The Nigerian Investment Promotion Commission (NIPC) says it is focused on replicating reforms gained at federal to state-level through State Investment Promotion Agencies.
This was made known during a closed webinar attended by IPA heads from 30 states, including heads of NIPC’s five zonal offices, with the Executive Secretary and Chief Executive Officer of the NIPC, Yewande Sadiku.
The webinar was to share insights garnered from the recently released half-year report on investment announcements and NIPC’s work to deepen state-level investment support in-line with its sub-national objectives and strategies.
In her opening remarks, Sadiku extolled the efforts that State IPAs were making in attracting investments to their respective states and advocated for healthy competition among states.
She said, “In reality, the battle for capital is fierce; the biggest attractors of capital globally are countries that already seem like they have a lot of capital inflow.
“Africa only attracts 3 percent of capital flows across the world, albeit the continent accounts for 17 percent of the world’s population. I would like a future where competition for capital is between states in Nigeria, rather than Nigeria and other countries.”
The Legal Adviser and Technical Lead for Nigeria’s International Investment Agreement, Patience Okala, educated participants on the work recorded at the federal level and the disproportionate gap between the quality of agreements signed and quality of the investment flows.
“We looked at the quality of investments we have in Nigeria and they did not match the multiple treaties or international agreements the country was party to.
“To fix this issue, we developed a new model treaty that will enable the country to achieve Responsible, Inclusive, Balanced and Sustainable investments that key into the sustainable development goals,” she said.
The Director-General of Nigeria Governors’ Forum, Asishana Okauru, recommended engaging State Houses of Assembly, the National Bureau of Statistics and Federal Ministry of Budget and National Planning in advancing investment.