Nigeria is open for business and ready to attract investors into
major sectors of her economy, the Nigeria Investment Promotion Council
(NIPC) said at the recently concluded Annual Investment Meeting (AIM) in
Dubai.
The NIPC, which represented Nigeria with a high powered delegation,
had a stand at the conference while Saratu Umar, its executive
secretary/CEO, made a presentation at the event.
The AIM conference is the region’s leading economic event focused on
Foreign Direct Investments (FDIs), in which more than 140 countries from
all over the globe converge on Dubai.
The AIM investment report 2015 was unveiled at the conference, which
revealed that FDI flows fell by 10 percent to $1.3 trillion in 2014.
“This shows that the global FDI market is still very vibrant,” said
Karl P. Sauvant, resident senior fellow, Columbia Centre on Sustainable
Investment, Columbia Law School – Earth Institute, USA.
“Emerging markets (EM) attracted $750 billion or 60 percent of global
FDI flows, with Asia being the most significant in attracting inflows,”
Sauvant said. Other consensus that emerged at the event was the need
for country’s to develop sustainable policies to attract FDIs in
renewable energy.
There was also a call for policies that support outward FDI flows,
which is when multinational firms with headquarters in one country
invest overseas.
This may be particularly important as several Nigerian firms
including Dangote Industries Limited, major banks like Zenith, FirstBank
and UBA and insurance companies have all recently begun to expand
across the African continent.
There was also a roundtable after the presentation made by the NIPC
CEO, which included Tonye Cole CEO of the Sahara Group, Segun Awolowo,
CEO, Nigerian Export Promotion Council (NEPC), and Saratu Umar of the
NIPC.
Awolowo said a new policy on the Export Promotion Grant (EEG) would
be launched soon, while Sahara Group’s Tonye Cole told investors not to
wait for everything to be perfect before investing in Nigeria.
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