As the Nigeria economy continues to get more attractive to global investors and many multinational corporations, small and large scale industrialist now seek to get a foothold in the country’s business and investment environment, a presentation by the executive secretary/ CEO, Engr. Mustafa Bello FNCE of Nigeria Investment Promotion Commission, at the Nigeria Investment Promotion Commission and Business Council for Africa Forum held at the Pinsent Masons LLP, 30 crown palace, London on July 11th 2012 has again re-affirmed honest readiness of President Goodluck Jonathan to attract and encourage more investors into the Nigeria economic market.
Reasonably, a country develops on the ability of his leadership to dream great dreams, sought practical strategies to bring dreams to materialization. It should also sink into our heads that no other country will develop Nigeria for us if we choose to feel unconcern in our behavior, process and action. Since his appointment as the Executive Secretary/CEO, Nigeria Investment Promotion Commission (NIPC), engineer Mustafa Bello FNSA has continually sold Brand Nigeria to the international communities through the Vehicle, Nigeria Investment Promotion Commission (NIPC). The Nigeria government and NIPC are now more committed at paying particular attention to infrastructural development wooing international and local investors into the country into Nigeria industrial market.
- Intimate them on the Federal government policy thrust on investment, which includes:-
- Emphasis on FDI to fund transformation Agenda on a Win-Win Basis
- Promote and attract value- added industrialization
- Make FDI work for local economy ; i.e. job creation, value-chairs, out-sourcing etc
- Promotion of non-oil sector prioritized
- Target and attract FDI into key priority sectors -Power, infrastructure, agriculture, solid minerals, & Non-extractive oil & Gas activities.
- Commitment to privatization, commercialization and Liberation programmed
- Promotion of export oriented activities
Delivering his paper at the conference on “foreign investment in Nigeria, the new Approach”, Engineer Mustafa Bello, said that the forum becomes necessary to inform investors and Spread the goodness and qualities of the unique investment opportunities that abound in the Nigerian investment market. “ it is an opportunity to brainstorm and draw global attention to the relevance of Nigeria economic development and what should be done to move Nigeria and its multitude of people to the next level of global industrialization”
Outlining his presentation, Engineer Mustafa Bello re-echoed the proudly Nigeria rebranding slogan. “Nigeria -good people great nation “as he presented the country’s profile with official name as Federal Republic of Nigeria, located in West Africa, Africa, governed, un-interrupted democratically since 1999, with an area land mass of 923,768Sqkm, and official population at 167 million.
Before dwelling on Nigeria economic performance which he said grew away at an average of 7.36%, in 2011 first quarter 6.68% and 2012 46.17.%, 2011 quater2., 7.61, 2011 Q3, 7.30%, 2011 q4, 7.68% and 2012 q6,6.17%, the NIPC chief had earlier touched to on some key areas of government transformation agenda which also include good performance with special emphasis on securities of lives and property, law and order, anti-corruption- public service reforms, enabling environment, power and energy, education ,roads, industries and ICT revolution among others.
Without a dull moment during his presentation, the NIPC boss advised that investors should take advantage of Nigeria having the largest number of people in Africa and one of the world fastest growing economics, which will soon become a more effective and authoritative voice on the global stage. He warned that the Nigeria economic is too large to ignore with economic qualities such as –
8th largest population in the world-4th largest population under the age of20
10th world largest reserves of oil and gas
4th largest equity market in the MSCL frontier market index- largest outside of the Gulf cooperation council (gcc)
5th fastest growing economy in 2011 covered by CIRA economist- China, Taiwan, Singapore and Qatar.
1st Among the N-11 leading global growth generations’ (3G) over the next 40yrs.
As the side whispering continued to draw the attention of more participants, Engineer Mustafa Bello more loudly present the basic national investment legislation promotion commission Act 16 of 1995 under which he said the following were listed−
100% ownership assured except investment
-Listed under the ‘Negative’ lists
-Covered by the Nigerian content and cabotage Acts
-Investments protection Guarantee.
−Non-expropriation of investment: the NIPC Acts 16 cof 1995 guaranties that ‘no enterprise shall be nationalized by any government of the federation
The foreign exchange (Monitoring & Miscellaneous provisions) Act 17 1995
-repatriation of profit
-Under the Act 17 1995, investors are free to repatriate their profits and dividends net of taxes through any authorized dealer in freely convertible currency. He also affirmed that Nigeria real GNP growth is robust despite challenges in the area of infrastructure necessitated by the global economics recession. He lectured further on the responsibilities of the commission (NIPC) as stated in act 16 of 1995 which he said among other include to:-
- coordinate, promote and facilitate domestic and foreign investments into Nigerians
- support and provide necessary assistance and guidance to foreign and domestic investors in Nigeria
- Develop and implement innovative focused and effective investment promotion strategies.
- Target and attract investment into the economy
- Advice government on policy matters
Concluding his paper, he shed light on the activities of one –stop investment centre(Osic) which he said is to remove all bottle necks in business legalization procedures, he said services at the centre also includes and not limited to- Business incorporation registration, Grant of approvals, permit license and investment information and data.
Engineer Mustapha Bello had provided in his paper before the audience, featuring the chairman for the occasion, Gordon Hutt, chairman business council for Africa (BCA), Mr. Sam Adelemi-Head of trade and investment, Nigeria High commission UK, Mr. Bassey Peter-counsellor political-Nigeria High commission UK, Aksha, Fofaria-partner-Pinsent masons LLP, Jonathan Howard-CEO, Business council for Africa (BCA),Clive carpenter, vice chairman/Nigeria Desk officer BCA, Tony Strawson-Regional manager, Roni Akins-Publisher, Global Homes Magazine, representatives of over 60(sixty) mostly Uk based companies and other very important dignitaries.
A top industry participant to the event disclosed to Global Homes Magazine that the barriers to intra-regional investment are not just tariff, legislations and framework, they also include good governance, Better resource management, incentives and the need to develop more on human capacity, He said Nigeria has indentified the need to industrialize, to add value to investment through local and international investors.
However, Global Homes Magazine ex-raying the outcome of the forum observed that, in spite of the challenges of insecurity and poor infrastructure, the Nigeria Economy is till able to attract volume of Global investors because of its huge population of over 167Million People and the growing Consumption per capital. Besides, the global developed economies have reached almost saturation point and investors must look elsewhere for new outlets to market and sell their products.
Given this scenario, Africa particularly Nigeria, has now become the new frontier for development and the country with its youthful population is a magnet to any serious investors willing to do business in Africa.