In spite of the glooming challenges Nigeria may have faced, it might interest us to know that Nigeria is still an investor’s dream, perhaps due to the abundance of raw materials, highly skilled and affordable workforce and the largest market for goods and services in Africa. The return on investment has always been mouth-watering.
It is a critical need for any Nation to develop its investment plan in all ramifications to develop its economy. The attraction of Investments to a Nation’s economy shows its commitment to ensuring the agriculture, telecommunications, banking, communications among other sectors flourish. Numerous studies have shown that, along with good governance, economic growth is driven by the height of investments, which is far more effective at pulling people out of poverty coupled with a reasonable growth in the agricultural sector.
Recently, the federal government revealed that it has granted 12,000 expatriate quota licences to foreigners seeking to work in Nigeria while treating 2,000 applications from companies. From August 2019 to date, the Nigerian Government has registered more than 2,000 companies, while over 12,000 expatriates have been given permits to work in Nigeria.
This is a huge encouragement to expatriate firms or organisations with a genuine need to bring in their applications to the country.
This probably explains the population boom in the Nation. An alluring target for foreign investors, analysts would say. This has assisted many foreign countries to invest in Africa’s largest economy. That perhaps also explains why between 2017 and 2020, foreign investors announced plans for direct investment in Nigeria to the tune of $203.89 billion. That was the cheering news from the Nigeria Investment Promotion Commission (NIPC), the company responsible for keeping tabs on Foreign investors. Information reveals that within this period, $15.6 billion flooded the country’s purse.
In June, 2021, the Nigerian Investment Promotion Commission remitted a total of N5.36 billion into the consolidated revenue fund from 2016 to the first quarter of 2021. This represents 46 percent of its total revenue for the period. The NIPC, as it is fondly called, is responsible for monitoring all investment promotion activities in the country, and assists incoming and existing investors by providing support services. Part of these services is the pioneer incentive status which was aimed at encouraging investors. According to the commission’s financial summary, it spent N6.16 billion and reserved N1.09 billion.
The law allows the NIPC to apply fees charged for services rendered by it towards the discharge of its functions. In the past five years, the commission has generated more in 2018 (N5.6 billion) and in 2020 (N3 billion). In 2019, it generated N1.6 billion; 2016, N425 million; and 2017, N409 million.
Just recently, the erstwhile Executive Secretary of the Agency Yewande Sadiku, handed over the baton to her successor, Emeka Offor, a first class scholar, trained in the United Kingdom (M.Sc. Corporate Governance) and Lagos Nigeria (MBA). Though investment inflow to Nigeria has been under pressure for a few years, even prior to COVID-19, under her leadership, stakeholders and analysts in the sector are anticipating a better administration under Emeka Offor. Emeka has developed competences and expertise spanning over 26 years in banking, corporate governance, research, negotiation, investment promotion, public policy development and strategic communications.
Prior to his current position, he has worked with leading banks in Nigeria at strategic levels where his contributions resulted in quantum leaps for the banks. He also worked in different capacities in the Public Service including Director, Real Sector; Director, Human Resources Development; Director, National Competitiveness & Policy Advocacy, Director, Investment Facilitation & Incentives Administration, and Director, Investment Promotion, as well as Director, Strategic Communications.
Emeka is also a conference speaker and a fellow of the Society of Project Management and Development Professionals International. He has interests in nature watch and development issues. Mr Emeka Offor prior to assuming the role of Acting Executive Secretary/CEO was the Director, Human Resources Management, a position he still occupies while in acting capacity as ES/CEO NIPC.
Mr. Offor started his career in banking at the then Diamond bank where he later became head of treasury. Before he joined NIPC, he was a Senior Management Executive at Zenith between 1999 and 2013.
Since he joined NIPC, because of his versatility and managerial prowess, he has headed 6 different Departments at various times. He has been Director Strategic Communications; Director Investment Promotion, Director Investment Facilitation & Incentives Administration, Director National Competitiveness & Policy Advocacy, Director Human Resources Development and Director, Real Sector.
With his credible emergence as the ES/CEO of NIPC, everyone is holding in high hopes that the Nation’s economy will develop and there will be a quantum leap in economic production compared to what was obtained in the former era at NIPC.
Congratulations are in order for Mr. Emeka Offor!
Olamide Adeniji is a member of the editorial team of TheScript Newspaper
