The Federal Government has signed an Investment Protection Agreement (IPA) with Morocco and Singapore to raise investing confidence.
This was disclosed by the Permanent Secretary of the Ministry of Industry, Trade and Investment, Dr. Nasir Sani-Gwarzo, during the 12th Meeting of the National Council on Industry, Trade and Investment held in Abuja on Monday.
The meeting had as its theme: “Revitalisation of the Industry, Trade and Investment Sector in Nigeria in the Post-COVID-19 Pandemic Era”.
Dr. Sani-Gwarzo said, “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 trade ministry had been working to develop a coordinated approach to investment promotion within 25 states and the Federal Capital Territory (FCT), including developing a Sector Strategic Plan for 2020 to 2030 in collaboration with the World Bank.
“Efforts are being made by all agencies under the ministry to develop post-COVID-19 plans that would assist them to navigate the challenges posed by the pandemic.”
The permanent secretary revealed that the trade ministry had embarked on the review of the Industrial Policy of Nigeria, Nigeria Industrial Revolution Plan (NIRP) and the Trade Policy, while Investment Policy formulation was in progress with consultations with stakeholders.
“All these efforts, when finalised and fully operational, would facilitate reinvigoration of the sector for growth and development.”