“Over one billion dollars in investment has been recorded in the automotive sector and we are ready to…
The Federal Government has disclosed that Nigeria has recorded more than one billion dollars worth of investments in the automotive industry.
The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo disclosed this at the 20th edition of President Muhammadu Buhari’s administration scorecard series organised by the Federal Ministry of Information and Culture on Tuesday in Abuja.
The Minister said: “Over one billion dollars in investment has been recorded in the automotive sector and we are ready to move on to the next phase for the automotive industry”
Adebayo further disclosed that the National Automotive Industry Development Plan (NAIDP) is nearly completed and it was going through validation process.
He also reiterated the government’s commitment toward enabling business environment to attract and retain investments in the country as he disclosed that the ministry and the Nigerian Investment Promotion Council (NIPC) are committed to attracting and protecting investments that genuinely benefit Nigeria and its citizens.
“The revised Bilateral Investment Treaty (BIT) would boost investment. Nigeria has successfully revised its model Bilateral Investment Treaty (BIT) to include a specific provision for investment facilitation, which institutionalizes the principle of assisting investors in completing their investments.
“We are proud to offer Nigeria’s first investment policy to the Federal Executive Council (FEC) for approval. This strategic statement, which will outline our priorities, aims, commitments, and expectations, is a turning point for the Federal Ministry of Industry, Trade, and Investment and Nigeria as an investment destination”.
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Adebayo also maintained that the ministry was developing more as Nigeria had Investment Promotion and Protection Agreements (IPPAs) with Singapore, Morocco, and Saudi Arabia to attract and retain investments.
“We have IPPAs with Singapore, Morocco, and Saudi Arabia to attract and retain investments. The president ratified both accords on Sept. 16, 2022 and we are developing more IPPAs,’’ he said.
Adebayo also said the ministry also distributed 5,571 acceptance certificates worth N7.7 trillion to 2,665,800 firms.
“The acceptance certificates allow businesses claim tax reduction when computing Company Income Tax.
“We also issued more than 130 Production Day Certificates, a crucial Pioneer Status Incentive step,’’ the minister said.
Adebayo said that the ministry was expediting the establishment of Special Economic Zones (SEZs) across the country to further accelerate industrialisation as the special economic zones will increase infrastructure availability and provide fiscal incentives for value addition”.
