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NIPC, NEPC seal pact to boost investment in non oil sector

By BusinessNews Staff on February 20, 2015

The Nigerian Investment Promotion Council NIPC, and the Nigerian Export Promotion Commission NEPC on Tuesday signed a Memorandum of Understanding to boost investment in the non oil sector of the Nigerian economy.

The inter-agency agreement, which was signed at the headquarters of the NIPC in Abuja would enable both agencies to enhance the Nigerian investment ecosystem to attract more foreign and local direct investments to the non oil sector of the economy.

Executive Secretary, NIPC, Mrs. Saratu Umar in an interview shortly after the signing of the memorandum of understanding with the Executive Director, Nigerian Export Promotion Council, Mr. Segun Awolowo said within the last three years the sum of $20 billion had been attracted into various sector of the economy.

She listed some of the sectors where these investments had been made to include automobile, sugar, cement among others.

She said: “We’ve had about $20bn (investment) but right now we have a pipeline investment of about $60bn and these are in the process of coming in and we hope to ensure that they are actualised to become real investments.”

On the inter-agency collaboration, she said this became imperative as the emphasis of the government was to diversify the economy away from oil.

“Nigeria has remained the highest recipient of Foreign Direct Investment inflows in Africa, pulling in over ten per cent or over $20bn of the entire continent’s FDI in the last three years.”

On his part, Awolowo said with the partnership, both organisations would be able to attract investments in vital industries identified by the NEPC in its strategic plan.

[ThisDay]

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