NIPC earned N13.8bn from investment promotion in seven years

Between 2012 and 2018, the Nigeria Investment Promotion Commission earned a total of N13.8bn as Internally Generated Revenue for the Federal Government.

The Executive Secretary, NIPC, Ms Yewande Sadiku, gave the figure in a presentation on the activities of the agency made available to our correspondent in Abuja.

She said the sum of N76.56m was generated in 2012 while N1.63bn, N4.27bn and N302m was generated in 2013, 2014 and 2015, respectively.

She attributed the N4.27bn generated in 2014 to fees largely earned from granting pioneer status to oil producing companies.

Giving further breakdown, she said that the sum of N296.93m was earned by the agency in 2016 while in 2017 and 2018, the commission generated N5.59bn and N1.61bn respectively.

She said between 2012 and 2018, 98.9 per cent internal revenue came from processing pioneer status, stating that the irregularities of funding were an issue at the NIPC.

While outlining the commission’s strategic plans for 2019, she said the NIPC would develop an electronic business facilitation platform, while the One Stop Investment Centre would be re-launched.

Others, according to her, are to undertake investments impact assessment, incentives impact assessment, develop facilitation databases, targeted investment promotion and proactive aftercare to the top 100 companies.

She added that the commission would also strengthen its zonal presence, establish an investment promotion club, strengthen Freedom of Information Act disclosure and boost investment promotion strategies.

Sadiku also said the NIPC would champion the re-negotiation of the 2016 new model bilateral treaty, which would see both local and foreign investors swoop on the country.

She said re-negotiating the agreements was important because they could determine the kind of investors that would come into the country.

She said, “We reached out to the United Nations Conference on Trade and Development and World Bank for support with validation.

“Seventeen out of the 21 agreements, 81 per cent of the agreements, scored less than 10 over 20. In our view, those agreements generally need to be re-negotiated because they don’t sufficiently protect Nigeria’s interest; they give investor rights but do not tie any obligations to those rights.

“One of the agreements scored 10 over 20 and three of the agreements scored 14 over 20. Two of those agreements are in a position where ratification should happen.

“On the re-negotiation of the agreements, we intend to do that on the basis of 2016 new model bilateral investment treaty that Nigeria has.”