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The Nigeria Investment Policy (NIP) may be ready before the end of the year. The document will harmonize, update and modernize existing rules regulations and give a clear direction on the country’s investment roadmap, according to sources
The Nigeria Investment Policy (NIP) may be ready before the end of the year. The document will harmonize, update and modernize existing rules and regulations and give a clear direction on the country’s investment roadmap, according to sources.
This point has come out at the stakeholders meeting to discuss the draft document in Lagos. The discussions included the private sector players and industry leaders and were held in Kano.
Nigeria’s Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Dr. Evelyn Ngige, said the absence of a centrally-coordinated framework had made it difficult for investors to accurately assess investment policy thrust and take appropriate decisions. Nigeria’s investment regime up till now is governed by the enabling Acts of the Nigeria Investment Promotion Commission and several other agencies of the Federal Government. This, she observed, has made it difficult for would-be investors to accurately determine what Nigeria’s investment policy is.
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Also speaking, the Director of Legal Service Department, Nigerian Investment Promotion Council (NIPC), Patience Okala, said the policy document rests on three pillars – investment protection, investment facilitation, and sustainable development. The draft, which was initially developed by Prof. Jonathan Aremu of the Covenant University, was built on by an inter-ministerial working group to make all ministries, departments, and agencies (MDAs) own it, she said, adding that inputs are being collated from other stakeholders at a multi-level scale to make its implementation hitch-free.
