Tap local resources to end recession, NIPC urges investors
The Nigerian Investment Promotion Commission (NIPC), has charged wealthy Nigerians to tap into the resources available in the country to end the economic recession.
The Executive Secretary of the commission, Ms Yewande Sadiku made this known during a meeting with the management of Odu’a Investment Company Limited and Development Agenda for Western Nigeria (DAWN), Commission on Tuesday in Ibadan, the Oyo State capital.
Sadiku who said that the only way out of the economic recession in the country is to encourage direct domestic investment, maintained that it will be better for Nigerians to invest in their father’s land than any other nationals who did not know the terrain and many untapped resources.
The NIPC boss saidb the federal government is trying in its own way to invest in the areas of opportunities and urged states to compete among themselves in the areas of investment saying bulk of investments lies in the state.
She said, the “Nigeria competes with rest part of the world, I think states should also compete. Africa contributes 13% to global population, but only 2% to global GDP and 4% of Global investment flow and Nigeria attracts 11% of global flow according to 2015 report.
“Direct Domestic investment is key to Nigeria economic growth. We want to develop for us a database of wealthy Nigerians on how we can get Nigerians investors in the country.
“Infrastructure is the biggest challenge that many investors see as an issue and finance, so I will like us to work together on this summit on domestic direct investment.
“Because, a lot of working Nigerians have fat balances in their bank accounts in abroad we must encourage them to invest in Nigeria “.“In October, we are planning to have a program on Direct Investment summit to attract Nigerians invest in Nigeria. “The best way to get yourself out of recession is to invest your way out of recession by attracting both domestic and international investors.
NIPC is a federal agency, bulk of investment lies in the state. So engagement with states is very important to us. You give us a benefit of engaging six states at one shot. We have a one shot centre that houses 27 agencies and when investors come we get information we get approvals.
“Odu’a is one of the 27 agencies that we have. The collaboration between NIPC and Odu’a and DAWN Commission is equally important to us, the NIPC is working with states to improve the capacity of states to receive investors”.
Group Managing Director/Chief Executive Officer of Odu’a Mr. Adewale Raji frowned at about 40 percent loss of agricultural produce during post harvest noting that the company was working on massive agricultural production.
Raji said this will create more jobs for the teeming unemployed, reduce rural-urban drift among others. “Agriculture and value chain is a key area we are taking into consideration. This is an area you can have direct impact on people’s life.
Acting Director General of DAWN, Mr. Seye Oyeleye maintained that the commission has responsibility to ensure intergration of states and sustainable development within the South Western Region of Nigeria.