NEF’s President,Dr Sydney Inegbedion made the call in Abuja at a two-day workshop on Federal-State Strategy on Investment Promotion for Rural Development.
Inegbedion said that it was imperative for states, through SIPA, to develop investment profiles that would attract more investments to the states.
He spoke on the topic: “Overview of the Nigerian Economy and Strategic Role of State Investment Promotion Agencies in Stimulating Economic Growth at the Rural Levels and the Realisation of Economic Recovery and Growth Plan (ERGP)”.
Inegbedion, in the lecture listed measures that would help states investment promotion agencies to attract more investments to the states as well as stimulate the nation’s economic growth.
According to him, the profile will provide details of potential, opportunities, incentives, labour force and skills that would assist potential investors to the states.
Inegbedion also urged SIPA to establish good relationships with the relevant ministry and federal agencies.
“This is anchored on the premise that states may not have influence over federal agencies which activities impinge on foreign nationals even though they are desirous to invest in your state.
“Among these federal agencies are the Nigerian Customs Services, Immigration Services and Foreign Affairs among others,” he said.
Inegbedion, a Trade and Economic expert, also advised the agencies to understand their roles of data gathering, information storage and comparative advantage.
The president also called for strengthening of the capacity of SIPA as well as its partnership with business community and Local Chambers of Commerce in the states.
“Foreign investors are more interested in relationship with business community than government, because it provides local contacts for possible partnership in investment decisions.
“Attracting diaspora funds for local development is another strategy worth looking into, interfacing with Nigerians abroad might open new doors of investment,” he said.
The workshop organised by the Ministry of Industry, Trade and Investment and NEF was aimed at producing a roadmap for attracting investments to states and Local Government Areas .
Edited /Ese E. Ekama
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