The Nigerian Investment Promotion Commission (NIPC), on Monday, said the only way to solve the multifaceted socio-economic challenges confronting the country is by encouraging both foreign and domestic investments.
Aisha Rimi, the Executive Secretary/Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC) made the remarks in her welcome address at the NIPC Stakeholders’ Engagement Forum with Edo State Investment Promotion Agencies (SIPAs) held in Benin City.
Rimi noted that Nigeria urgently needs to diversify her economy.
“We need to boost employment for our ever-growing youthful population; industrialise our sectors; take advantage of our fertile and arable land by growing what we eat, develop our infrastructure, responsibly exploit our God given minerals, revive and return our educational institutions and health facilities to what they used to be.
“The big question is how do we do all of this? The answer is Investment, not just foreign but also domestic”, she said.
Speaking at the Stakeholders’ Engagement held in Benin with the theme, “Strengthening Capacity, Promoting Collaboration and Diversifying Nigeria’s Economy”, Rimi noted that President Bola Ahmed Tinubu-led Administration had shown commitment to transforming and reviving the economy.
She said the Government had continued to come up with proactive economic reforms to enhance the business climate and make Nigeria more competitive for investment attraction.
Rimi, however, called on sub-national Governments to step up their roles in attracting and retaining investments, as a strategy to diversify Nigeria’s economy and restore investor confidence.
While noting that both domestic and foreign investments are critical to Nigeria’s economic recovery, she posited that Nigeria’s investment drive would only succeed if states adopt proactive strategies.
“Just as Nigeria is in strong competition against other countries, especially the advent of the AfCFTA, so also is there an unspoken competition among States.
“Some are far ahead of others, in attracting and retaining investments and so we hope that we will all share lessons – good and bad – and learn from our peers.
“Competition is not always a bad word and can be healthy if we remain focused and intentional on our strengths. I mentioned competitive advantage, and should add cooperation and collaboration, especially where we have similar resources”, she added.
Declaring the event open, Governor Monday Okpebholo commended NIPC for selecting the State to host, as well as spotlighting it as a model of reform.
Okpebholo represented by Umar Musa Ikhilor, Secretary to the State Government highlighted his Administration’s drive to remove investment bottlenecks and improve the State’s business climate through legal and institutional reforms.
