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FG APPROVES 1ST NIGERIA INVESTMENT POLICY (NInP)
– ROLLS OUT NEW NATIONAL AUTOMOTIVE DEVT PLAN

The Federal government has approved for implementation the first ever Nigeria investment policy (NInP), while adopting a new National Automotive Industry Development Plan (NADIP) that would span through 2023-2033. Government acknowledged that Nigeria Investment Policy would give investors more comfort and attract more investment into the economy.

Both the national investment policy and the automotive industry development plan was given the necessary approval at the Federal Executive Council on Wednesday 10th May 2023, presided by Vice President Yemi Osinbajo 

The Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo CON, explained that  trade and industry moguls over time, had deliberated on structuring the investment sector and agreed that “there was a need  to have an investment policy, which would give confidence and allow people who want to better the country, through genuine investments,  the confidence to bring their funds into the country, and invest.” 

According to Otunba Adeniyi, “What has been operational over the years was just investment related regulations of Ministries, Departments and Agencies (MDAs) acting as a guide. This harmonized policy is the result of putting this concept together for the country to develop rapidly through industrialization, and then snowball into a sustainable investment climate to attract the kind of investment we desire,” he added.

The primary focus of the investment policy is on investment promotion, investment facilitation and sustainable development and it would promote responsible investor conduct for sustainable development by influencing investor behaviour in compliance with globally acceptable standards relating to the environment, human rights, health, labour, safety, corporate social responsibility (CSR) and anti- corruption;

Regarding the 2023-2033 automotive development plan, it will help the country migrate seamlessly from combustible engines into electric solar-powered engines. “This is an improvement on the 2013 automotive industry development plan, which was in place before,” said the Minister.
The National Automotive Design and Development Council (NADDC) developed the new plan to aggressively build on the successes that have been achieved so far in the Nigerian Automotive industry: the new NAIDP would strategically provide outstandingly competitive fiscal and non fiscal incentives needed by automotive industry manufacturers/producers, investors, developers and all relevant stakeholders.

The new approved NAIDP is aimed at enabling the exponential increase in the local production numbers of vehicles, reaching 40% local content, attaining 30% locally produced Electric Vehicles, generating 1million jobs, enforcing patronage of locally produced vehicles by government and companies working on government contracts as well as boosting Research and Development and technology transfer.
Otunba Adebayo also hinted that very soon the country will start running a national Trade policy that will guide trade in Nigeria from 2023-2027.

He said this was basically a review of the old Trade policy that was in place, adding that, the whole idea was to have a policy in place that would improve Nigeria’s trade within the World Trade Organization and bring increased levels of Nigeria’s capacity to GDP to bring in more revenue for the country.

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