The executive secretary of the Nigerian Investment Promotion Commission (NIPC), Saratu Umar, yesterday in Abuja said that Nigeria has attracted Foreign Direct Investments (FDIs) worth over $20billion in the last three years.
Umar dropped this hint during the signing of Memorandum of Understanding (MoU) between the NIPC and Nigerian Export Promotion Council (NEPC).
“In the last three years, we have had about $20billion (investment) but right now, we have a pipeline investment of about $60billion and this is in the process of coming in and we hope to ensure that it is actualised to become real investment.
“As part of part of our strategy here at the commission, we are going to be having country-specific strategy to relate with each country in a more strategic manner,” she said.
Umar said the collaboration with the NEPC had become imperative because of the policy thrust of the Nigerian Industrial Revolution Plan (NIRP), which primarily seeks to diversify the country’s economy away from oil.
“Nigeria is moving away from over dependence on oil as the major source of revenue and the current situation in the oil industry demands the diversification of the economy majorly through the development of the non-oil sectors of the economy.
“Nigeria has remained the highest recipient of foreign direct investment inflows in Africa, pulling in over 10 per cent or over $20billion of the entire continent’s FDI in the last three years.
“The sustained growth of the non-oil sectors over the last three years has catalysed the nation’s export growth story, making it one of the fastest growing in the world,” she added.
Umar also disclosed that the commission was already developing a National Investment Master Plan (NIMP) to ensure seamless and proper co-ordination of all investment portfolios in the country.
Speaking on the MoU, she said her commission’s partnership with NEPC was intended to strengthen the Nigerian investment ecosystem.