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NIPC urges states to establish investment promotion agencies

By Anthony Otaru, Abuja
10 August 2020   |   3:05 am
A survey has revealed that more than 10 states across the country cannot boast of a functional investment promotion agency.

A survey has revealed that more than 10 states across the country cannot boast of a functional investment promotion agency.

Specifically, the latest survey conducted by the Nigerian Investment Promotion Commission [NIPC] revealed that 26 states, representing 72 per cent, have a functional IPA each with a mandate to promote investments; six states, representing 17 per cent, have the function situated within a ministry while four other states (11 per cent) have it in government.

The NIPC Executive Secretary, Ms. Yewande Sadiku, who disclosed this yesterday at a virtual media parley in Abuja, admonished state governments to set up functional investment promotion agencies to attract local and foreign direct investment.

She said the move would afford NIPC a scientific base that could be used to enhance working relationship with compliant states and provide the necessary support. ‘’In reality, and according to our records, existing structured state investment promotion agencies are not up to 26, but we continue to encourage the state governments to set up these agencies backed by legal instruments’’.

According to her, the survey also revealed that the sectors that have the highest investment attraction in the states are agriculture, manufacturing, education, solid minerals development as well as real estate.

The commission urged the states investment promotion agencies to leverage on its database and reform programmes to improve their efficiency and effectiveness in investment promotion drive.

The NIPC Director in Charge of investment Promotion, Mr. Adesina Emmanuel, said that the commission had put in place an investor-tracking mechanism to follow up with announcements with a view to translating them into actual investments.

‘’The department, working with Stratcom, is developing an investor- tracking sheet which it intends to use for the purpose of following up to know how the commission may help in actualizing investments plans’’.

Adesina said that the commission had similarly designed a standard web-based template for profiling investment opportunities and managing the collected information with an intelligent and modern database.
According to him, the template allows the collection of information on the key features of any investment prospect and the economic impact of the actualization of such plans.