The Nigerian Investment Promotion Commission (NIPC) has expressed support for the recent policy by the Central Bank of Nigeria (CBN) to limit cash withdrawals.
The Chief Executive Officer, NIPC, Saratu Umar revealed this on Thursday while speaking with journalists during an interactive stakeholders forum with Ministries, Departments and Agencies (MDAs) in Abuja.
Umar said the new policy of the CBN will ensure easy and adequate circulation of money in the banking sector and the nation’s economy.
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Accordign to her, the development will harness growth and development in the banking sector for easy allocation and disbursement of funds by investors both locally and internationally.
Umar said “If the CBN is taking steps to ensure that it captures money back into the banking sector so that they can loan it to investors and other sectors, I don’t think there is a problem there.
“It is actually a positive development and we should be happy that an administration has been bold enough to implement it.”
Umar said that Nigeria has a lot of potentials that should not be developed from borrowing, but through leveraging on investment opportunities.
She, however, stated that the discouraging reality is that the level of resource mobilization is insufficient for inclusive growth, causing the NIPC to seek Foreign Direct Investment (FDI) and mobilize Local Direct Investment (LDI) to fully harness the potential of the Nigerian economy.
She, however, said that the National Development Plan, Infrastructure Master Plan, Agriculture Sector, Solid Mineral Sector and other sectors in Nigeria will be seriously harnessed.
“The different plans will be extracted and we will channel our strategy as an institution and with the various MDAs in driving this investment plan forward to every sector in the country.
“This plan is critical in promoting economic growth, job creation and generating wealth for Nigerians as well as facilitate development.”
In addition, Umar assured investors that NIPC will attract Foreign Direct Investment (FDI) to the global market where shares of FDI inflows are driven by effective, efficient and performance driven Investment Promotion Agencies (IPAs).
“With over 170 IPAs worldwide competing to channel FDI to their different countries, a compelling imperative is established that NIPC as Nigeria’s IPA is positioned to ensure that Nigeria gets a fair share of this global market.
“This is especially important with onset of Africa Continental Free Trade Area which is now in force with Nigeria having deposited its instrument of ratification since December 2020.”
She added that “In 2021, a UN report noted that FDI inflow into Africa grew by 147 per cent, this has accentuated the race by African economies to showcase their investment climate reforms and business-friendly policies.”