FG to Implement National Investment Policy

By December 27, 2019 Uncategorized

The Federal Government, through the Ministry of Industry, Trade, and Investment, is set to implement a national investment policy that will attract both local and foreign direct investments into the county.

This disclosure was made by the Minister of Industry, Trade, and Investment, Mr Adeniyi Adebayo, in an interactive session with the press at the nation’s capital, Abuja in an event that also had the Minister of State for the Ministry, Mariam Katagum, in attendance.

According to Mr Adebayo, the President Muhammadu Buhari-led administration is ready to ensure a better investment climate for investors, adding that the government was committed to developing the six economic zones in the country to boost the nation’s manufacturing sector.

The minister said the Federal Government would also continue to support the ‘Buy Made in Nigeria Goods’ campaign to aid local patronization in order to reposition the economy for better performance.

On her part, the Minister of State for Industry, Trade and Investment, Mariam Katagum said the move by the government regarding the investment policy was necessary to attract new investors.

She said the policy which will be rolled out soon as it is currently being worked on by the Nigerian Investment Promotion Commission (NIPC).

“The NIPC is working on having investment policy which we be the guide for people coming into the country wanting to invest and also ensuring there is an enabling environment,” she said.

Speaking on the Nigeria Industrial Revolution Plan, Katagum said the plan was currently being put place to meet the country’s present economic reality.

“The process has started for the review of the plan, it contains several policies like textile garment policy, tomato policy, and several others,” she said.

The minister revealed that some private operators have already shown interest in the cotton sector. She said, “even before the conclusion of the review, we already have private sector partnership especially in the Kano and Funtua axis.”

On the border closure, Katagum said Nigeria the country was firm with its decisions and would not allow the country to be flooded with smuggled goods.

“There was a meeting between the three countries; Niger, Benin and Nigeria, and what was agreed was that there is a need to activate joint border patrol to address the problem that led to the closure.” She said.

She added that the Federal Government was also working out a plan that will ensure residents of border communities are discouraged from smuggling activities.

“We will explore the Jaiz Bank’s financial inclusion programme and that of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) so that the local communities do not engage in illegal activities,” she added.

 

Source: Businesspost