NIPC reaffirmed at its maiden virtual media engagement — "NIPC Meets the Press" — the importance of strategically pitching Nigeria's investment prospects on the basis of states' competitive advantages and well-positioned investible sectors, notwithstanding the challenges of the pandemic.
The Executive Secretary/CEO, Ms Yewande Sadiku, acknowledged UNCTAD and IMF projections of a slowdown in FDI flows and economic challenges in 2020/2021, but stressed that the pandemic equally presents optimism for local investors and businesses able to capitalise on the unique opportunities it has created. She noted that whilst many businesses have been adversely affected, new windows of opportunity have opened for the medical and pharmaceutical, technology-enabled, and ICT sectors.
During the parley, the Departments of Investment Promotion and States Coordination presented on sector profiling and subnational investment promotion. The Director of Investment Promotion, Mr Adeshina Emmanuel, stated that the Commission has been profiling priority sectors with a view to matchmaking them with investors for specific opportunities. The Head of States Coordination, Hajja Wakil, confirmed that the department has recently updated its state database and now has improved access to appropriate contacts to facilitate direct investor–state engagements.
Responding to media questions on Shoprite's announced planned transaction in Nigeria, Ms Sadiku explained that the announcement does not imply closure of its outlets but rather may present "Nigerian investors with the opportunity of a controlling entity in Shoprite." She added that NIPC considers Shoprite's investment in Nigeria to be strategic and important to the retail sector. The next "NIPC Meets the Press" session will cover the reform of Nigeria's international investment agreements.
