The Nigerian Investment Promotion Commission (NIPC) says its pioneer status incentive (PSI) programme has attracted investments worth N386 billion from a total of 37 companies.
Lovina Kayode, Head of the Incentive Administration unit, highlighted that the commission has successfully secured 386 billion Naira in investment from 37 companies granted the pioneer status incentive, leading to the generation of 5,559 jobs, while emphasizing the crucial role of investment incentives in fostering economic growth
“So far within the first 3 quarters of this year, we have been able to bring in 386 billion naira from 37 companies that were granted the pioneer status incentive” Kayode stated.
She further stressed NIPC’s efforts to put a compendium of incentives in Nigeria, including investment policies, general tax-based incentives, sector-specific incentives, tariff-based incentives, export incentives, and special economic zones.
Shettima Barma, Deputy Director and Head of the Investment Promotion Department, highlighted one of the commission’s most notable milestones: establishing the One-Stop Investment Platform for Renewable Energy. Co-funded by the European Union (EU) and the German Agency for International Cooperation (GIZ), in partnership with the Ministry of Power, the platform aims to streamline investment processes for renewable energy projects. Barma noted that the initiative has already supported over 215 renewable energy projects, showcasing NIPC’s role in advancing Nigeria’s transition to clean energy and sustainable development. Barma also noted other significant milestones in the commission’s last two years of operation. Some included Ugandan-based mining company, Woodcross Resources, which has indicated willingness to set up a 150- 200MTS Tin Mining Refinery in Nigeria.
A French company, IDEMIA smart identity company has also emphasized a strong commitment to investing in Nigeria by deploying a biometric identification system for international passports, national ID cards, and voter registration among others. This investment is within the range of $50m.
A signed agreement with Afreximbank to attract investments into Nigeria leveraging on AfCFTA and the financing sources from the Bank.
During her keynote address, Aisha Rimi, Executive Secretary/CEO of the NIPC, emphasized the commission’s strategic focus on policies and investments that promote economic diversification and infrastructural development as the foundation for economic growth. She remarked that these priorities align with President Bola Ahmed Tinubu’s 8-Point Agenda, particularly its focus on economic diversification and sustainability.
Rimi further highlighted the commission’s resolve to attract socially responsible investors, stating, “We aim to attract socially responsible investors while advancing the green agenda.” She emphasized that partnerships with organizations focused on eco-friendly projects would be crucial in making Nigeria a leader and preferred investment destination. The NIPC ES also spoke highly of their contributions to the capacity building of the Nigerian people. According to her, through partnerships with international donor agencies, the commission has launched capacity-building programs for local entrepreneurs, equipping them with skills to compete on both national and global stages
The media parley also served as a platform for the commission to discuss its broader strategies to enhance Nigeria’s investment appeal on a global scale. Rimi announced the commission’s plans to attract investments in emerging sectors such as fintech, agri-tech, and renewable energy, supported by tailored incentives designed to encourage the establishment of technology-driven businesses and curb the closure of existing international businesses. These efforts aim to boost job creation, facilitate technology transfer, and foster innovation. She also underscored the importance of collaborations with international investment bodies, which will further position Nigeria as a competitive destination for global investors.
The event concluded with a call to action for journalists and media organizations to amplify NIPC’s initiatives, fostering a positive narrative around Nigeria’s evolving investment landscape.
