Benin: The Nigerian Investment Promotion Commission (NIPC) has called on sub-national governments to step up their roles in attracting and retaining investments.
According to News Agency of Nigeria, this is a strategy to diversify Nigeria's economy and restore investor confidence.
Ms Aisha Rimi, the Executive Secretary/CEO of NIPC, made the call in Benin while speaking at a high-level stakeholder engagement with State Investment Promotion Agencies (SIPAs). Rimi emphasized that both domestic and foreign investments were critical to Nigeria's economic recovery. She stated the pressing need for Nigeria to diversify its economy through industrialization, job creation, self-sufficiency in food production, and infrastructure development, with states playing a central role.
Rimi highlighted the importance of proactive strategies and prioritizing investors' satisfaction, especially from local businesses, which she termed as 'your biggest ambassadors.' She warned that frustrated local investors could quickly spread negative messages, emphasizing the power of word-of-mouth promotion.
To aid this investment drive, Rimi announced a new commission-led investment certification programme for states, designed to replicate its one-stop investment centre model at the sub-national level. The programme aims to build an ecosystem that provides clarity, transparency, and ease of doing business for investors.
Rimi acknowledged that while competition among states could be beneficial, it must be supported by capacity and credible investment data. She praised the formation of the Forum of State Investment Promotion Agencies of Nigeria (FoSIPAN) as a crucial platform for harmonizing state efforts and avoiding duplication.
Declaring the meeting open, Governor Monday Okpebholo of Edo, represented by the Secretary to the State Government, Musa Ikhilor, lauded the commission for choosing Edo as the host state and a model of reform. Okpebholo emphasized his administration's commitment to removing investment bottlenecks and improving the business climate through legal and institutional reforms.
He noted that security remained a top priority, with recent amendments to anti-kidnapping and anti-cultism laws aimed at protecting investments and lives under his SHINE (Security, Health, Infrastructure, Natural Resources and Agriculture, and Education) Agenda.
Earlier, Mr. Amen Odigie, Managing Director of the Edo State Investment Promotion Office (ESIPO), stated that Edo was committed to turning plans into action by leveraging its strategic location, cultural heritage, and investor-focused reforms. He outlined agriculture, digital innovation, solid minerals, and tourism as key sectors for economic expansion.
The News Agency of Nigeria reports that discussions at the forum focused on building technical capacity, addressing investment bottlenecks, and fostering investor-friendly environments tailored to each state's comparative advantage. The forum, themed 'Strengthening Capacity, Promoting Collaboration, and Diversifying Nigeria's Economy,' gathered government officials, SIPA heads, private sector players, and development partners to align strategies for transforming the country's investment landscape.