The Federal Government through the Nigerian Investment Promotion Commission is seeking the support of the Diplomatic Community to galvanize the much-needed investment inflows into the Nigerian economy.
In a bid to achieve this, the NIPC management team led by the Executive Secretary, Saratu Umar, hosted an interactive Business Dinner with members of the diplomatic community.
The session, according to her, marks the continuity and yet, a new beginning, of a culture of consulting with the international community, a critical stakeholder in the investment promotion ecosystem of Nigeria.
She said the NIPC is critical to promoting economic growth, creating jobs, and generating wealth for Nigerians as well as facilitating development.
This mandate, she stated, is made very compelling if the Commission is to set the nation on the path of sustainable progression towards becoming a more prosperous nation.
She told members of the diplomatic community that Nigeria is a resource rich country with great potential and a compelling investment haven, with opportunities that are too numerous to count.
The NIPC Boss said, “The fact that these opportunities are yet to be fully harnessed, presents astounding opportunity for investment, and this brings on the role of investment promotion to attract Foreign Direct Investment (FDI) and mobilize Local Direct Investment (LDI) for mutual benefits to both the investor and their home countries on one side as well as to Nigeria, on the other.
“The global FDI market over the last decade has become very competitive and versatile where the investment promotion thrust of successful jurisdictions with the largest global market share of FDI inflows are driven by effective, efficient and performance driven Investment Promotion Agencies (IPAs).
“With over 170 IPAs worldwide competing to channel FDI to their different countries, a compelling imperative is established that NIPC is positioned to ensure that Nigeria gets a fair share of this global market.
“The commencement of the Africa Continental Free Trade Area (AFCTA) also makes it imperative for Nigeria to enhance its investment promotion drive, in order to remain the constant preferred investment destination of choice.”
She said the NIPC recognizes the role of the diplomatic community as critical stakeholders in investment promotion, being that economic diplomacy is one of the pillars of the mandate undertaken by Diplomats in host countries.
Based on this mandate, Umar said not only do Diplomats assist in delivering marketing messages to target groups of potential investors, they also manage relationships and provide the relevant information required for investors to make informed investment decisions.
This, she added, has equally aided reinvestment and retention of investors within the aftercare strategy.
“We thank the diplomatic community for this mutually beneficial service to both the host Country, in this case, Nigeria, as well as to their home countries.
“We also acknowledge that diplomats and international development partners have successfully channelled the views of investors about the investment climate of our great country by working in tandem, to meet mutually beneficial goals especially through their support in policy advocacy.
“All of these, remind us that Investment promotion rests on good teamwork between the National Invest Promotion Agency (in this case NIPC), the embassies/diplomatic missions, and other stakeholders to ensure a win-win situation,” she added.
As NIPC strategizes to increase national attractiveness and branding, to position Nigeria as a constant preferred investment destination of choice, she stated that strategies to deepen the investment promotion drive of Nigeria and the day-to-day problem-solving for established and incoming investors are being put in place by the Commission.
“Indeed, the central and strategic role of the NIPC in the coordination of all investment promotion is being activated to ensure Nigeria’s investment promotion drive is given traction to onboard investments into the different sectors of the Nigerian Economy.
“A well-coordinated investment promotion ecosystem under the leadership of the NIPC as mandated by its establishment Act, is being developed to ensure Government and non-government investment promotion players can undertake mutually reinforcing and complementary roles to attract, retain and grow investment in Nigeria,” she added.
She called on all stakeholders in the investment promotion ecosystem to work in synergy and complement the NIPC’s mandates and competences to facilitate a national investment promotion campaign under the Nigerian Investment Promotion Masterplan and the National Investment Promotion Coordination Framework being developed by the NIPC.
This, she added, will result in effective partnerships with all critical stakeholders including the diplomatic community and sub-national investment promotion players.