Abuja, July 13, 2023: The Federal Government on Wednesday in Abuja assured of policies that would promote investments and facilitate increased foreign and domestic trade.
Dr Evelyn Ngige, the Permanent Secretary in the Ministry of Industry, Trade and Investment, made the promise at the stakeholders’ sensitisation workshop on the first Nigeria Investment Policy (2023-2027)(NInP) and Trade Policy of Nigeria (2023-2027)(TPN).
Represented by Alhaji BabaGana Alkali, the Director of Policy, Planning, Research and Statistics in the ministry, Ngige said that both policy documents would address gaps and provide strategic frameworks for investment promotion and increased trade.
According to her, the NInP and TPN represent significant milestones in our journey of economic growth and development.
She expressed the ministry’s commitment to improve domestic investment and business environment to position Nigeria as one of the world’s preferred investment destinations.
“The development of the first Investment Policy and the Review of the Trade Policy of Nigeria are useful outcomes of the sustained efforts of the ministry in this regard,’’ she said.
Ngige said that the objectives for developing the investment policy framework include fast-tracking the process of Nigeria’s economic diversification, improving investment and business climate to attract both domestic and foreign direct investment.
She said that it would improve investors’ experience and confidence through ensuring compliance with global best practices, while generating inclusive domestic growth for employment generation and wealth creation.
“Additionally, the motivation for the development of the Nigeria Investment Policy is the need for policy certainty, stability and coherence in investment-related matters.
“Policy certainty and stability are very vital in attracting and sustaining investments in the local economy.
“The NInP, therefore, provides a comprehensive and harmonised framework that consolidates investment-related regulations at the national and sub-national levels,’’ she said.
Ngige also said that the policy was also envisaged to create synergies with the objectives of other national economic frameworks and to promote Responsible, Inclusive, Balanced, and Sustainable (RIBS) Investments in the Nigerian economy.
“On the other hand, the review of the Trade Policy of Nigeria (TPN) was carried out to align the document with emerging issues in global trade.
“The TPN 2023-2027 seeks to promote trade as a catalyst for economic growth and development.
“The policy recognises the positive impact of trade on competitiveness, employment generation, wealth creation and poverty reduction as well as aligns with domestic policies that enhance productivity macroeconomic stability and promote good governance.
“The policy emphasises the creation of a trade-enabling environment to mitigate unexpected economic shocks such as the COVID-19 Pandemic, protectionism and taking advantage of emerging trends,’’ Ngige said.
She expressed optimism that the policies would address the challenges that hindered Nigeria’s trading and investment competitiveness at the global level.
“With these policies, we are now set to diversify our export base, develop a flourishing domestic market, promote “Made-in-Nigeria” products, enhance market access and increase investment and trade competitiveness,’’ Ngige said.
On his part, Dr Ezra Yakusak, the Executive Director, Nigerian Export Promotion Council (NEPC) said the policy documents came at the appropriate time when there is need to maximise Nigeria’s vast potential to promote sustainable economic growth.