The Nigerian Investment Promotion Commission (NIPC) is expected to generate N1.46 billion from fees through its activities next year.
Ms Yewande Sadiku the Executive Secretary of NIPC disclosed, that section 12 of the NIPC Act empowers the NIPC to apply fees charged for services rendered by it towards the discharge of its functions, in a letter to Mr Niyi Adebayo the honorable Minister of Industry, Trade and Investment.
The Nigerian Investment Promotion Commission in the past, who has generated revenue from granting pioneer status to oil producing companies, is expected to contribute N1.46 billion to the purse of the federal government as internally generated revenue (IGR) in the coming 2020 fiscal year.
However, to achieve the target IGR, the NIPC according to Ms Sadiku is employing the following strategies which include, development of an electronic business facilitation platform, the re-lunch of the One Stop Investment Centre, carrying out investment impact assessment, carrying out incentives impact assessment, development of facilitation databases, targeted investment promotion and proactive aftercare to the top 100 companies.
The Nigerian Investment Promotion Commission, also plans to; improve its level of engagement in the zones, establishment of an investment promotion club, strengthen the Freedom of Information Act disclosure and boost investment promotion strategies.
Meanwhile, the Nigerian Investment Promotion Commission which was established by Nigerian Investment Promotion Act in 2004 to encourage, promote and co-ordinate investments in the Nigerian economy, has some of the following functions
- Be the agency of the Federal Government to co-ordinate and monitor all investment promotion activities to which this Act applies
- Initiate and support measures which shall enhance the investment climate in Nigeria for both Nigerian and non- Nigerian investors
- Promote investments in and outside Nigeria through effective promotional means
- Collect, collate, analyze and disseminate information about investment opportunities and sources of investment capital, and advise on request, the availability, choice or suitability of partners in joint-venture projects
- Initiate, organize and participate in promotional activities such as exhibitions, conferences and seminars for the stimulation of investments