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Already a pattern of growth has been defined and all we need to do, is to sustain that growth pattern as well as improve on the strategy to move our GDP from current 7.4% to 10% and then to 12% so as to ensure that the 2020-20 Vision can be realised by the year 2020. One of the Key ingredients to realisation of this is the Financial Sector Strategy, already developed by the CBN and our Sector-Specific Investment Policies that clearly define Incentives, concessions and entitlements to key industrial investments that Government identify as stimulants to the projected GDP linear growth from current 7.4%-12% to assure that 2020-20 is achievable.
Nigeria is one of Africa’s economic powerhouses, but its economy is still heavily dependent on the income from petrodollars in its oil and gas sector. What steps have you taken to make other areas, agriculture for example, more attractive to investors?
The NIPC intends to isolate Sector-drivers that are key to propelling growth in other sectors within the framework of the Sector-Specific Investment Policies and use success cases as models customised to our environment in which Agriculture, Human resource and knowledge development, Critical Infrastructure, National Security( Food, Intelligence and Defence), as well as creation of offshore investments are key in driving development and growth in other sectors. These will prominently feature in the Sector-Specific Investment Policies document eloquently presented with generous incentives to attract investments into these key driver Sectors.
Which areas are most in need of foreign investment, in your opinion?
These Sectors have already been listed in (a) above.
What incentives do you offer investors?
Currently the regime of incentives available are very few and largely limited. For example investment in any Pioneer listed activity attracts maximum of 5-year corporate tax holiday.We have other capital allowances like 140% on investing in R&D, etc. Our website www.nipc.gov.ng provides details of all the available statutory incentives.
Nigeria received an estimated USD9 billion in FDI (foreign direct investment) in 2007, an increase of USD3 billion from 2006.
Why do you think the amount of investment has increased?
This is largely due to improved investor confidence and the multiplier effect resulting from the success stories of other investments.
How would you characterise the regulatory conditions for investors in Nigeria?
This is still deficient and requires total overhaul particularly the legislative aspects. We are hopeful that the product of our effort to generate the Sector Policies will necessitate the need to address the entire legal and regulatory environment that will see the launch of a new chapter in the investment climate of the country.
