NIPC Welcomes German Private Sector Delegation to Strengthen Business Ties and Explore Investment Opportunities

By December 12, 2023 NIPC News

Abuja, Nigeria – December 11, 2023 – In a move to strengthen collaboration and unlock new investment possibilities, the Nigerian Investment Promotion Commission (NIPC) hosted a private sector delegation led by the United Nations Industrial Development Organisation (UNIDO) Investment and Technology Promotion Office (ITPO) Germany. The delegation’s visit marks a significant step in strengthening economic ties between Germany and Nigeria.

The NIPC-organized event provided a platform for the German delegation, which included individuals experiencing their first visit to Nigeria, to gain invaluable insights into Nigeria’s dynamic investment landscape. Through engaging interactions with key government officials and select success stories from the Nigerian private sector, the delegates experienced a deeper understanding of the ecosystem to identify potential partners and opportunities for future collaborations.

Speaking at the event, NIPC’s Executive Secretary/CEO, Ms. Aisha Rimi, noted that the mission was timely, as Nigeria is currently implementing several reforms to improve its investment climate. She also highlighted Nigeria’s vast economic potential and its strategic location as a gateway to the West African market.

Ms. Rimi, leveraging her extensive experience with the private sector and investors, highlighted NIPC’s mission to guide investors through the Nigerian landscape.

“I come from a corporate background, which means I have worked extensively with the private sector and investors. So, I understand the objectives, challenges, and potential solutions to guide investors on how we operate in the country.”

The NIPC goes beyond simply processing paperwork, offering comprehensive support to investors.

“We also provide services not just for investors coming into the country, but for already operating investors and businesses with challenges. Be it obtaining permits, licenses, quotas, or whatever it takes. So, we don’t just process, but we support. We have the one-stop investment centre (OSIC), where all the critical agencies needed to aid investors are operating. We are open to investors and development.”

Underscoring UNIDO’s dedication to fostering sustainable industrial development within Nigeria, Mr. Michael Schmidt, Deputy Head of UNIDO ITPO Germany and leader of the German delegation, emphasised the pivotal role private sector investment plays in driving economic expansion and generating employment opportunities. He further lauded the NIPC’s proactive efforts in promoting Nigeria as a desirable investment destination.

Germany’s Growing Interest in Nigeria

Germany has shown significant interest in strengthening its relationship with Nigeria in recent months. This is evident through several high-level visits, agreements, and private sector engagements.

In August, German Chancellor Olaf Scholz visited Nigeria, where he met with President Bola Tinubu and other high-level government officials. The two leaders discussed a range of issues, including trade, investment, security, and climate change. Following the visit, there have been several agreements signed, including a $2 billion power plant project by Siemens.

The ongoing private sector mission by UNIDO ITPO Germany further reinforces the German private sector’s interest in Nigeria. The mission is expected to lead to increased trade and investment between the two countries, particularly in areas such as renewable energy, infrastructure, and manufacturing.