The Federal Government of Nigeria has been recently hailed to have recorded more than one billion dollars’ worth of investments in the automotive industry.
The Minister of Industry, Trade and Finance, Otunba Adeniyi Adebayo who disclosed the milestone achieved at the 20th edition of President Muhammadu Buhari’s administration scorecard series which held on Tuesday in Abuja lauded and reiterated the ministry’s commitment toward enabling business environment to attract and retain investments.
“Over one billion dollars in investment has been recorded in the automotive sector and we are ready to move on to the next phase for the automotive industry,’’ Otunba Adeniyi Adebayo said. The minister also stated that the National Automotive Industry Development Plan (NAIDP) which is currently under validation process is nearly completed,
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According to Otunba Adebayo, his ministry and the Nigerian Investment Promotion Council (NIPC) are committed to attracting and protecting investments that genuinely benefit Nigeria and its citizens. He added that the revised Bilateral Investment Treaty (BIT) is poised to boost investments within the country. On this note, the minister gave the following remarks:
“Nigeria has successfully revised its model Bilateral Investment Treaty (BIT) to include a specific provision for investment facilitation, which institutionalizes the principle of assisting investors in completing their investments.
“We are proud to offer Nigeria’s first investment policy to the Federal Executive Council (FEC) for approval.
“This strategic statement, which will outline our priorities, aims, commitments, and expectations, is a turning point for the Federal Ministry of Industry, Trade, and Investment and Nigeria as an investment destination.
“We have IPPAs with Singapore, Morocco, and Saudi Arabia to attract and retain investments. The president ratified both accords on Sept. 16, 2022 and we are developing more IPPAs.
“The ministry has distributed 5,571 acceptance certificates worth N7.7 trillion to 2,665,800 firms.
“The acceptance certificates allow businesses claim tax reduction when computing Company Income Tax.
“We also issued more than 130 Production Day Certificates, a crucial Pioneer Status Incentive step,’’ the minister said.