Why Nigeria intends to streamline import substations for AFCFTA – NIPC

According to the Nigerian Investment Promotion Commission (NIPC), the Federal Government will make import substitution simpler to facilitate exports and conserve foreign exchange in order to attract FDI under the African Continental Free Trade Agreement (AfCFTA).

After meeting with President Muhammadu Buhari on Friday, the Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Saratu Umar, revealed this. She revealed that the President supports the effort to increase foreign investment in Nigeria wholeheartedly.

Umar stated that she came to give the President a briefing on the many initiatives the commission is currently working on.

”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,”

She continued by saying that because of government policies that make it simple for investors to conduct business in any region of the nation, the NIPC is also well-positioned to attract more investors to the Nigerian market.

“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.”

She stated that Nigeria will receive Foreign Direct Investments (FDI) thanks to the Africa Continental Free Trade Agreement Area. This is because encouraging import substitution will aid in currency conservation for the nation.

”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.

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“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 continued by saying that Nigeria’s dependence on loans will drastically decrease once it can attract investment in various economic sectors.