Adebayo Advocates State Investment Agencies to Address Constraints


James Emejo in Abuja

The Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo, has tasked state governments including the Federal Capital Territory (FCT), to set up investment promotion agencies to tackle investment related constraints and aid their quest for industrialisation of their respective economies.

He said the establishment of such agencies that could be likened to the Nigeria Investment Promotion Commission (NIPC) at state level could help address investment and investor-related issues as well as fast-track economic growth.

Speaking when he met 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, the minister, further called on the Federal Executive Council (FEC) to pass a resolution to address specific anti-investment activities.

In a statement issued by his Special Assistant on Media, Mr. Julius Toba-Jegede, Adebayo also canvassed for effective collaboration with stakeholders to combat security issues and challenges facing investment drive in the country.

He said: “States should set up investment promotion agencies to address investment and investment-related issues and develop their investment profiles.”
He also called for the enforcement of all relevant agencies in the One Stop Investment Center which is housed in the 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.

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 to 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, which 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, 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.