FG adopts Strategy for Direct Investment Promotion

To mobilise direct investment at all levels, the Federal Ministry of Industry, Trade and Investment has held a retreat and workshop to unveil its new policy, the Federal-State Investment Strategy (FSIPS).

To be implemented by federal and state governments, their ministries, departments, and agencies, FSIPS was authored by renowned global Investment strategy expert, Nicky Okoye.

The policy, designed and developed over the last three years, forms an integral part of his work on the “National Investment Strategy”, which has been implemented by several African Countries and sub-national authorities.

Addressing the gathering, the Minister of Industry, Trade and Investment, represented by Ishaya Abednego, the Deputy Director of the Investment Promotion Department in the Ministry, expressed a deep commitment towards Investment Promotion in Nigeria.

He noted that the drive by the Ministry to expand its collaboration with stakeholders for repositioning Nigeria’s direct investment landscape is yielding positive results, especially as is evident by its current partnership with the African Enterprise and Entrepreneurship Institute founded by Mr Okoye.

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Collaborative efforts

Following the unveiling of the FSIPS, the African Enterprise and Entrepreneurship Institute has been directed to provide all Federal and State Government Ministries, Departments and Agencies with the roadmap, strategic framework, implementation matrix and direct investment guide for the effective rollout of the new strategy.

The ministry says it would be beneficial to federal and state-based industries, small businesses and entrepreneurs.

The strategy also witnessed the collaborative inputs of other government agencies. According to the minister, the policy was subjected to the scrutiny of stakeholders, and it has received widespread acceptability.

“It is pertinent to note that the new Federal-State Investment Promotion Strategy was equally presented, evaluated and scrutinised by the National Council on Investment, which is Nigeria’s highest investment body, comprising of the leadership and institutional membership of all the Investment promotion ministries, departments and agencies at the Federal as well as from all the State Government in Nigeria,” the minister said.

Also speaking, Mr Okoye described the adoption of the FSIPS as a pathway to harmonise and integrate the various Federal and State Government Investment policies, as well as provide, for the first time, unique collaborative roles for accredited private sector professionals at the global and local levels.

The new strategy, he said, has particularly repositioned direct investment for the small business community at the community, state and federal levels, and it provides a unique pathway for extensive sustainable investment returns by integrating market access and consumer demand into business opportunities built on targeted industrial ecosystem segments.

“The most appealing part of the new strategy is its ability to stimulate new job creation in specific targeted industrial segments which have been recorded to experience growing global consumer demand, especially as it relates to a post-COVID-19 environment,” he noted.

Background

The FSIPS is an initiative of the Investment Promotion Department of the Federal Ministry of Industry, Trade, and Investment developed in collaboration with State Investment Promotion Agencies, the National Council on Investment, and stakeholders in the investment promotion industry.

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Author of the strategy, Mr Okoye, is a serial entrepreneur and Co-founder of Transcorp Plc, having served as Transcorp Plc’s first Executive and its first Group Executive Director for group operations.

He has advised and consulted for, in a strategic capacity, the Central Bank of Nigeria, the Nigeria Content Development and Monitoring Board, the Central Securities Clearing System and a host of other Corporate Institutions.