By JOHN NWOKOCHA, Abuja

The Nigerian Investment Promotion Commission (NIPC) has unfolded its strategic economic development plan for 2022 and beyond saying it has identified key requirements to attracting foreign investments.

Ag Executive Secretary of NIPC, Mr Emeka Offor highlighted the key requirements to include patriotism, positive statements on image of Nigeria, among others.

He tasked Nigerians on the need to develop a conscious sense of patriotism in order for the country to attract the quantum of investment required to stimulate sustainable socio-economic development.

Speaking at a media parley in Abuja on Wednesday, Offor called on Nigerians at home and in the Diaspora to always project the image of Nigeria through positive statements.

He said ´´ Let us begin to highlight the positives in the country more while pointing out the negatives for correction´´.

“I would like to stress the need for all hands to be on deck to ensure that Nigeria attracts the quantum of investment required to stimulate sustainable socio-economic development. It is therefore very important that every Nigerian, based at home or in the diaspora develop a conscious sense of patriotism by being cautious of our statements”. He added.

Addressing his audience, the Ag ES also used the occasion to unfold what he called NIPC´s strategic plan for 2022 and beyond, in moving the organisation forward, and called on all stakeholders to put come together. He said that all hands must be on deck.

He noted that the 2021 Investments Announcement Report indicated that US$23.30 billion was tracked during the year, representing about 39% more than the value tracked in 2020 (US$16.74 billion).

According to Offor, the increase in value is indicative of the growing adaptation to the global ‘new normal’ after the economic disruption occasioned by the restrictions imposed to check the spread of COVID-19 pandemic.

In addition, it indicates the growing confidence of investors in the efforts to improve the national investment landscape.

He noted that the global investment environment is gradually regaining its momentum after the interruption by COVID-19, amidst expected changes in strategy by multinational enterprises (MNEs). However, he emphasised that with the continued disruption by technology and the adaptation of government through policies, new opportunities are emerging.

He said the top five states, by value of investments, are Lagos State (US$8.7 billion), Bayelsa State (US$3.6 billion), Delta State (US$2.9 billion), Akwa Ibom State (US$2 billion), and Adamawa State (US$1 billion).

The manufacturing sector had the highest number of projects (20) as well as the highest value, US$10.5 billion (45%). Construction (16%), electricity, gas, steam and air conditioning supply (13%), information and communication (12%), and mining and quarrying (9%) made up the top five sectors for the year. More information is available on the website.

“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.

“In line with the e-government initiative, the Commission launched the e-OSIC under the Single Window Investors’ Portal (SWIP).

“The prevailing global business environment has made it imperative for organisations, such as us, to adopt technology as part of their operational tools.

“Consequently, we would aim at completing the 3 other modules by the end of Q3 2022 while also transiting the internal operations of the Commission into an electronic document management system”. He said.

As part of setting an agenda for the Commission, he said the management have begun the process of developing a strategic plan with a focus on the NDP sectors.

One of the key strategies in the process is the profiling of the opportunities in each State as well as sustaining the engagements with the sub-national governments.

Said Offor: “We would continue to build on past successes while we chart new paths for sustainable development of the capacity of staff of the State Inviestment Promotion Agencies while also stimulating healthy competition for investments across the regions and the States”.

“We would leverage on our relationships with the Executive of the States to ensure sustained appreciation of the issues of the business environment with the understanding that the aggregation of the sub-national perception forms the national image, and also expand the coverage of Nigerian Investment Certification Programme for States (NICPS)”. He added.

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