1. BRIEF HISTORY OF THE INVESTMENT PROMOTION DEPARTMENT
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.
To promote economic growth, create jobs, generate wealth and make Nigeria an investment haven.
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.
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
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
6. 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.
- Carry out other ad-hoc assignments from the above to ensure efficiency of investment sub-sector.
7. 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.
8. 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.
9. 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.
|1||Registration of Foreign Investment||Free|
|2||Business Registration Application Form (NIPC Form 1)||Free|
|3||Issuance of Business Registration Certificate||NGN 50,000|
|4||Amendment of Business Registration||NGN 50,000|
10. Contact Person (Name/Address/Location)
O. A. Arodudu
Director, Investment Promotion Department,