NIPC says it is focused on replicating investment promotion reforms from the federal level to states through State Investment Promotion Agencies. The Executive Secretary/CEO, Ms Yewande Sadiku, made this known during a closed webinar attended by IPA heads from 30 states, NIPC's five zonal office heads, and the Nigeria Governors' Forum.
In her opening remarks, Ms Sadiku extolled the efforts of State IPAs in attracting investment and advocated for healthy competition among states. "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," she said. "Africa only attracts 3% of capital flows across the world, albeit the continent accounts for 17% 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 Agreements, Patience Okala, briefed participants on treaty reform work at the federal level and the gap between the quality of investment agreements and the quality of investment flows attracted. She noted that a new model treaty had been developed to enable Responsible, Inclusive, Balanced and Sustainable (RIBS) investments aligned with the Sustainable Development Goals.
The Director-General of the Nigeria Governors' Forum, Asishana Okauru, recommended engaging State Houses of Assembly, the National Bureau of Statistics, and the Federal Ministry of Budget and National Planning in advancing investment at the subnational level.
