Devices/Simulation and Social Responsibility/Solutions for Personal responsibilities.  

The first phase of the programme has been concluded while the second is currently ongoing.  

Speaking earlier, the host, Mr Yotam Kreiman, the Deputy Chief of Mission and Consul of the State of Israel in Nigeria, expressed his appreciation for the support received from the Federal Government.  

“The Vice President, Prof. Yemi Osinbajo has been fantastic, so also the critical stakeholder, ministries, departments and agencies of government,” Kreiman said.  

He said the i-FAIR was created to provide a platform for Nigerian innovators to unleash and channel their creativity into smart solutions, products and prototypes.  

Kreiman added that the upcoming programme would feature 50 start-ups rigorously scrutinised and selected whom upon completion would be exposed to investors and mentors to help ensure their growth and sustainability.  

“The project will cost $300,000,” he said.  

According to Kreiman, the Skill “G” Innovation Centre Abuja is one of the best in the world and boasts of the latest tech savvy equipment manned by the best brains from Israel and Nigeria with proven records in the academia and science.  

He emphasised that sponsorship of candidates in the centre is open to all developmental organisations and individuals who intend to use the facility.  

“We are indeed very proud of this centre the only one affiliated to an Israeli Mission anywhere in the world,” he said.  

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NIPC launches e-One-Stop Investment Centre

The Nigerian Investment Promotion Commission (NIPC) on Tuesday in Abuja, launched the electronic One-Stop Investment Centre (e-OSIC) to promote efficiency in processing investment entry requirements.

The Acting Executive Secretary of NIPC, Mr Emeka Offor, said that the e-OSIC would serve as Single Window Investors’ Platform (SWIP) whereby operational manuals of participating agencies, as regards processing of investment entry requirements are streamlined.

According to Offor, the NIPC Act, through which the commission is established, mandated it to co-ordinate and monitor all investment promotion activities to which the Act applies.

“Hinged in this, the OSIC was established in 2006 with 13 participating agencies, cutting across federal, state and non-governmental organisations.

“The centre was established on the following principles of convenience, efficiency, simplicity, speed and transparency.

“Through the centre, operational manuals of participating agencies, as regards processing of investment entry requirements, have been streamlined.

“To enhance its effectiveness and ensure timely service, the commission had always envisaged a virtual OSIC. To this end, the commission had been working on the Single Window Investors’ Platform.

“The window which has four components is the e-business facilitation platform of NIPC which is fashioned in line with the e-government initiative of the Federal Government,’’ he said.

Offor noted that with the coming on of the e-OSIC, investors can have access to all services offered at the OSIC remotely, and apply for business registration, submit relevant documents, and make appropriate fee payments.

“Through the platform, NIPC will be able to track and review the services of participating agencies at the Centre.

“The foundation for transparency, accountability and proactive disclosure has been laid and we are committed to building on the successes of recent years as well as breaking new frontiers,’’ Offor said.

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NEPZA, NIPC partner on new special economic zones  

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The Nigeria Export Processing Zones Authority (NEPZA) and Nigerian Investment Promotion Commission (NIPC) are partnering on the migration of investments to new Special Economic Zones (SEZs).

The three new zones are in Lagos, Kwara and Katsina for medical, agro-allied and cotton clusters.

Prof. Adesoji Adesugba, NEPZA’s Managing Director, and his counterpart Ms Yewande Sadiku, NIPC’s Executive Secretary, agreed on this partnership during a meeting in Abuja.

NEPZA’s Head of Corporate Communications, Mr Martins Odeh, made this known in a statement on Wednesday in Abuja.

The Federal Government approved six SEZs to be evenly sited in the six geo-political zones, but earmarked these three for development in 2021 fiscal year while the rest three were deferred to 2022.

Adesugba explained that efforts were underway to use the zones to stimulate genuine economic activities nationwide.

He added that a synergy with NIPC would help to migrate desired local and international investments to these zones.

The NEPZA Chief Executive Officer said that the three new zones would boost production linkages required for economic growth.

Adesugba added that the partnership would spur international investors interest on the medical free zone to be sited in Lekki as well as reduce capital flight through medical tourism by Nigerians abroad.

“We are also hopeful that the Medical Free Trade Zone will be a convergence of world-class hospitals, pharmaceutical companies, aged homes, hotels and medical based research institutes.

“This enclave when operational will retard the migration of medical professionals abroad,” he said.

Sadiku on her part, expressed satisfaction in the way the NEPZA boss had promoted the special economic zones model across the country.

The NIPC boss said that the commission was prepared to partner with NEPZA to accelerate economic development,.

She added that the three new SEZs would be used as pilot scheme for more investment drive.

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NIPC remits N5.36b revenue to Nigeria

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The Nigerian Investment Promotion Commission (NIPC) has said that it remitted N5.36 billion to the Consolidated Revenue Fund (CRF) from its Internally Generated Revenue (IGR) between  January 2016 and March 2021.

NIPC disclosed this in a report released on Thursday on the summary of its IGR and CRF payments since 2016.

The report stated that the amount represented 46 per cent of the total IGR of N11.61 billion it generated during the period.

Following NIPC’s addition to the schedule of the Fiscal Responsibility Act in November 2016, the Commission had been subject to the remittance of 80 per cent of its Operating Surplus to the CRF.

The report also stated that as part of its commitment to better governance, proactive compliance and transparency, NIPC made quarterly proactive disclosures of material, financial, legal, procurement, personnel and operational information.

It noted that NIPC generated N5.59 billion, its highest income in 2018, a result of the backlog from the lifting of the two-year suspension on the administration of its Pioneer Status Incentive (PSI).

According to it,  PSI service charge accounted for 96 per cent of NIPC’s IGR during the period covered by the report; with its average annual IGR over the period put at N1.93 billion.

“In 2020, Freedom of Information Act (FOIA) Compliance and Transparency Award, NIPC was ranked second out of 213 Ministry, Departments and Agencies (MDAs) evaluated, maintaining the impressive ranking, first attained in 2019, for the second successive year.

“The commission was the most consistent among the leading MDAs ranked in 2019 and 2020,” it said.

The report cited NIPC’s ranking and the improvement, from its 2016 ranking of 90th out of 131 MDAs, as validating the efforts of management and staff at improving internal transparency and compliance with the FOIA.

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