1.
Brief History of the Nigerian
Investment Promotion Council
The Federal Ministry
of Commerce and Industry was restructured and renamed Federal Ministry of
Industry, Trade and Investment in 2011 and was given an expanded mandate to
attract investments into the Country and drive the growth of the Nigerian
economy. To implement the new mandate effectively, the Investment Promotion
Department (IPD) was created towards the last quarter of 2012, to encourage,
promote and coordinate investment activities within the Country.
Since the creation of
the Ministry and addition of the Investment mandate, the Department has worked
aggressively in supporting local investments and attracting foreign investments
from global leaders in sectors where Nigeria has competitive and comparative
advantages, especially in areas where Nigeria is number one in Africa and
placed in the top ten globally.
In the last 3–4
years, the Ministry has attracted a record number of remarkable investments and
trade delegations from Canada, China, France, Germany, Kenya, South Africa,
Pakistan, Switzerland, Uk, USA, etc. Furthermore, the Department has been
involved in investment tracking, for the first time, the Country not only
promotes investment, but actively tracks and monitors investors.
2.
Vision
To promote economic
growth, create jobs, generate wealth and make Nigeria an investment haven.
3.
Mission
To formulate and
implement policies and programmes to attract investment and ensure enhanced
service delivery in a manner that will stimulate the growth of the domestic
economy for self-reliance.
4.
Mandate
To create an enabling
environment to stimulate domestic investment and attract foreign Direct Investment
in all sectors of the economy and make Nigeria a preferred investment
destination.
5.
The Structure of the
Department
6.
The Department runs three (3) Divisions and eight (8)
Branches as follows:
A.
Evaluation and Monitoring Division
1. Investment
Evaluation Branch
2. Investment
Monitoring Branch
B.
Real Sector Promotion Division
1. Large Scale
Investment Branch
2. Medium Scale
Investment Branch
3. Small Scale
Investment Branch
C.
Infrastructure and Services
1. Infrastructure
Branch
2. Health Branch
3. Hospitality Branch
7.
Functions of the Department
·
To
initiate and formulate investment policy for Nigeria;
·
To
promote industrial and business investment in Nigeria;
· To
create and maintain business and investment friendly environment, conducive to
local and international investors;
·
Articulate
appropriate rules and incentives governing investment in Nigeria;
·
To
initiate, negotiate and sign Investment Promotion and Protection Agreements
(IPPAs) on behalf of Nigeria with other friendly countries;
·
Monitoring
and advising old and new investors seeking to invest in Nigeria on how best to
invest and sustain their investment in Nigeria;
·
To
facilitate one-on-one meeting between local and foreign investors at reasonable
intervals on the best approach to tackle investment issues in Nigeria;
·
To
collaborate with Organized Private Sector (OPS), Institutions such as NACCIMA,
MAN, NASSI and Bilateral Chambers in the promotion of various investment
activities in Nigeria;
·
To
coordinate the activities of SMEDAN, BOI and NIPC in the areas of development
of Small and Medium Enterprises (SMEs) and attracting Foreign Direct Investment
(FDI) into the Country;
·
Articulate
and identify Nigeria’s investment and other economic interest with a view to
formulating Nigeria’s position in all the investment related international
organizations to which Nigeria belongs;
·
Proper
coordination of the activities of all stakeholders in the registration and operation
of investment in Nigeria;
·
Monitoring
and evaluation of the existing enterprises and business concerns to ensure full
capacity utilization;
·
Giving
professional advice on investment proposals and its operations in the Country
with regard to Sanitary and Phytosanitary (SP) measures in accordance with
global best practices;
·
Initiating
and developing functional investment policy for Nigeria;
·
To
facilitate proper organization of investment for a under the Public-Private
Partnership (PPP) arrangement;
·
To
provide technical advice to Nigerian investors on request for their efficient
operations in the Country; and
·
Carry
out other ad-hoc assignments from the above to ensure efficiency of investment
sub-sector.
8.
Our Services
·
To
work towards removing bottlenecks faced by investors in establishing and
running business and ultimately smoothen and simplify the cost of doing
business in Nigeria;
·
To
ensure the realization of the maximum benefits of the policies of liberation and
deregulation of the economy.
·
To
work assiduously in the right process and incentives in place for a competitive
business climate as well as removing administrative bottlenecks to encourage
investment.
·
To
work ceaselessly to continuously improve the image of Nigeria globally with
messages designed to reduce negative perception about Nigeria.
·
To
work towards making Nigeria the best environment haven in Africa.
9.
One Stop Investment Centre (OSIC)
As part of the reform
initiative of the Federal Government to attract foreign direct investment, a
One Stop Investment Centre (OSIC) has been established in Abuja and is located
in the Nigeria Investment Promotion Commission (NIPC). The One Stop Centre
eliminates the need for investors to visit various agencies at different
location during start up phase.
10.
Requirements for Business Registration
Application for
Business Registration shall be made by obtaining and completing NIPC form 1 at
the One Shop Investment Centre.
The under listed are
the requirements to be accompanied by the written application for Business
Registration:
·
Duly
completed NIPC form 1;
·
Evidence
of incorporation with CAC (if done outside OSIC);
·
CAC
forms C02 and C07;
·
Letter
of Authority or Power of Attorney (this is to allow a representative process
the certificates on behalf of his or her client where necessary);
·
The
Business Registration can be within 24 hrs.
11.
Service Fees
i.
Registration
of Foreign Investment Free
ii.
Business
Registration Application Form (NIPC Form 1) Free
iii.
Issuance
of Business Registration Certificate NGN 50,000
iv.
Amendment
of Business Registration NGN 50,000
For further
information on requirements for business registration, please visit: www.nipc.gov.ng
or www.cac.gov.ng or send a mail to osicinfodesk@nipc.gov.ng.
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