NIPC Launches Digital One-Stop Shop to Boost Appetite for Investment in Nigerian Economy
The Nigerian Investment Promotion Commission (NIPC) has launched a one-stop digital investment center to generate investor interest in the Nigerian economy.
The NIPC said the initiative was aimed at making it easier for investors to access information about investing in the economy.
The initiative, called Electronic One-Stop Investment Center (e-OSIC), is the digital version of OSIC, which brings together relevant government agencies to provide efficient, transparent and timely services to investors.
The e-OSIC is presented through the organization’s One-Stop-Shop Investor Platform (SWIP) and is expected to improve efficiency and provide prompt service.
The center is coordinated by the NIPC and the aim is to simplify business entry processes by removing administrative and regulatory bottlenecks associated with doing business in Nigeria.
Speaking on the new development, NIPC Acting Executive Secretary Emeka Offor revealed that the window, which has four components, is the NIPC e-commerce facilitation platform designed in accordance with the e-government initiative of the federal government.
He noted that the SWIP project, which started in 2020, was aimed at enabling the NIPC to leverage technology to better fulfill its mandate.
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According to him, with the advent of e-OSIC, investors could now access all services offered at OSIC remotely, apply for their business registration, submit relevant documents and make the appropriate payments.
“Through the platform, the NIPC will be able to monitor and review the services of participating agencies at the center,” Offor added.
SWIP’s technical team leader on the commission, Toyin Oladipo, also said the portal aims to digitize the NIPC mandate to ensure effective mandate execution.
Investors looking to go digital should visit the SWIP portal on the NIPC web platform.
The One Stop Investment Center houses 27 government agencies and provides investment facilitation services, reducing the time required to process regulatory approvals and permits.
It also helps with information and requirements from incorporation to expansion.
Offor said the agency is also looking to increase a total of $ 8.99 billion in tracking investments in the third quarter with the initiative.
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Offor, who confirmed that the $ 8.99 billion had not yet matured into a full investment, described it as an “investment announcement,” saying they consisted of 33 projects spread across eight States of the Federation.
“Investment interest was 130% higher than the $ 3.94 billion recorded during the corresponding period in 2020.
“Although not real investments, the development tends to show a gradual increase in investor confidence in the Nigerian economy,” Offor said.
Associate Consultant to the UK Department for International Development (DFID) Celestine Okeke said ICIR that the new initiative was excellent but that it wanted the coherence of these policy initiatives to stimulate investment in the economy.
“This is a good initiative, but I will advise policymakers to adopt a coherent policy in development to ensure that Nigerians reap the full benefits of the investment. This is one of the Ease of Doing Business initiatives. I also want the government to look at other gray areas that hinder business in the country. “
Norrenberger Plc Managing Director Tony Edeh said ICIR that the Nigerian government must continue to engage in post-pandemic opportunities to enable it to increase its investment base.
“We need to grow from our strength and diversify the economy with our oil resources and develop the local economy to attract investment. Policy initiatives such as that of the government should be encouraged to develop investor appetite in the Nigerian economy, ”said Edeh.
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