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Published On: Fri, Jan 3rd, 2020

Adebayo tasks state govts to create investment promotion agencies

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By Miriam Humbe

Minister of Industry, Trade and Investment, Otunba Richard Adebayo has called on the thirty six state governments and the Federal Capital Territory (FCT) to set up investment promotion agencies in their respective domains.
The Minister said setting up of the agencies at the state level in the likeness of the Nigeria Investment Promotion Commission (NIPC) at the federal level would help address investment and investor-related issues.
A statement signed by Mr Julius Toba-Jegede, the Minister’s Special Assistant on Media said the Minister disclosed this during a meeting with members of the Presidential Economic Advisory Council (PEAC) led by Dr Doyin Salami at the Presidential Villa during a ministerial briefing with the council.
He told the council that “States should set up investment promotion agencies to address investment and investment-related issues and develop their investment profiles.”
The Minister who urged for effective collaboration with stakeholders to combat security issues and challenges facing investment drive in the country also called on the Federal Executive Council (FEC) to pass a resolution to address specific anti-investment activities.
He also called “for the enforcement of all relevant agencies in the One Stop Investment Center which is housed in the Nigerian Investment Promotion Commission, (NIPC)”
He told the council that this was part of the deliberations held with state governments at the recently concluded 11th National Council of Industry, Trade and Investment held in Uyo, Akwa Ibom State between 2nd and 5th of December.
He disclosed that he had also set up a delivery team in the ministry to fast track the attainment of its 2019-2023 roadmap under seven strategic work streams.
He listed the work streams to include, Implementation of the Nigerian Industrial Revolution Plan (NIRP), Support the Growth of MSMEs, Improve MSMEs Market Access and Accelerate Investment in the Nigerian Economy.
Others according to him are: Facilitate Trade and Establish 21st Century Trade/Free Trade Agreements, Process Digitisation and E-Government Solutions and Anti-Smuggling Measures.
Adebayo who was accompanied to the meeting by his Minister of State, Ambassador Mariam Yalwaji Katagum and top management staff of the ministry was commended by members of the presidential council.
The Chairman described his presentation as one of the most concise and brilliant so far received by his Council.
Salami said the essence of the meeting was to interact with Ministries, Departments and Agencies, MDAs and ensure a synergy on government’s economic policies.He added that such meetings would further allow the council to provide necessary guide, identify prospects and address challenges in mandates of the MDAs.

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