UNCTAD, Japanese Bank Develop Plan for Nigeria’s Economic Vision

Abuja, Nigeria | October 05, 2009 by D-8 Secretariat

UNCTAD and Japan developed plan to assist Nigeria to attract more Foreign Direct Investments (FDI) and achieve its 2020 vision

The United Nations Conference on Trade and Development (UNCTAD) and the Japan Bank for International Cooperation (JBIC) have developed a 15-point action plan to assist Nigeria attract more Foreign Direct Investments (FDI) and thereby achieve its 20:2020 vision.

The initiative, called as the “blue book action plan”, recommends steps for developing the effectiveness of the Nigerian Investment Promotion Council (NIPC) and for setting up a programme to encourage foreign investors to make greater use of Nigerian suppliers.

The Nigerian Blue-Book action plan will, among other things, establish NIPC within the Presidency; establish Nigeria’s One-Stop Investment Centre to negotiate protocols of cooperation with participating agencies; establish a pilot multi-facility economic zone; install a computerized investor tracking system for the One-Stop Investment centre; streamline the tax system; and establish a Presidential Initiative to spread best practice in the transfer of land rights.

The action plan will also target investors in the agro-allied sector; create a scarce skills list; create a client’s charter for NIPC and other institutions dealing with investors; establish the Federal Competition Commission; adopt the proposed new Labour bills; sensitise parliamentarians on investment issues; sign double taxation treaties within the ECOWAS area; create a pilot business linkages programme; and formalise Federal-State roles in investment promotion and facilitation.

The blue book was produced at the request of the Federal Government to support its plan of becoming one of the largest 20 economies in the world by the year 2020, through the National Economic Empowerment and Development Strategy (NEEDS) and the seven-point agenda.

Senior Adviser at UNCTAD, Ambassador Kwabena Baah-Duodu, said at the presentation of the book to the media in Abuja yesterday that the promotion of investment at the domestic and foreign levels of the Nigerian economic strata is important to Nigeria’s objective of creating a vibrant and diversified private sector.

According to him, the plan complements and supports existing government programmes, as relevant stakeholders were consulted during the research and drafting stages, with the recommendations already endorsed by the government.

He said FDI can bring the much needed capital, technology, management techniques, knowledge of foreign markets and new organisational systems.

“In whichever size or form, from small and innovative software development firms to world-class manufacturing, it can add extra vigour to Nigeria’s private sector, stimulate local suppliers and help nurture a future generation of Nigerian entrepreneurs”, he said.

Ian Richards of UNCTAD said the new blue book is the sixth produced by the two organisations for the African region.

He said previous books were developed for Tanzania, Kenya, Uganda, Ghana and Zambia.

Read Also

• Egypt signs training agreement with UNCTAD
• $4 Billions Investment Plan for Refinery in Nigeria
• Egypt Named One of the World’s Top Economic Reformers by World Bank
• Nigeria’s Economic Growth is On Track, Says Yar’Adua
• D-8 economic cooperation given a ’strategic vision’
• Nigeria Affirms Readiness to Host D-8 Summit and Support Visa Simplification Agreement
• Nigeria Intensifies Focus on Broadband Connectivity
• Foreign Investment Ups in Iran Despite Global Downturn
• D-8 and UNCTAD exchanged views on PTA and RoO in training workshop, Malaysia, 29-30 October 2007
• Pakistan Can Help Malaysia Develop Halal Hub and Provide Land for Cattle Farms