Why Nigeria plans to simplify import substation for AfCFTA – NIPC
The Nigerian Investment Promotion Commission (NIPC) said that in order to attract FDI under the African Continental Free Trade Agreement (AfCFTA), FG will simplify import substitution to facilitate exports and save forex.
This was disclosed by the Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Saratu Umar, after meeting with President Muhammadu Buhari on Friday.
She disclosed that the President fully supports the drive to strengthen the investment drive in Nigeria
Why she visited: Umar noted she visited to brief Mr President on the different initiatives the commission is handling at the moment.
- ”As you know, the president is the Chief Investment promoter of the nation. So, he needs to have a briefing on the investment ecosystem, as well as what plans we have gone ahead to revamp the investment drive of Nigeria,”
Poised for work: She added the NIPC is equally poised to woo more investors into the Nigerian domain because of the policies of government that make it easy for investors to do business in any part of the country.
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- “The major takeaway from my meeting with the president supports; supporting the drive to strengthen the investment drive of Nigeria. He is willing within the time, he is still here as president of Nigeria to do the best he can to ensure the country’s investment drive is given a lot of traction.”
More on import substitution: She noted that Africa Continental Free Trade Agreement Area will ensure Foreign Direct Investments (FDI ) to Nigeria. This is because facilitating import substitution will help the country to conserve forex.
”As you know, we have the Africa Continental Free Trade Agreement Area now in force, and the Foreign Direct Investment (FDI) will now try to locate anywhere on the African continent as a signatory to this agreement,” she said.
- “So, the aim for us as a nation is to ensure that we channel Foreign Direct Investments (FDI ) to Nigeria so that we can facilitate import substitution.
- ”This is because, when we facilitate import substitution, we will be able to conserve forex, and then also channel investments into the export sectors of the country.
- “Because, when we are able to facilitate exports, we will be able to generate more foreign exchange.
- ”And we all do know also there’s a challenge with foreign exchange supply everywhere and we believe once we do that, the place of import substitution and forex generation will also help the value of the naira and make life easier for Nigerians.”
She added once Nigeria can bring investment to different sectors of the economy, reliance on loans will reduce drastically.
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What you should know: Recall Nairametrics reported the federal government will adopt the Phase II Protocols of the African Continental Free Trade Area ( AfCFTA) later this week.
Phase II Protocols of the AfCFTA range on agreements from intellectual property rights, to investment and competition protection.