Written by Godfrey AKON

Adebayo wants states to create investment promotion agencies

The 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.

Adebayo made the call recently in Abuja while meeting with members of the Presidential Economic Advisory Council, PEAC, led by Dr Doyin Salami at the Presidential Villa, a statement by his Special Assistant on Media, Mr Julius Toba-Jegede, said.

"States should set up investment promotion agencies to address investment and investment-related issues and develop their investment profiles," he said.

According to him, setting up investment promotion agencies at the state level like the Nigeria Investment Promotion Commission, NIPC, at the federal level, would address investment and investor-related issues.

While calling on the Federal Executive Council, FEC, to pass a resolution to address specific anti-investment activities, the minister called for effective collaboration with stakeholders to combat security challenges facing investment drive in the country.

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.

Adebayo 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 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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