The Federal Government has announced intentions to unveil revised incentives for investors. This is part of a holistic framework to further facilitate trade in the country.
The Minister of State, Federal Ministry of Industry, Trade and Investment, Mrs. Aisha Abubakar revealed this during the 2016 Lagos Chamber of Commerce and Industry (LCCI) international investment conference.
Abubakar explained that a review of the National Enterprise Development document has been concluded by Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). This is to support Micro Small and Medium Enterprises (MSMEs),
The members of agencies charged in implementing the NEDEP were increased. According to her, the team will include NAFDAC, SON, CAC, and NEPC.
Abubakar stated that any plan for the diversification of the Nigerian economy must be strategic and integrated. This is in order to include economic and revenue diversification, export promotion, import substitution and job creation. It will be done through innovative use of local content.
She further said major sectors targeted to achieve diversification include, the agro allied and solid minerals. Others include soil and gas related industries, construction, light manufacturing activities and services. She maintained that the government would continue with the Nigeria Industrial Revolution Plan (NIRP) which is one of the five pillars the ministry’s focus.
The Minister also pointed out that contributions from relevant stakeholders especially the private sector are very necessary. She said they are imperative to assist government in making policies and creating an enabling environment to promote sustainable growth and economic development in Nigeria.
“There is no gainsaying that Nigeria is an extremely blessed nation with abundant human and natural resource. However, what is lacking is the sincerity of purpose to streamline and enforce processes and procedures to ensure that maximum utilization of these resources.”
“It behooves of the public and private sector to work together and articulate pragmatic strategies that will address the obstacles that hinder our development efforts. The task involved in the diversification of the economy is enormous. Nigeria has no choice than to actively and effectively diversify. It will neither happen quickly or easily.”
“It should be noted that investment promotion and institution capacity strategies for implementation are equally important. We are highly committed and doing our very best to improve the infrastructure gap and ease of doing business to attract more investment inflow into our country. There is a continuous need for a dialogue between the federal government and the private sector”
Conference Key To Develop Investments
Meanwhile, President, LCCI, Dr. Nike Akande, in her remarks explained the role of the investment conference. She said it was packaged to meet the yearnings of both local and international investors on investment opportunities and doing business in Nigeria.
Furthermore, she added that recently, the National Planning Commission prepared a 30-year roadmap infrastructure development plan towards resolving the infrastructure deficit in Nigeria. She stressed that the master plan projected that Nigeria required at least $2trn for infrastructural development over the next three decades.
According to her, to address this deficit, there is an urgent need to attract investments across the globe. This will compliment the nation’s deficit borrowing component of Nigeria’s budget.
“The government needs to provide the enabling environment to attract the needed investments from within Nigeria and abroad.”
“I am however glad to confirm to you all that the Nigerian investment climate is gradually improving with renewed investments in some critical infrastructure, like rail transport and on-going reforms in our ports. The regulatory environment is also being strengthened with the fight against corruption, introduction of code of corporate governance and the successful passage of a bill to establish a federal competition and consumer protection commission which will eventually abolish monopolies in Nigeria.”