Momoh Idris Momoh, Benin
As part of its strategy to diversify the nation’s economy and restore investor confidence, the Nigerian Investment Promotion Commission (NIPC) has called on sub-national governments to step up their roles in attracting and retaining investments.
The Executive Secretary/Chief Executive Officer of the Commission, Ms Aisha Rimi made the call on Monday while speaking at a stakeholders’ engagement with State Investment Promotion Agencies (SIPAs) in Benin City.
Rimi noted that both domestic and foreign investments are critical to Nigeria’s economic recovery.
“Nigeria urgently needs to diversify its economy. We must industrialise, create jobs for our youthful population, grow what we eat, and develop our infrastructure.
The answer is investment and the states are at the heart of this,” Rimi told the stakeholders.
“Nigeria’s investment drive would only succeed if states adopt proactive strategies and prioritise investor satisfaction, especially from local businesses, which she called “your biggest ambassadors.”
“The most powerful promotion is word of mouth. If your local investors are frustrated, that message spreads fast,” she said.
The NIPC boss, who announced a new commission-led investment certification programme for states, noted that it was designed to replicate its one-stop investment centre model at the sub-national level.
She stated that investors demand clarity, transparency, and ease of doing business, adding that the commission’s programme helps states build that ecosystem.
“We’ve had situations where states were sold based on potential but couldn’t back it up. Investors are smart, they do their homework,” she added.
Rimi, however, praised the formation of the Forum of State Investment Promotion Agencies of Nigeria (FoSIPAN) as a key platform to harmonise state efforts and avoid duplication.
“FoSIPAN gives SIPAs a voice and a structure to work together for national growth,” she said.
The NIPC Executive Secretary also urged states to compete with each other for the purpose of attracting businesses and investments.
She opined that competition is not always a bad word, but can be healthy if states remain focused and intentional on their strengths.
She appealed to the states to be cooperative and collaborative especially where they have similar resources.
“Just as Nigeria is in strong competition against other countries, especially the advent of the AfCFTA, so also is there an unspoken competition amongst states.
“Some are far ahead of others, in attracting and retaining investments and so we hope that we will all share lessons – good and bad – and learn from our peers.
“Competition is not always a bad word and can be healthy if we remain focused and intentional on our strengths. I mentioned competitive advantage, and should add cooperation and collaboration, especially where we have similar resources”, she added.
Declaring the event open, Governor Monday Okpebholo commended NIPC for selecting the state to host, as well as spotlighting it as a model of reform.
Okpebholo represented by Umar Musa Ikhilor, Secretary to the State Government highlighted his administration’s drive to remove investment bottlenecks and improve the state’s business climate through legal and institutional reforms.
We’re building a foundation for investment-led growth. From our One-Stop Investment Centre to land reform under the FRILIA (Framework for Responsible and Inclusive Land-Intensive Agricultural Investment) framework, we are making it easier for businesses to start and scale,” he said.
The governor noted that security remained a top priority, with recent amendments to anti-kidnapping and anti-cultism laws aimed at protecting investments and lives under his SHINE (Security, Health, Infrastructure, Natural Resources and Agriculture, and Education) Agenda.
He promised to support investors operating in the and the potential ones to seamlessly navigate through the regulatory and administrative processes in the State.
Earlier, Amen Odigie, Managing Director of the Edo State Investment Promotion Office (ESIPO), said Edo was committed to “turning talk into action,” by leveraging the state’s strategic location, cultural heritage, and investor-focused reforms.
“Our goal is not just to attract capital, but to retain it and help it grow. We’re targeting agriculture, digital innovation, solid minerals, and tourism as key sectors for economic expansion,” he said.
The one- day engagement was geared towards focusing on building technical capacity, addressing investment bottlenecks, and fostering investor-friendly environments tailored to each state’s comparative advantage.
It was attended by government officials, SIPAs heads across the 36 states of the Federation, private sector players, and development partners to align strategies for transforming the country’s investment landscape.
