Peterside Seeks Support For Investment Promotion Bill

A bill for an Act to amend the Nigerian Investment Promotion Commission passed second reading in the House of Representatives.

The bill seeks to enlarge the composition of the Council of the Commission by restructuring membership of the commission. It also seeks to make the commission more responsible to its mandate.

The bill, according to its sponsor, Rep. Steve Karimi (PDP – Kogi ) would encourage foreign investments in the economy.

According to the lawmaker, the expansion of the Commission was necessary because some ministries like Petroleum, Industry, Agriculture, Nigerian Bar Association, and Corporate Affairs Commission among others needed to be in the Council.

He said the proposed legislation would ensure that foreign investors before they practice must register with the council, adding that  failure to register with the council would attract some penalties.

Rep. Tajudeen Yusuf (PDP – Kogi ) who spoke in support of the bill , said the intention was to provide the right competence that would guide the activities of the investment commission.

He added that the proposed legislation would engender greater transparency to the investment commission.

Rep. Dakuku Peterside ( PDP- Rivers ) urged his colleagues to support the bill in order to encourage in-depth competition for investment opportunities.

He agreed with Rep. Karimi that the bill would provide greater participation of foreign investors in the economy.

“The Bill is timely as our effort is to attract foreign investment and broaden investment participation by making it more attractive.’’

The bill was not opposed and was subsequently adopted for second reading when it was put to vote by the Deputy Speaker Emeka Ihedioha.