A PRESENTATION BY LADI HAUWA KATAGUM EXECUTIVE SECRETARY/CEO (Ag.) NIGERIAN INVESTMENT PROMOTION COMMISSION Cell/Mobile No: +234-8033110156 Email: [email protected][email protected]Website: www.nipc.gov.ng at the 2 nd African Investment Promotion Forum, Tokyo, Japan on March 3 rd , 2016 THE BIGGEST ECONOMY IN AFRICA (Taking Nigeria Beyond Oil)
24
Embed
THE BIGGEST ECONOMY IN AFRICA (Taking Nigeria Beyond Oil) · 2016. 6. 2. · Nigerian Investment Promotion Commission 5 Nominal GDP $568.5 Billion (2014) Economy now the biggest in
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
4. Rule of Law anchored on good governance, transparency, accountability and zero tolerance for corruption
5. Trainable, resourceful and cost effective workforce with 60% as youths
3.. Very strong financial system
2. Policy Environment Supportive of Private Entrepreneurship
1. Abundant natural
resources
N I G E R I A T O D A Y I S O N E O F T H E M O S T A T T R A C T I V E A N D P R O M I S I N G
E M E R G I N G M A R K E T S G L O B A L L Y , M A I N L Y B E C A U S E O F I T ’ S …
Nigerian Investment Promotion
Commission
Measures by Government to Address the Current
Challenges of the Investment Environment I. Corruption:
This is the main selling point of the present government as it has set in motion various measures to recover looted fund from the government treasury, as well as, ensure the prosecution of the offenders by the law court.
The anti-graft war will make for more accountability and commitment to government’s social charter
Government has demonstrated a strong will to fight corruption, and the crackdown on corruption will continue to be vigorously undertaken.
II. Insecurity:
On insecurity in the country, one area in which Nigerians, especially those
in the Northeast, have already begun to experience major ‘Change’ is in
the war on terror. (Boko Haram).
The Armed Forces have significantly curtailed the insurgency which has
ravaged the Northeast of Nigeria over the past few years.
Government will maintain, consolidate and build on their successes in the
war against Boko Haram / violent extremism, kidnapping, etc.
Nigerian Investment Promotion
Commission 8
Measures by Government to Address the Challenges
(cont’d) III. Foreign Exchange Issue:
Government recognize the private sector as the engine of growth and a veritable partner in its Economic Agenda, and will therefore give the fullest possible support to foreign and domestic investors.
The current policy on foreign exchange is temporary measures put in place by the Central Bank of Nigeria (CBN) to achieve a stable exchange rate regime and ensure more flexibility for sustainable inclusive economic growth in the medium to long term.
The Bank is fine tuning the framework for foreign exchange management with a view to ensuring a more effective and liquid foreign exchange market, taking into account Nigeria’s strategic development priorities.
IV. Infrastructure Rehabilitation and Expansion:
Roads, Rail, Water, Aviation, etc
Power:
Government recently handed over 6 Generation companies (GENCOs), & 11 Distribution companies (DISCOs) to private sectors in its bid to revamp the power sector.
• The Nigerian Investment Promotion Commission Act 16 of 1995
– Ownership
– 100% ownership assured except investment
– listed under the ‘Negative ‘ lists
– covered by the Nigerian Content and Cabotage Acts
– Investment Protection Guarantees
– Non-expropriation of Investment
– Compensation
– Alternative Dispute Resolution
– Free transfer of profits
• The Foreign Exchange (Monitoring & Miscellaneous Provisions) Act 17 of 1995
– Repatriation of Profit
– Under the Act 17 of 1995, investors are free to repatriate their profits and dividends net of taxes through any authorized dealer in freely convertible currency