Why Nigeria plans to streamline import substation for AfCFTA – NIPC

the Nigerian Investment Promotion Commission (NIPC) He said that to attract FDI under the African Continental Free Trade Agreement (AfCFTA), FG will simplify import substitution to facilitate exports and save foreign exchange.

This was revealed by Nigerian Investment Promotion Commission (NIPC) Executive Secretary Saratu Umar after meeting President Muhammadu Buhari on Friday.

He revealed that the President fully supports the drive to strengthen the investment momentum in Nigeria.

Why you visited: Umar pointed out that he visited to inform the president about the different initiatives that the commission is handling at the moment.

  • ”As you know, the president is the nation’s leading investment promoter. So he needs a briefing on the investment ecosystem as well as the plans we have carried out to renew Nigeria’s investment momentum.”

Ready for work: He added that NIPC is similarly poised to attract more investors to the Nigerian domain due to government policies that make it easy for investors to do business anywhere in the country.

The news continues after this announcement.

  • The main conclusion of my meeting with the president supports; supporting the drive to strengthen Nigeria’s investment momentum. He is ready within the time, he is still here as the president of Nigeria to do the best he can to ensure that the country’s investment drive gets a lot of traction.”

More on import substitution: He noted that the African Continental Free Trade Agreement Area will guarantee foreign direct investment (FDI) in Nigeria. This is because facilitating import substitution will help the country conserve foreign exchange.

“As you know, we have the Africa Continental Free Trade Agreement Area now in force, and Foreign Direct Investment (FDI) will now try to locate anywhere on the African continent as a signatory to this agreement,” he said.

  • So the goal for us as a nation is to make sure that we channel Foreign Direct Investment (FDI) into Nigeria so that we can facilitate import substitution.
  • “This is because when we facilitate import substitution, we will be able to conserve foreign exchange and then also channel investment into the country’s export sectors.
  • “Because, when we can facilitate exports, we will be able to generate more foreign currency.
  • “And we all know that there is also a challenge with the supply of foreign exchange everywhere and we believe that once we do that, the place of import substitution and generation of foreign exchange will also help the value of the naira and make life easier for Nigerians. “.

He added that once Nigeria can attract investment to different sectors of the economy, the reliance on loans will be drastically reduced.

The news continues after this announcement.

What you should know: Memory reported nairametry the federal government will adopt the African Continental Free Trade Area (AfCFTA) Phase II Protocols later this week.

The AfCFTA Phase II protocols cover agreements ranging from intellectual property rights to investment and protection of competition.

Leave a Comment