Why Nigeria plans to simplify import substation for AfCFTA – NIPC

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the Nigerian Investment Promotion Commission (NIPC) said that to attract FDI under the African Continental Free Trade Agreement (AfCFTA), the FG will simplify import substitution to facilitate exports and save forex.

This is exposed by the Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Saratu Umar, after meeting with President Muhammadu Buhari on Friday.

He disclosed that the President fully supports the desire to strengthen the investment drive in Nigeria

Why he visited: Umar noted that he visited to brief the President on the various initiatives the commission is currently managing.

  • “As you know, the president is the Chief Investment promoter of the country. So, he should have a brief on the investment ecosystem, as well as what plans we are pursuing to transform investment in Nigeria, “

Preparing for work: He added that NIPC is equally poised to attract more investors to the Nigerian field because of government policies that make it easy for investors to do business in any part of the country.

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  • The major takeaway from my meeting with the president was supportive; support the drive to strengthen the investment drive in Nigeria. He is ready within the time, he is still here as the president of Nigeria to do the best he can to ensure that investment in the country is given more traction.

In addition to import substitution: He noted that the Africa Continental Free Trade Agreement Area will ensure Foreign Direct Investments (FDI) in Nigeria. This is because facilitating import substitution will help the country to conserve forex.

“As you know, we have the African Continental Free Trade Agreement Area that is currently in force, and Foreign Direct Investment (FDI) will now try to find anywhere on the African continent as a signatory to this agreement,” he said. .

  • Therefore, the goal for us as a country is to ensure that we channel Foreign Direct Investments (FDI) into Nigeria so that we can facilitate import substitution.
  • “This is because, if we facilitate import substitution, we can save forex, and then also pass on investments to the country’s export sectors.
  • “Because, if we can facilitate exports, we can generate more foreign exchange.
  • “And we all also know that there is a challenge in the supply of foreign exchange everywhere and we believe that if we do that, the area of ​​import substitution and forex generation will also help the value of the naira and make life easier for Nigerians.”

He added that once Nigeria can bring in investment in various sectors of the economy, the dependence on loans will reduce significantly.

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What you need to know: remember Reported by Nairametrics the federal government will adopt the Phase II Protocols of the African Continental Free Trade Area (ACFTA) later this week.

The Phase II Protocols of the AfCFTA cover agreements ranging from intellectual property rights, to investment and competition protection.

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