Nigeria’s federal government inaugurated the Nigerian Investment Promotion Commission’s (NIPC) reconstituted board, with a policy role intended to attract investment as the country seeks growth and jobs, BusinessDay reported.
The inauguration took place Tuesday, Oct. 27, at the conference room of the Minister of Industry, Trade and Investment at ITF Skills House in Maitama, Abuja. BusinessDay named Mrs. Eyitope Kola-Oyeniyin as chair and Ms. Aisha Rimi as secretary.
The minister asked members to draw on experience from public service and private business when shaping policies meant to make Nigeria more attractive to investors, the report said. BusinessDay said the board is expected to oversee the commission’s work, set policy direction and explain available incentives to prospective investors.
The board combines private-sector members with Permanent Secretaries drawn from public institutions, according to BusinessDay. The government seats span monetary affairs, diplomacy, national planning, petroleum, internal affairs, arts and culture, as well as industry and investment. The report said that mix places the board amid wider concerns over policy implementation and investor confidence as Nigeria pursues its economic ambitions.
BusinessDay placed the inauguration in the context of Nigeria’s effort to attract capital for growth, business expansion and jobs. It said expected profit is a primary consideration for investors, while policy choices, incentives and regulations also shape where they choose to establish or operate businesses. The board is expected to work on conditions that influence those decisions and investor confidence in Nigeria. The report linked this work to the federal government’s economic growth plan and support for business activity.
The commission was created by a law passed in 1995 and serves as Nigeria’s federal agency for promoting and coordinating investment. BusinessDay said it works to attract domestic and foreign capital. Speaking for the members, Kola-Oyeniyin told the minister the board would commit available resources to carrying out the commission’s mandate, the outlet reported.
