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Interview:
Corporate Nigeria (CN) talks to
Engr Mustafa Bello (FSNE), Former Executive Secretary/CEO
Nigerian Investment Promotion Commission (NIPC)
Improving and Creating a Better Investment Climate
CN: The Nigerian Investment Promotion Commission (NIPC) is a government agency whose role is to aid the promotion and coordination of investments in Nigeria. Can you outline the progress the NIPC has made in this regard since it was established in 1995?
Mr Mustafa Bello: The Nigerian Investment Promotion Commission (NIPC) is a Federal Government Agency in Nigeria established by the NIPC Act No. 16 of 1995 to promote, encourage and co-ordinate all investments in Nigeria. The basic functions and powers of the NIPC are as prescribed by Act 16 of 1995.
In line with its role of promotion and coordination of investments in Nigeria, the Commission has made some progress in the following areas, especially since it commenced full operation in May 1999:
i.Enhanced inflow of FDI: The steady stream of investment being attracted into the economy, mostly in the Non-Oil Sectors has been due largely to the un-relenting drive of the Commission in promoting investments in the Country. NIPC had consistently engaged in organizing Business and Investment Forums (BIFs) across the World, mainly to highlight the investment opportunities in Nigeria, the incentives available to investors, and various reforms being undertaken to improve the investment climate. The result of this has been the quantum rise in FDI inflow from USD1.0billion in 1999 to USD20.0billion in 2008, and slight decline to USD12.0billion in 2009 due to the global meltdown/economic crises (UNCTAD Yearly Reports).
ii. Streamlining the Entry Procedures: The Commission, in an effort to streamline the Business Entry Procedures established the One-Stop Investment Centre (OSIC). OSIC is an investment facilitation mechanism where relevant Agencies of Government are brought to one location, co-ordinated and streamlined, to provide efficient and transparent services to investors. Accordingly, Business Entry Procedures into the economy have been made very transparent, convenient, efficient, simple, timely and in one location. The establishment of the Centre has greatly restored the confidence of investors on receiving prompt, efficient and transparent service from Government Agencies.
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