By Tanko Mohamed
Nigeria has resolved to launch the first National Investment Policy, a document that pulls together all the investment-related policies and regulations toward achieving sustainable economic growth.
Mrs Olukemi Arodudu, the Director, Investment Promotion Department of the Federal Ministry of Industry, Trade and Investment (FMITI), said this at a technical session on the development of Nigeria Investment Policy in Abuja.
According to her, the first phase of the project has been completed with the production of a draft policy template awaiting stakeholders input.
“To ensure that the Nigeria Investment Policy is widely accepted and serves the interest of every sector of the economy, the second phase is the stakeholders’ engagement.
“Since charity begins at home and this project is an Industry, Trade and Investment sector project, every agency represented here today is considered first line stakeholders.
“We intend to reflect all your contributions in the policy to produce the second draft before we take it to our other stakeholders, which include all investment-related MDAs at the Federal level.
Others include the organised private sector, investment- related MDAs and organised private sector at the state level as well as development partners,” she said.
Arodudu said that work would be completed on the document before the end of the first quarter of 2021 and it would be presented to the Federal Executive Council for approval.
She said that the Nigeria investment policy project was designed to provide a framework for appropriate synergies among all sectors of the economy and foster responsible investor behaviour.
She said that the initiative was unprecedented and would link industry and trade with investment and ensure effective policy implementation toward achieving sustainable development.
“Currently, Nigeria does not have a comprehensive document that can be called an investment policy.
“What we have are policies and regulations embedded in the establishing acts and mandates of the several investment related agencies like Nigeria Investment Promotion Commission, Nigeria Export-Processing Zones Authority and others.
“The present administration realises that while investment is a primary driver for economic growth ensuring that it contributes to the nation’s sustainable development goals is of greater importance that just attracting investment.
“It is hoped that the investment policy, when it is completed will entrench an investment friendly environment that supports the sustainable development aspirations of the country.
“It will be in line with international best standards for both domestic and foreign investment and be in harmony with the international protocols to which Nigeria is signatory without compromising our national development aspirations.
“It will bring about the structural transformation of the Nigerian economy towards job and wealth creation,” she said.