- The Federal Ministry of Commerce and Industry was renamed Federal Ministry of Industry, Trade and Investment in 2011 and given the additional mandates of attracting investments into the country, creating jobs, generating wealth and boosting economic growth.
- Investment Promotion Department of the Ministry was created towards the last quarter of 2012, to support these additional mandates
To make Nigeria the most preferred Investment destination in the continent.
To ensure a conducive environment for attraction, facilitation and retention of both domestic and foreign direct investment
The Department has three Divisions:
Real Sector Division:
- Which is mandated to work with the Organised Private Sector (OPS) on investment attraction into the real sectors of the economy (e.g. Agriculture, Solid mineral etc.)
- Work with the relevant stakeholders in the negotiation, signing ratification and implementation of Investment Promotion and Protection Agreements (IPPAs)
- Which is mandated to work with relevant MDAs to attract investment into the infrastructural sectors of the economy, (e.g. power and Transport etc.) and;
- Also coordinate issues on policy formulation and implementation
- Which is mandated to monitor the implementation of investment policies, and all investment related activities at all tiers of government; and
- Also work with relevant stakeholders to attract investment into the social sector of the economy (education, health etc.
- initiate and formulate investment policies in Nigeria
- promote industrial and business investment in Nigeria
- create and maintain business and investment- friendly environments conducive for local and international investors
- articulate appropriate rules and incentives governing investment in Nigeria
- initiate, negotiate and ensure signing, ratification and implementation of Investment Promotion and Protection Agreements (IPPA) on behalf of Nigeria (Nigeria has signed 28 IPPAs so far, but 26 are old generation IPPAs that are not favourable to Nigeria)
- advise new investors on how to enter into the Nigerian business environment
- monitor and advise old investors on how best to sustain their investments in Nigeria
- u collaborate with organized private sector bodies such as NACCIMA, State Chambers of Commerce, MAN, NASSI and Bilateral chambers on investment related activities;
- u collaborate with SMEDAN, BOI and NIPC in attracting both Domestic Direct Investment (DDI) and Foreign Direct Investment (FDI) into the country
- u support Private Sector Investment Promotion Initiatives
- u support States and Local Governments in their investment promotion activities
- u collaborate with all sectors (MDAs) in their investment promotion activities
- u Ccoordinate the activities of all investment related MDAs to ensure the creation and sustenance of an investment friendly environment
- Development of the first Nigeria Investment Policy
- Implementation of Nigerian Enterprise Initiative for the Development of Micro Small and Medium Enterprises (MSMEs) Nigeria
- Federal State Investment Promotion Strategy
- Negotiations of Investment Promotion and Protection Agreement (IPPA) between Federal Government of Nigeria and several friendly nations.
- Periodic diagnostic dialogues with business foreign owners in the country
- Support of Private Sector Investment Promotion/Initiatives in several nations.