30 April 2021 By Victoria Abah
The Nigerian Investment Promotion Commission, NIPC, says it secured Investment Announcement of $8.41 billion for the country between January and April this year.
The Executive Secretary of the Commission, Ms. Yewande Sadiku made this known during a media parley in Abuja.
Ms. Yewande Sadiku however explained that there was a wide gap between Investment Announcement and actual investment.
Ms. Sadiku who stressed that insecurity was one of the major cause of insufficient investments, called on government to put in place policies that would give room for interaction between the country and the investors.
“There are many policies that say what we want to do, but the reality that some investors have, is what creates the gap.
“And security is an issue that investors continue to tell us, but more than government policies, is actually government and regulators’ treatment and engagement with investors.
“Agriculture represent s about 23% of Nigeria’s GDP, but the connection between agriculture and industry, is not as strong as it should be, because we are not processing, we are not preserving, we are not adding the kind of value that would take agriculture to industry.
“Nigeria is materially blessed with all, we would like to see a lot more domestic refining.”
On Pioneer Status Incentive, PSI, Ms. Yewande Sadiku confirmed that there was a joint committee set up with the Federal Inland Revenue Service, FIRS, to review the current guidelines for qualification and administration of PSI.
Also speaking, the Director, Department of Strategic Communications, NIPC, Mr. Emeka Offor, noted that there had been a decline in Nigeria’s Foreign Direct Investment, therefore, bold and coherent policy changes and deep economic reforms would be required to reverse decliness.
Mr. Offor however appealed to the media not to escalate negative news but promote Nigeria despite the challenges in order not to discourage investors.