Abuja, August 24, 2023 – In a significant stride towards fostering international collaborations and unlocking investment opportunities in Nigeria, the Nigerian Investment Promotion Commission (NIPC) played host to a distinguished delegation from the United Nations Industrial Development Organization (UNIDO) Investment and Technology Promotion Office (ITPO) at its Abuja headquarters. This engagement provided a platform for key stakeholders from UNIDO, NIPC, and the heads of investment promotion agencies of Nasarawa and Kogi states to convene and discuss strategies for enhancing Nigeria’s investment landscape.
The discussions at the meeting revolved around strategies aimed not only at attracting investments, but also at retaining them within the country. This perspective was emphasised as Abimbola Olufore, Head of UNIDO ITPO Nigeria, addressed the delegation. Olufore stressed, “Because if one investor has an issue, it is almost certain that several other investors are experiencing the same thing.” She further highlighted that NIPC had resolved issues for certain investors without them even being aware.
Furthermore, UNIDO’s commitment to supporting NIPC’s work in retaining investments was underscored during the discussions. The delegation also introduced UNIDO’s digital platform, ACP (Aid for Trade in Commodities and Development), which focuses on promoting gender-lens investing, ESG funds/investors, and sustainable investment practices.
Stefan Kratzch, representing UNIDO Germany, drew attention to the importance of capacity building and skill development in not only attracting investors but also retaining their interests. This aligns with the core objective of the COMFAR (Computer Model for Feasibility Analysis and Reporting) training program by UNIDO, which supports sustainable industrial development.
The meeting further highlighted the potential of UNIDO’s “Investment Promotion Platform,” designed to facilitate matchmaking between potential partners and streamline investment processes. The Acting Executive Secretary/CEO of NIPC, Hajja Gana Wakil, noted the platform’s alignment with NIPC’s goal of promoting Nigeria as an attractive investment destination and supporting local businesses.
The discussions also delved into challenges faced by Nigerian businesses, including human resource constraints and energy security concerns. The partnership between UNIDO and NIPC aims to address these challenges by creating an environment conducive to investment, innovation, and technology transfer.
As the meeting concluded, participants expressed optimism about the outcomes of this collaboration. The visit of the UNIDO delegation is symbol of the strong commitment of all parties to exploring avenues that promote investment, innovation, and technology transfer, all of which contribute to unlocking Nigeria’s economic potential and prosperity.
This convergence of UNIDO, NIPC, and State investment promotion agencies marks a significant step forward in realizing the shared vision of driving sustainable economic growth through strategic partnerships. With UNIDO’s global network and expertise and NIPC’s facilitative role, Nigeria is poised to harness its economic potential and usher in a brighter future.
This collaborative effort highlights the potential of international partnerships in unlocking Nigeria’s economic potential and fostering long-term prosperity. With UNIDO’s support and NIPC’s facilitation, Nigeria’s investment landscape is set for a new era of growth and innovation.