Investment Promotion: NIPC, Others Highlight Challenges, Way forward

March 26, 2021
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By Margaret Coffie

The NIPC in collaboration with Nigerians in Diaspora Commission (Nidcom) and Nigeria Diaspora Summit Initiative (NDSI) has highlighted major challenges facing Nigerians living in the diaspora who are interested in investing in the country.

The Nigerian Investment Promotion Commission (NIPC) identified finding the right partner to do business with locally as a major concern.

In line with its objective of creating a platform to encourage more diaspora investments, Nigeria Diaspora Summit Initiative (NDSI) brought together the Nigerians in Diaspora Commission (NIDCOM) and NIPC to collaborate on diaspora investment incentives.

The Executive Secretary of the NIPC, Ms Yewande Sadiku, while speaking at a strategic meeting with the Chairman of NIDCOM, Abike Dabiri-Erewa and members of NDSI led by one of its founding member , Aliyu Audu in Abuja.

Ms. Sadiku said that a study, funded by the Department for International Development (DfID), to better understand diaspora investment in Nigeria, discovered that 70% of inflows of diaspora investment were for family support while 30% went into real estate development.

She noted that Nigeria receives more money from its citizens living diaspora than it does from crude oil.

Continued She said, “The diaspora remittances are a global booming business, and if converted to investment, will enhance the gross domestic product.

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‘’Nigerians living in the diaspora were more interested in impact investment. But their major challenge is finding the right partners to do business with.’’

Sadiku urged NiDCOM to collaborate with state governors to encourage their diasporans to invest in projects that would enhance national development.

The two chief executive officers agreed that NiDCOM would be accommodated on NIPC One-Stop Investment Centre (E-OSIC) for easy access by investors.

The Director General of NiDCOM, Abike Dabiri-Erewa said that collaboration between the 2 government agencies is a necessary step toward national development.

The NiDCOM boss urged the NIPC to link up its IGuide Nigeria Website with NiDCOM to guide investors on potential investment portfolios domiciled in various states across the country.

Also speaking, a founding member of Nigeria Diaspora Summit Initiative (NDSI), Aliyu Audu said “we need to collaborate with Nigeria Investment Promotion Council towards planing, due diligence and engagement with foreign investors. We also need the list of NIPC Business promoters and to encourage them to also promote their businesses at the Nigeria Diaspora Investment Summit.

According to Mr. Aliyu, having the identity of businesses looking for investment will help accelerate investors’ drive.

The collaboration between these agencies will help to boost the much needed foreign exchange inflow into the country especially at this time when forex from oil and foreign investors have dropped drastically.
Investments from such segments will also help enhance national development.

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