CEO CORPORATE ACTIVITIES

NIPC MEETS WITH A DELEGATION FROM THE ISLAMIC CORPORATION FOR THE INSURANCE OF INVESTMENT AND EXPORT CREDIT ( A MEMBER OF ISLAMIC DEVELOPMENT BANK)

A delegation from the Islamic Corporation for the Insurance of Investment and Export Credit met with the Executive Secretary of NIPC, Engr. Mustafa Bello on Thursday 5th July 2007. The purpose of the visit said the Leader of the Delegation, Mr. Hussein Jama was among others to familiarize the Corporation with the Nigerian business terrain and the government stakeholders on investments.

In the same vein, he intimated the Commission that the Corporation views Nigeria as a big economy and viable business destination in Africa and it plans to launch its operations fully in the country soon. He also stated that the Organisation provides investment insurance for both foreign investments and local investments to the tune of up to $380 million USD.

Similarly, the leader informed the meeting that the Islamic Development Bank is conversant with the financing of energy projects and would look into possibilities of financing energy projects in Nigeria.

He further reiterated that the visit was to open up overtures and inroads with relevant government agencies in order to facilitate their mission to Nigeria. He therefore called for the cooperation and collaboration of the two agencies in order to assist the corporation to actualize its plans to establish in the country.

The Executive Secretary of NIPC in his response welcomed the delegation and expressed his appreciation to them for the laudable initiative to set up its agency in the country. He informed the delegation that before the visit, the Commission was planning to send one of its Director’s to Japan to understudy how investment insurance can be established in the country. He therefore stated that their visit was timely as the country needs such an agency to provide such facilities and services to investors in the country.

Furthermore, the Executive Secretary intimated the delegation on the positive developments in the Nigerian economy from the inception of the Obsanjo’s administration in 1999 to date. The information amongst others include the bank recapitalization, improved economic growth rate of 6.5% in 2006, reduction of interest rate from 25% in 1999 to about 16%, reduction of inflation rate to about 9%, 5yrs tax incentive, liberalization of the telecom sector and astronomic growth of the sector from 400,000 telephone lines in 1999 to about 35 million lines presently, establishment of industrial parks, tinapa project, etc.

He went further to inform the delegation that the government is working hard to restore peace and safe investment environment in the Niger-Delta region of the country. He stated that a comprehensive Master Plan for the development of the region has been completed and ready for implementation. He added that government is currently dialoging with divergent militant factions in the region in other to broker a lasting peace and tranquility in the region.

In addition he stated that there are great investment opportunities in the country which span across all sectors of the economy. He therefore invited the Islamic development Bank to consider financing of projects in the country especially in the Energy sector

He reassured the delegation that the government is committed to the transformation and re-engineering of the economy in order to achieve the administration’s projection and target of Nigeria becoming one of the biggest economies in the world by 2020.

Finally he informed the delegation that the Commission with the support of the government and other relevant stakeholders has established a one stop shop in order to assist foreign investors in the areas of business registrations, entry permit and other necessary facilitation that is required to ensure speedy establishment in the country. He therefore invited the delegation to visit the One Stop Investment Centre to access its services and feel free to send its comments and observations to the Commission to enable it improve on what it has on ground.

The meeting ended on a sound note with the two Organizations assuring of each other’s maximum cooperation to enable them actualize their mutual interests.

Reported by:

Eric U. Ani