5 days Ago By Abdulwahab Isa
Thirty seven firms made investments worth N286 billion across various sectors of the country’s economy in the third quarter of 2024. The Head of Incentive Administration Department, Nigerian Investment Promotion Commission (NIPC), Lovina Kayode, confirmed the figure over the weekend in Abuja. During the same period, NIPC generated 5,559 jobs from pioneer status incentives.
The occasion was a presentation of the commission’s scorecard at NIPC media parley. She said the commission embraced the technology transfer model in running its operation, thus making it more vibrant and acceptable by stakeholders for easy access to investments. She said incentives had been granted to allow companies establish their presence in rural areas.
Meanwhile, the Commission has entered into an MoU with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) for capacity-building and technical support. The duo are working together to implement targeted measures to improve investment environment in Nigeria and in particular, in the SEDIN partner States of Niger, Plateau, Ogun, Edo, and Lagos. The initiative is aimed at improving the institutional framework and capacity of Investment Promotion Agencies (IPAs) for effective promotion, facilitation and attraction of quality domestic direct investment (DDI) and foreign direct investment (FDI) for sustainable economic growth, MSMEs development and increased income and employment.
Earlier in her address, the NIPC Executive Secretary/Chief Executive Officer, Ms.Aisha Rimi, restated NIPC’s commitment to launch several initiatives aimed at driving further economic growth through investment. According to her, such initiatives align with the eight point agenda designed to accelerate the nation’s progress across sectors.
On innovation and technology investments, she said: “We are strategising to position Nigeria as a hub for innovation and technology Investments by producing sectors such as fintech, agritech and renewable energy, we will advocate for incentives that attract tech- based companies looking to establish operations in Nigeria.”.
