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Nigerian Investment Promotion Commission - The Journey So Far (Posted 30th Jan, 2002) Tell your friends about this page! Email it to them.

With Decree No. 16 of 1995, the Nigerian Investment Promotion Commission (NIPC) was established to replace the non-functional Industrial Development Coordination Committee (IDCC). The then military administration of General Sani Abacha realised the need to kick start the economy after the ravaging effects of the General Babangida's (1985 – 1993) Structural Adjustment Programme (SAP) and other macroeconomics dynamics. Armed with this background the Federal Government was compelled to establish an investment promotion body to coordinate and build enduring bridges in terms investments between public, private and foreign investors.

The establishing Decree among other things confer on the commission the powers to:

  • Coordinate, monitor, encourage and provide necessary assistance and guidance for the establishment and operation of enterprises in Nigeria.
  • Initiate and support measures, which shall enhance the investment climate in Nigeria for both Nigerian and non-Nigerian investors.
  • Promote investments in and outside Nigeria through effective promotional means.
  • Collect, collate, analyse and disseminate information about investment opportunities and sources of investment capital and advice on request, the availability, chance or suitability of partners in joint-venture projects.
  • Register and keep records of all enterprises to which the NIPC Decree legislation applies.
  • Identify specific projects and invite interested investors for participation in those projects.
    Initiate, organise and participate in promotional activities such as exhibitions, conferences and seminars for the stimulation of investments.
  • Maintain liaison between investors and ministries, government departments and agencies, institutional lenders and other authorities concerned with investments.
  • Provide and disseminate up-to-date information on incentives available to investors.
    Assist incoming and existing investors by providing support Services.
  • Evaluate the impact of the Commission in investment in Nigeria and recommend appropriate remedies and additional incentives.
  • Advice the Federal Government on policy matters, including fiscal Measures designed to promote the industrialisation of Nigeria or the general development of the economy, and
  • Perform such other functions as are supplementary or incidental to the attainment of the objectives of its enabling Decree.

Based on the above wide area of coverage, the Commission's CEO Mr. Suraj Yakubu stressed in a recent workshop jointly organised by NIPC and United Nations Industrial Development Organisation (UNIDO) the new operational philosophy of NIPC with a vision "to be the foremost investment agency and the largest single contributor to Nigeria's economic transformation". This is coupled with a mission "to proactively position and promote Nigeria as a preferred investment destination. In terms of focus NIPC has as a core purpose "to be a facilitative rather than an approval agency that will advocate de-bureaucratising and de-bottlenecking the process for investment in Nigeria".

According to him, the six fresh features of the NIPC are: opening of zonal offices, image building, investment generation, investor servicing, investment facilitating and investment climate improvement. He highlighted a few of the achievements of the NIPC as the hosting of
the business and investment forum 2000 in New York, participating at Nigerians in Diaspora forum in Atlanta and London, 2000, participating at Hanover, Germany 2000, participating at the investment forum in China and South Africa, being part of the investment components of President Obasanjo's State visits which are numerous since May 1999 and as investment facilitator; matchmaking of Nigeria businessmen with their foreign counterparts.

See Also: Full Profile and Contact Details of The NIPC

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