The Federal Government has announced it will launch a National Investment Policy, which will entrench an investment-friendly environment that supports the sustainable development aspirations of the country.
This was disclosed during the session on the Development of Nigeria Investment Policy in Abuja on Tuesday by the Director, Investment Promotion Department of the Federal Ministry of Industry, Trade and Investment (FMITI), Mrs. Olukemi Arodudu.
Mrs. Arodudu revealed that the first phase of the policy is complete through the drafting of a policy template, while the next phase would be engagement with relevant stakeholders.
“To ensure that the Nigeria Investment Policy is widely accepted and serves the interest of every sector of the economy, the second phase is the stakeholders’ engagement.
“Since charity begins at home and this project is an Industry, Trade and Investment sector project, every agency represented here today is considered first-line stakeholders.
“We intend to reflect all your contributions in the policy to produce the second draft, before we take it to our other stakeholders, which include all investment-related MDAs at the Federal level.
“Others include the organized private sector, investment-related MDAs and organized private sector at the state level, as well as development partners,” she said.
She added that Nigeria does not have a current investment policy and that the FG hopes the Investment Policy will develop a business-friendly environment to improve the nation’s economy.
“Currently, Nigeria does not have a comprehensive document that can be called an investment policy. What we have are policies and regulations embedded in the establishing acts and mandates of the several investment-related agencies like Nigeria Investment Promotion Commission, Nigeria Export-Processing Zones Authority and others.
“The present administration realizes that while investment is a primary driver for economic growth, ensuring that it contributes to the nation’s sustainable development goals is of greater importance than just attracting investment.
“It is hoped that the investment policy, when it is completed, will entrench an investment-friendly environment that supports the sustainable development aspirations of the country.
The Director also added that the policy will follow global standards with the aim of structurally transforming Nigeria towards wealth creation.
“It will be in line with international best standards for both domestic and foreign investment and be in harmony with the international protocols to which Nigeria is signatory, without compromising our national development aspirations.
“It will bring about the structural transformation of the Nigerian economy towards job and wealth creation,” she added.
