Nigerian Investment Promotion Commission (NIPC) recently hosted a webinar with State Investment Promotion Agencies titled ‘Understanding the impact of COVID-19 on investments in Nigeria’.
During the interaction which lasted about two hours, participants discussed the impact of COVID-19 on the global economic and investment trends, expected impact on investor behaviour and investment trends in Nigeria, the policy measures that Nigeria can consider to retain and stimulate investments and State IPAs exchanged ideas on responses to the needs of the investing community.
In her presentation, the Executive Secretary/CEO, NIPC, Ms Yewande Sadiku explained that the COVID-19 pandemic has transformed from a public health crisis to an economic one within such a short period.
International Monetary Fund (IMF) has projected that the global economy would contract by three per cent in 2020 and United Nations Conference on Trade and Development (UNCTAD) has projected that global FDI would fall by 30 – 40 per cent in 2020/2021. The Nigerian economy and FDI flows are expected to be similarly affected, presenting a new challenge which requires coordinated action by Nigeria’s IPAs.
She noted that material government policies were instrumental in attracting capital to Nigeria in the past and that such policies will be required now. She also noted the need to encourage more Nigerians to invest in the country.
The State IPAs used the platform to exchange ideas on how they are responding to the needs of the investing communities in their States. Several participants noted the need for greater collaboration between NIPC and State IPAs to drive increased investor interest in Nigeria. NIPC will collate the feedback from the States for its articulation of a national post-COVID investment promotion strategy.
The webinar had 91 participants, including 51 representatives from 21 states and 3 staff of the Federal Ministry of Industry, Trade and Investment.
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