By Miriam Humbe, Abuja
The Federal government has approved for implementation, the first ever Nigeria Investment Policy (NInP), while adopting a new National Automotive Industry Development Plan (NADIP) that would span through 2023-2033.
Government acknowledged that Nigeria Investment Policy would give investors more comfort and attract more investment into the economy.
This was contained in a statement signed by Deputy Director, Oluwakemi Ogunmakinwa on behalf of the Ministry’s Director Press and Public Relations on Thursday in Abuja.
Both the national investment policy and the automotive industry development plan were given the necessary approval at the Federal Executive Council on Wednesday 10th May 2023, presided by Vice President Yemi Osinbajo
Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo explained that trade and industry moguls over time, had deliberated on structuring the investment sector.
He said they agreed that “there was a need to have an investment policy, which would give confidence and allow people who want to better the country, through genuine investments, the confidence to bring their funds into the country, and invest.”
Otunba Adeniyi said: “What has been operational over the years was just investment related regulations of Ministries, Departments and Agencies (MDAs) acting as a guide.
“This harmonized policy is the result of putting this concept together for the country to develop rapidly through industrialization, and then snowball into a sustainable investment climate to attract the kind of investment we desire”.
The primary focus of the investment policy was on investment promotion, investment facilitation and sustainable development.
This would promote responsible investor conduct for sustainable development by influencing investor behaviour in compliance with globally acceptable standards relating to the environment, human rights, health, labour, safety, Corporate Social Responsibility (CSR) and anti- corruption.
The 2023-2033 automotive development plan would help the country migrate seamlessly from combustible engines into electric solar-powered engines.
The Minister said: “This is an improvement on the 2013 automotive industry development plan, which was in place before”.
The National Automotive Design and Development Council (NADDC) developed the new plan to aggressively build on the successes that had been achieved so far in the Nigerian Automotive industry.
The new NAIDP would strategically provide outstandingly competitive fiscal and non fiscal incentives needed by automotive industry manufacturers/producers, investors, developers and all relevant stakeholders.
The new approved NAIDP was aimed at enabling the exponential increase in the local production numbers of vehicles, reaching 40% local content and attaining 30% locally produced Electric Vehicles.
It was also meant to generate 1million jobs, enforcing patronage of locally produced vehicles by government and companies working on government contracts as well as boosting Research and Development and technology transfer.
Otunba Adebayo also hinted that very soon, the country would start running a national Trade policy that would guide trade in Nigeria from 2023-2027.
He said this was basically a review of the old Trade policy that was in place, adding that, the whole idea was to have a policy that would improve Nigeria’s trade within the World Trade Organization and bring increased levels of Nigeria’s capacity to GDP to bring in more revenue for the country.
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