ADEBAYO PROMOTES FDI INTO NIGERIA WITH BOOK OF STATES

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Otunba Adeniyi Adebayo Min. of Industry, Trade and Investment
Otunba Adeniyi Adebayo; Min. of Industry, Trade and Investment

In order to facilitate a robust development of domestic and Foreign Direct Investment (FDIs) into Nigeria, the Federal Government has unveiled the Nigerian Investment Promotion Commission’s (NIPC) “Book of States”. The Minister of Industry, Trade and Investment, Adeniyi Adebayo, disclosed at the launching of the collection in Abuja that the initiative would enable investors to have a better understanding of investment and appreciate its many potentials across Nigeria.

The “Book of State” being a compilation of important investment opportunities and relative advantages of the 36 states and the FCT was put in place by the NIPC in collaboration with the Nigeria Governor’s Forum (NGF).

According to Adebayo, the document would help to draw good investments to Nigeria, improve productivity, create job opportunities and serve as a source of revenue generation for the country.

He said, “the ministry appreciates that the work was fully supported and endorsed by all 36 governors, including the Minister of FCT. This shows how we are collectively working to ensure that Nigeria is properly positioned to provide first-hand information on the abundant opportunities and advantages in our nation’’.

He assured NIPC of his Ministry’s support for States to attract, promote and manage domestic and foreign investments while he appealed to the public to take advantage of this initiative aimed at making the country an investment destination.

Governor Kayode Fayemi of Ekiti State and Chairman of Nigeria Governors’ Forum, who was represented by Asishana Okauru, Director-General of NGF, said the project came at the right time to mitigate the effect of COVID-19 pandemic. He urged all states to chart a path out of the adverse socio-economic effects of the COVID-19 pandemic.

Gov. Fayemi further noted that, “for most Nigerians, the health risks accompanied by the pandemic, ranks behind multiple, complex and larger structural concerns such as economic uncertainty, an increasing desire for a social safety net and heightened insecurity, as well as poverty’’.

He concluded that the drop in capital importation from the National Bureau of Statistics by almost 60%, from $24 billion in 2019 to $10 billion in 2020, fueled by COVID-19 pandemic must be reversed in 2021.

The Executive Secretary of NIPC, Yewande Sadiku described the book as an important building block in NIPC’s drive to support States in investment promotion. She said that with the completion of this maiden edition, the commission would put in more effort to follow-up projects that would promote investment prospect visibility.

Book of State was originally released virtually in August 2020 and sent to all Ministries and foreign outposts, providing the platform for effective matching of investors with States.

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