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Nigeria’s New Trade, Investment Policies To Further Attract  local, global manufacturers

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Nigeria has fine – tuned its trade and investment policies to further boost both local and foreign direct investments (fdi).

Dr. Evelyn Ngige, the Permanent Secretary, Federal Ministry of Industry, Trade and Investment (FMITI) discloses this during the
stakeholder’s sensitisation workshop in Abuja.

She said that the new policies which will be sustained for the next five years ( 2023 – 2027), have been approved for implementation by the Federal Government.

” The maiden Nigeria Investment Policy (NINP) and Trade Policy (NTP) documents marked the beginning of a new era in Nigeria’s investment climate of our country,” she said.

Represented by the Director, Policy, Planning, Research and Strategies in the ministry, Mr. Babagana Alkal,  the Permanent Secretary explained that the NInP focuses on three pillars,  namely:  investment promotion, investment facilitation, and sustainable development, with the objectives to develop the investment policy framework, especially fast-tracking the process of Nigeria’s economic diversification, improving investment

The policy also seeks to improve investors’ experience and confidence through ensuring compliance with global best practices, while generating inclusive domestic growth for employment generation and wealth creation.

On her part, the Director, Investment Promotion Department, Federal Ministry of Industry, Trade and Investment, Mrs. Gertrude Orji, said the approval came at a time when the country is making concerted efforts to achieve economic recovery and growth.

“You are all aware that before now, Nigeria did not have a single comprehensive document on Investment policy, all that was in place were Investment related laws and regulations of MDAs and agencies.

“In 2018, the immediate past Honourable Minister of Industry, Trade and Investment, having realized the need for the country to have a holistic and link-based Investment policy document, approved that the Department of Investment Promotion should develop a detailed and sustainable investment policy that will provide a comprehensive roadmap for boosting domestic, regional and international investment in Nigeria,” she said.

She also explained that the process of reviewing the 2002 Trade Policy of Nigeria began in 2011, having realized the need to align with the current trend of the global and domestic economy.

She said the workshop therefore seeks to sensitize stakeholders and the general public on these two policies and their implications for the trade and investment environment in Nigeria.

Also, Dr. Ezra Yakusak, the CEO , Nigerian Export Promotion Council (NEPC), told the  stakeholders that an effective investment policy plays a crucial role in promoting export growth by creating a conducive environment for both domestic and foreign direct investment (FDI).

He said these elements were critical catalysts that propels economic development which the new policy seeks to achieve.

He added, “We at the NEPC will support any policy or instrument that will positively change the trade trajectory of the nation and bring about foreign exchange earnings, job creation and economic diversification.”

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Lagos Attracts $200m Investment from Abu Dhabi -Ambrose-Medebem

The investment is also aimed at boosting ICT innovation and healthcare facilities.

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Lagos State Government said it has attracted over $200 million in partnership deal with the Abu Dhabi Ports aimed at developing critical infrastructure and logistics within the Lekki corridor.

The investment is also aimed at boosting ICT innovation and healthcare facilities.

The State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, said this during the ongoing ministerial press briefing to mark the 2nd year in office of the second term of the State Governor, Mr Babajide Sanwo-Olu at Alausa, Ikeja.

The State government recently held a roundtable investment forum as part of measures to boost its economy.

The Commissioner revealed that, “As a result of the Lagos Investment Roundtable, numerous Expressions of Interest from local and foreign investors are under active discussion.”

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Nigeria First Policy: Customs Championing Made-in-Nigeria Vehicles Procurements

In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”

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The Comptroller-General of Customs (CGC), Adewale Adeniyi has assured members of the Nigeria Automotive Manufacturers Association (NAMA) that the Service would champion the procurements of locally assembled vehicles from the auto manufacturers inline with the government’s Nigeria First Policy Directive.

CGC Adeniyi gave the assurance when he inspected vehicles produced by members of the Nigeria Automotive Manufacturers Association (NAMA) at the Service’s headquarters, Maitama, Abuja.

After the inspection, the CGC commended the association for turning up in full strength and expressed satisfaction with the quality of the vehicles.

He remarked, “In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”

“What gives me joy is that in all the vehicles I have seen today, there is an imprint of Nigeria, which shows that they are fully assembled here. It gives me joy that Mr President’s policy is on the right course,” he added.

He further praised President Bola Tinubu’s Renewed Hope Nigeria First policy initiative in the automobile industry.

He pledged that the Nigeria Customs Service would continue to patronise and support the sector for the growth and well-being of the nation’s industrial economy.

In response, Ilekuba Anslem Chairman, Chief Executive Officer of Cedric Masters Group, commended the CGC for his unwavering support for the automobile industry.

Also, Oluwatobi Ajayi, Chairman and Chief Executive Officer of Nord Automobile Limited, praised the CGC.

“Even before this policy was announced, you had been championing made-in-Nigeria vehicles.

With Mr President’s announcement, we are confident that you will be the first CEO of a government parastatal to fully champion this policy,” he said.

He assured the CGC that the company would not abandon its vehicles after sales.Similarly, Jonas Ojukwu, a Director at Innoson Vehicle Manufacturing Company Limited (IVM), assured the Nigeria Customs Service of the company’s commitment to delivering the best to the Service.

Other stakeholders who spoke at the event included representatives from Mikano Motors Nigeria and Stallion Motors Nigeria.

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Lagos Marks 39 Building in Lekki Axis for Demolition

Commissioner for the Environment and Water Resources, Tokunbo Wahab, explained that government swung into action following a series of petitions on encroachment of the Ikota River.

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Lagos State government has marked no fewer than 39 buildings located in two highbrow estates for demolition for building on the Right of Way, RoW, of Ikota River, at Eti-Osa Local Government Area. Ikota is part of the Maroko Okun Alfa Ward in the Lekki axis.

This is coming as the state government issued indefinite quit notices to affected occupants to enable them move their properties and families before the demolition exercise commences.

The affected buildings, located at Oral Extension Estate, Westend and Megamound Estate, Eti-Osa, LGA, include 20 buildings to be totally removed, eight marked for partial removal, while 13 buildings are to go down at Westend Estate.

Commissioner for the Environment and Water Resources, Tokunbo Wahab, explained that government swung into action following a series of petitions on encroachment of the Ikota River.

Wahab said: “We had several complaints. We have been on this for a while now, and we found out at the ministry level that while we are engaging to find a win-win solution that will mitigate the negative impact on the environment and they don’t affect the people so much. Some developments were also going on to further push back the RoW, and the alignment of the Ikota River.

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