FG Adopts Investment Policy To Promote Sustainable Development

The Federal government has approved the implementation of Nigeria’s investment policy (NInP) while adopting the new National Automotive Industry Development Plan (NADIP) that would span through 2023-2033.

The government also acknowledged that Nigeria’s Investment Policy would give investors more comfort and attract more investment into the economy; since the national investment policy and the automotive industry development plan were given the necessary approval at the Federal Executive Council presided over by Vice President Yemi Osinbajo.

The Minister, of Industry, Trade and Investment, Adeniyi Adebayo explained that trade and industry moguls over time, had deliberated on structuring the investment sector and agreed that there was a need to have an investment policy, which would give confidence and allow people who want to better the country through genuine investments and the confidence to bring their funds into the country to invest.

According to Adeniyi, “What has been operational over the years was just investment-related regulations of Ministries, Departments and Agencies (MDAs) acting as a guide. This harmonised policy is the result of putting this concept together for the country to develop rapidly through industrialisation, and then snowball into a sustainable investment climate to attract the kind of investment we desire.

“The primary focus of the investment policy is on investment promotion, investment facilitation and sustainable development and it would promote responsible investor conduct for sustainable development by influencing investor behaviour in compliance with globally acceptable standards relating to the environment, human rights, health, labour, safety, corporate social responsibility (CSR) and anti-corruption.

“Regarding the 2023-2033 automotive development plan, it will help the country migrate seamlessly from combustible engines into electric solar-powered engines. “This is an improvement on the 2013 automotive industry development plan, which was in place before,” said the Minister.

“The National Automotive Design and Development Council (NADDC) developed the new plan to aggressively build on the successes that have been achieved so far in the Nigerian Automotive industry: the new NAIDP would strategically provide outstandingly competitive fiscal and non-fiscal incentives needed by the automotive industry manufacturers/producers, investors, developers and all relevant stakeholders.”

The Minister said the newly approved NAIDP is aimed at enabling the exponential increase in the local production numbers of vehicles, reaching 40 per cent local content, attaining 30 per cent locally produced electric vehicles, generating one million jobs, enforcing patronage of locally produced vehicles by government and companies working on government contracts as well as boosting research and development and technology transfer.