Business
NIPC Boss Calls For Adequate Funding
The Chairman, Board of Nigerian Investment Promotion Commission (NIPC), Alhaji Ibrahim Biu, has called for proper funding of the commission to effectively attract foreign investment into the country.
Biu made the call while briefing newsmen on the activities of the commission in Abuja on Thursday.
He said that the current budgetary allocation to the commission was inadequate and as such militated against the commission’s objective of enticing investors.
The commission got an appropriation of N1.07 billion in the 2013 budget, of which N205.6million is for capital project and N860.5 million for recurrent expenditure.
Biu expressed concern that the commission was not properly funded by the government considering the range of its activities which involved showcasing Nigeria’s investment opportunities through numerous programmes.
He said that the commission was involved in engaging international organisations, promoting the country’s potentials in various conferences to attract investors.
Biu therefore appealed for an upward review of allocation to the agency to enable it fulfill its obligations under the present government transformation agenda.
He said that the board would do its best to put mechanisms in place to increase foreign direct investment inflow into the country.
“Nigeria is a virgin land in terms of investment and so far in Africa, Nigeria is the first preferred investment destination for all foreign investors from Asia and America.
“I believe we have more to showcase because we have a lot of untapped opportunities in the manufacturing, mining, oil and gas, banking and the telecommunication sectors.
“As we all know, Nigerian telecommunications industry is the fastest growing sector in the world,” he said.
Biu said that the board also had observed the need for the commission to conduct more public enlightenment to create awareness on its existence.
“The commission has therefore decided to put in place measures to enlighten Nigerians on its functions and how investors could get foreign partners through the commission.’’
The chairman said that the board was poised to discharge its responsibility to enhance the growth of the economy in line with transformation agenda of the government.
Biu said that the board would also go through the structure of departments to ensure they operate in line with the aims and objectives outlined in the NIPC Acts to add value to its operations.
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