17 November 2020 By Mathew Ayoola
The Federal Ministry of Industry, Trade and Investment has developed a zero draft investment policy that will boost Local and Foreign Direct Investment, FDI, in the Country.
The Director, Investment Promotion Department in the Ministry, Mrs Oluwakemi Arodudu made this known in Abuja at an Inter-Ministerial Engagement on the Development of Nigeria Investment Policy.
Mrs Arodudu said the policy was designed to provide a framework for appropriate synergy among all sectors of the economy, foster responsible investor behaviour, link Industry and trade with investment as well as to ensure effective policy Implementation
She stated that the investment policy when completed would not only entrench an investment friendly environment that would support the sustainable development aspirations of the country, but would also be in line with International best standards for both domestic and foreign investment.
According to her, the policy would equally be in harmony with International protocols to which Nigeria is signatory like the ECOWAS investment policy and code, the African Continental Free Trade Area Agreement as well as WTO without compromising national economic development.
” Currently, Nigeria does not have a comprehensive document that could be called an investment policy, what we have are policies and regulations embedded in the establishing Acts and mandates of several investment related agencies like the Nigeria Investment Promotion Commission, Nigeria Export Processing Zones Authority, Nigeria Customs Service and the Nigeria Immigration Service to mention but a few” the Director explained.
Mrs Arodudu therefore pointed out that the Nigeria Investment Policy project was therefore geared primarily towards the production of a document that pulls together all the investment related policies and regulations towards ensuring national Econonic development
She therefore advised all stakeholders and participants to come up with strategies that would ensure the success of the project.