The Nigerian Investment Promotion Commission on Wednesday said that it has begun validating investors declaration to invest in Nigeria.
According to the investment agency, the move was aimed at mobilising capital for the country’s National Development Plan.
The Acting Executive Secretary of NIPC, Emeka Offor, said this at a news conference in Abuja.
According to Offor, the competition for capital has become more intense amid a drop in global volume.
He said: “The work for NIPC in the next five years has been appropriately defined by the National Development Plan 2021-2022 (NDP).
“The Plan has projected a capital requirement of N348.7 trillion with 86 per cent (N298.3 trillion) expected to be provided by the private sector.
“Mobilisation of this capital has become the focus of the commission.
“It is in this respect that the commission has begun the process of validating the records of the investment announcements.
“We expect the report from this exercise to give us a further understanding of investors’ readiness to invest in Nigeria.”
Offor said that the 2021 investments announcement report indicated that $23.30 billion was tracked during the year, representing about 39 per cent more than the $16.74 billion value tracked in 2020.
He said that the increase in value was indicative of growing adaptation to the global “new normal” after the economic disruption by restrictions imposed to check the spread of COVID-19 pandemic.
“It also indicates the growing confidence of investors in the efforts to improve the national investment landscape,” Offor said.
He listed Lagos, Bayelsa, Delta, Akwa Ibom and Adamawa as the top five states by value of investments, with the manufacturing sector having the highest number of projects.
Offor said: “The top five states by value of investments are Lagos ($8.7 billion), Bayelsa ($3.6 billion), Delta ($2.9 billion), Akwa Ibom State ($2 billion) and Adamawa ($1 billion).
“The manufacturing sector has the highest number of projects (20) as well as the highest value, $10.5 billion, representing 45 per cent.
“The construction sector has 16 per cent, electricity, gas, steam and air conditioning supply 13 per cent, information and communication 12 per cent and mining and quarrying nine per cent made up the top five sectors for the year.”
The NIPC boss further said that the commission had started the process of developing a strategic plan with focus on NDP sectors.
According to him, critical to this strategy is the profiling of the opportunities in each state as well as sustaining the engagements with the sub-national governments.
Offor said: “We would continue to build on past successes while we chart new paths for sustainable development of the capacity of staff of state investment promotion agencies.
“We will also stimulate healthy competition for investments across the regions and the states.”
He added that the commission would leverage on relationships with states to ensure sustained appreciation of the issues of the business environment.
Offor said: “This is with the understanding that the aggregation of the sub-national perception forms the national image, and also expands the coverage of Nigerian Investment Certification Programme for States.
“During the period, we would aim at completing the reform process we initiated on the process and administrative framework of the Pioneer Status Incentive under the Industrial Development (Income Tax Relief) Act.
“We would undertake the review of the qualifying list to include emerging activities that require government support while delisting activities that are matured.”
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