FG signs investment promotion deal with Singapore, Morocco

The Federal Government said it has signed an investment promotion deal with Singapore and Morocco.

It also stated that it was in talks with the World Bank to develop a strategic plan for trade and investment in Nigeria.

Permanent Secretary, Federal Ministry of Industry, Trade and Investment, FMITI, Nasir Sani-Gwarzo, disclosed this at the virtual/physical technical session of officials of the 12th Meeting of the National Council on Industry, Trade and Investment in Abuja.

The theme of the meeting was “Revitalisation of the Industry, Trade and Investment Sector in Nigeria in the Post-COVID-19 Pandemic Era.”

Sani-Gwarzo said the FMITI was reviewing many policies to boost trade and investment in Nigeria, adding that it was partnering multilateral agencies to strategically reposition the sector.

He said, “I wish to inform you that the ministry is proposing to develop a sector strategic plan for 2020-2030 in collaboration with the World Bank. The plan would serve as a roadmap and a guide for a sustainable revitalisation of the sector.”

Sani-Gwarzo added, “The ministry is vigorously embarking on the review of the Industrial Policy of Nigeria, Nigerian Industrial Revolution Plan and Trade Policy, while investment policy formulation is in progress with consultations with the critical stakeholders.”

He noted that all these efforts when finalised and fully operational would facilitate the reinvigoration of the sector for growth and development.

The permanent secretary said, “The Investment Protection Agreement with Singapore and Morocco has been signed by the Federal Government and efforts are being made to collaborate with the Ministry of Justice for the production of the instrument of ratification for the signature of Mr. President.”

He said the ministry was also working to develop a coordinated approach to investment promotion within 25 states and the Federal Capital Territory.

Sani-Gwarzo said the FMITI was in the process to fully activate the private sector led six special economic zones including Lekki, Enyimba, Funtua, Ibom, Kano and Benue.