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Monday, April 13, 2015

NIPC makes case for doing business in Nigeria at Dubai AIM conference

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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