The Nigerian Investment Promotion Commission (NIPC) has initiated an assessment with National Bureau of Statistics (NBS) to create better understanding and position sectors for more attractive investments.
NIPC Strategic Communications Director, Mr Emeka Offor, said at its news conference via webinar on Thursday in Abuja, that the assessment would help NIPC to focus on the sectors to attract more investments into Nigeria.
Offor explained that though COVID-19 came with tremendous negative impact, it also had some positive impact because some sectors were beginning to become more attractive.
“We cannot claim to know all the answers, that is why we initiated assessment with NBS.
“We see sectors like health, pharmaceuticals, renewable energy becoming more attractive including sectors that are enabled by technology.
Speaking on the investment announcement, which dropped from 15 billion dollars in the first half of 2019 to 5.5 billion dollars in first half 2020, Offor said it was due to the onset of COVID-19 pandemic.
He said the drop being witnessed in Nigeria was a reflective of the United Nation Conference on Trade and Development (UNCTAD) projection of drop in global investment and economy.
Similarly, he said International Monetary Fund (IMF) made a similar projection in terms of economies facing recession worst that the global financial crises and depression.
According to him, NIPC is engaging stakeholders to look at what can be done to improve Nigerians performance in terms of considering inflow of Foreign Direct Investment (FDI) and boosting investment announcement figures.
The director further said it had started the process of collating the investment announcement actualised overtime, adding that a lot of desk work was involved which it had started while a committee was constituted to work on it.
“We have seen some progress in terms of those who have moved beyond investment announcement by setting up investment in Nigeria or actualising their investments aspiration.
“The bulk of the work which we want to start doing now is to begin to focus on tracking them.
“What we have done in the past is to build the data base, desk work and then we track accordingly,’’ he said.
The NIPC Legal Adviser, Mrs Patience Okala also explained that it had undertaken assessment of Nigeria’s bilateral investment treaties including some reforms to boost investment.
Okala said it had set out to attract Responsible Inclusive Balanced and Sustainable (RIBS) investment into Nigeria, expand facilitation of treaties and promote dispute resolution. (NAN)
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