Buhari receives briefing from NIPC, pledges more support for investment sector
President Muhammadu Buhari says he will try his best within the remaining time he has in office to ensure that the country’s investment drive is given the needed boost.
The Executive Secretary of Nigerian Investment Promotion Commission (NIPC), Saratu Umar, revealed this to State House correspondents on Friday in Abuja after updating the president on activities of the commission.
Umar said she was in the State House on a routine visit to brief the president on the activities of the NIPC.
“I came here to brief Mr President on the different initiatives the commission is handling at the moment.
”As you know, the president is the Chief Investment promoter of the nation. So, he needs to have a briefing on the investment ecosystem, as well as what plans we have going ahead to revamp the investment drive of Nigeria,” she said.
According to her, the NIPC is equally poised to woo more investors into the Nigerian domain because of the policies of government that make it easy for investors to do business in any part of the country.
“The major takeaway from my meeting with the president is support; supporting the drive to strengthen the investment drive of Nigeria.
“He is willing within the time, he is still here as president of Nigeria to do the best he can to ensure the country’s investment drive is given a lot of traction.
“So, I’m very encouraged and I’ve been given a lot of energy now, to continue what we’re doing at the Commission that would help the investment promotion drives of Nigeria.
”As you know, we have the Africa Continental Free Trade Agreement Area now in force, and the Foreign Direct Investment (FDI) will now try to locate anywhere on the African continent as a signatory to this agreement,”she said.
The NIPC boss said that the commission would further simplify import substitution, so as to conserve foreign exchange, in order to boost the value of naira..
“So, the aim for us as a nation is to ensure that we channel Foreign Direct Investments (FDI ) to Nigeria, so that we can facilitate import substitution.
”This is because, when we facilitate import substitution, we will be able to conserve forex, and then also channel investments into the export sectors of the country.
“Because, when we are able to facilitate exports, we will be able to generate more foreign exchange.
”And we all do know also there’s a challenge with foreign exchange supply everywhere and we believe once we do that, the place of import substitution and forex generation will also help the value of the naira and make life easier for Nigerians.
”And also once we are able to bring an investment to different sectors of the economy, some of the reliance we have had on debt will be reduced,” Umar added.
