How NIPC Uses the ''RIBS'' Approach to Boost Nigerian Investments

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Monday, October 11, 2021 / 12:25 AM / Ottoabasi Abasiekong for WebTV / Header Image Credit: WebTV

 

The 'RIBS' philosophy, which involves "Responsible, Inclusive, Balanced and Sustainable," investments would continue to play a significant role in the Nigeria Investment Promotion Commission (NIPC).

 

Mr. Emeka Offor the Ag. Executive Secretary/CEO of the NIPC gave assurance to the investment community while speaking to issues around "Investment Promotion and Economic Development in Nigeria".


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He noted that despite the challenges of the COVID 19 pandemic, which led to the contraction of  Foreign Direct Investment, FDI inflows for nations, Nigeria witnessed a slight increase by 3%, which can improve in 2021 as economic activities have resumed after the global lockdown.

 

Speaking on the experience during the heat of the global pandemic, he said the parastatal continued in its engagement with stakeholders through the virtual platforms, providing the necessary information on investment opportunities in the country.

 

To strengthen the 'RIBS' philosophy, Mr. Emeka Offor said the NIPC had embedded this in its work with critical government parastatals like the Bureau of Public Enterprises, BPE.

 

According to him, the 'RIBS' strategy will effectively catalyze investments that can transform Nigeria's socio-economic space.

 

Beyond the 'RIBS' philosophy, the Acting CEO said there had been strategic engagements with the Nigerian Governors Forum, NGF and the Nigeria Economic Summit Group, NESG, to boost investment promotion at the sub-national level.

 

According to him, this has led to the creation of state investment promotion offices that would work closely with the NIPC to attract domestic and foreign investments.


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To drive efficiency in the institution, he added that the One-Stop Investment Centre Lab 'OSIC-Lab' platform was created to resolve investor-related issues. The NIPC, according to Offor, remained committed to supporting a friendlier business environment.

 

He also added that the NIPC would continue to explore platforms like trade chambers and investment groups, to drive its advocacy for investments in Nigeria.

 

The Nigerian Investment Promotion Commission was established in 2004 to encourage, promote and coordinate investments in the Nigerian economy.


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