Nigerian Investment Promotion Commission
{{Short description|National agency of the Federal Government of Nigeria}}
{{Infobox government agency
|agency_name = Nigerian Investment Promotion Commission
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|formed ={{Start date|2004}}
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|jurisdiction = Federal Government of Nigeria
|headquarters = Abuja, FCT, Nigeria
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|chief1_name = Aisha Rimi, Executive Secretary/Chief Executive Officer;
|agency_type = Investment Promotion
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|website = {{URL|http://nipc.gov.ng/}}
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The Nigerian Investment Promotion Commission (NIPC) is a specialized agency of the Federal Government of Nigeria, established through the Nigerian Investment Promotion Act Chapter N117 of 2004.{{cite web |title=About NIPC |url=https://www.nipc.gov.ng/about-nipc/ |website=Nigerian Investment Promotion Commission |date=14 January 2019}} It is aimed at encouraging, promoting, and coordinating all investments in Nigeria.{{cite web|last1=|first1=|title=Nigerian Investment Promotion Commission Act|url=https://investmentpolicy.unctad.org/investment-laws/laws/234/nigeria-nigerian-investment-promotion-commission-act|accessdate=9 September 2021|work=UNCTAD |publisher=unctad.org}}{{cite web |title='NIPC committed to promoting investment' |url=https://dailytrust.com/nipc-committed-to-promoting-investment |website=Daily Trust |date=26 November 2019 |language=en}} The Federal Government of Nigeria, has tasked the investment promotion agency with attracting Foreign Direct Investment (FDI) over the years.{{cite web |title=INTERVIEW: What NIPC Is Doing To Grow Nigeria's Foreign Direct Investment -- Yewande Sadiku |url=https://www.premiumtimesng.com/features-and-interviews/426846-interview-what-nipc-is-doing-to-grow-nigerias-foreign-direct-investment-yewande-sadiku.html |date=19 November 2020}}{{cite web |title=Foreign Investments And The Role Of Nigerian Investment Promotion Commission - Government, Public Sector - Nigeria |url=https://www.mondaq.com/nigeria/fiscal-monetary-policy/372724/foreign-investments-and-the-role-of-nigerian-investment-promotion-commission |website=www.mondaq.com}}
Origin
The Nigerian Investment Promotion Commission was established by the United Nations Conference on Trade and Development{{cite web |title=Nigeria - Nigerian Investment Promotion Commission Act {{!}} Investment Laws Navigator {{!}} UNCTAD Investment Policy Hub |url=https://investmentpolicy.unctad.org/investment-laws/laws/234/nigeria-nigerian-investment-promotion-commission-act |website=investmentpolicy.unctad.org}} through Chapter N117 of the Nigerian Investment Promotion Act of 1995, and later became a specialized agency of the Federal Government of Nigeria through Chapter N117 of the Nigerian Investment Promotion Act of 2004{{cite web |title=About NIPC |url=https://www.nipc.gov.ng/about-nipc/ |website=Nigerian Investment Promotion Commission |date=14 January 2019}} by the former President of Nigeria Olusegun Aremu Obasanjo in a bid to enhance Nigeria’s investment climate, attract foreign investments and deviate from oil as the major growth rate of the Nigerian economy. The then President appointed his former Minister for Commerce, Engr. Mustapha Bello as the pioneer Executive Secretary/CEO of the Commission {{cite web |url=http://allafrica.com/stories/200312030521.html |title=Bello Promises to Reposition NIPC |work=Daily Trust |author=Ahmed I. Shekarau And Kashim Sule |date=3 December 2003|accessdate=2010-05-05}} and invited Mr Felix Ohiwerei, a boardroom guru, as the Chair of the Governing Board.
The commission was established to enhance Nigeria’s investment climate, attract foreign investments and deviate from oil as the major growth rate of the Nigerian economy. Nigerian President, Olusegun Aremu Obasanjo appointed a former Minister for Commerce, Mustapha Bello as the pioneer Executive Secretary/CEO of the Commission,{{cite news|last1=Shekarau|first1=Ahmed|title=Nigeria - Bello Promises to Reposition NIPC|url=https://allafrica.com/stories/200312030521.html|accessdate=9 September 2021|work=AllAfrica |publisher=Daily Trust}} as well as Felix Ohiwerei, as the Chair of the Governing Board.{{cite web|last1=|first1=|title=Boardroom Guru to he Puplpit|url=https://nairametrics.com/2018/10/20/boardroom-guru-to-the-pulpit-meet-dr-felix-ohiwerei/|accessdate=9 September 2021|work=Nairametrics |date=20 October 2018}}
Administration
NIPC has a Governing council that comprises a Chairman, four independent members, the Executive Secretary/CEOs' permanent secretaries of seven ministries including; Federal Ministry of Industry, Trade and Investment; Federal Ministry of Information and Culture, Federal Ministry of Finance, Federal Ministry of Budget and National Planning, Federal Ministry of Foreign Affairs, Federal Ministry of Interior, Federal Ministry of Petroleum, Governor, Central Bank of Nigeria and six members from the private sector.{{cite web|last1=|first1=|title=The NIPC Governing Council|url=https://nipc.gov.ng/governing-council/|accessdate=9 September 2021|work=NIPC |date=7 February 2019}}
The Commission’s Governing Council is chaired by Rt. Hon. Dr Babangida S.M. Nguroje OFR.{{cite web|last1=|first1=|title=Nguroje Lists Benefits|url=https://dailytrust.com/nguroje-list-benefits-of-afcfta-to-nigeria-africa|accessdate=9 September 2021|work=Daily Trust |date=12 July 2019}} The Executive Secretary of the Commission is Saratu Altine Umar.{{cite web|last1=|first1=|title=Buhari appoints Saratu Umar as NIPC boss|url=https://dailypost.ng/2022/07/05/buhari-appoints-saratu-umar-for-another-term-of-five-years-at-nipc/|accessdate=14 March 2023|work=NIPC |date=5 July 2022|publisher=Daily Post}} The organogram of the Commission has seven specialized departments — Finance & Administration, Investment Promotion, Investor Relations, Human Resources, Policy Advocacy, States Coordination and Strategic Communications. The Commission was structured to consist of North-Central, North-East, North-West, South-East and South-West Zonal offices to work with sub-national state investment agencies in the coordinating and further actualization of the Federal Government’s mandate.
=Leadership=
Aisha Rimi is the Executive Secretary/Chief Executive Officer{{Cite web|date=2022-07-05|title= Buhari Renews Saratu Umar's Five-year Tenure as CEO of NIPC|url=https://www.thisdaylive.com/index.php/2022/07/05/buhari-renews-saratu-umars-five-year-tenure-as-ceo-of-nipc/|access-date=2023-03-21|website=This Day Live|language=en-US}} of the Nigerian Investment Promotion Commission (NIPC). Prior to her appointment, Hajja Gana Wakil was the Commission’s Acting Executive Secretary after Emeka Offor. Yewande Sadiku was the Executive Secretary and CEO from 8 November 2016 to 24 September 2021.{{Cite web|date=2021-09-26|title=Yewande Sadiku completes 5-year tenure as Executive Secretary/CEO of NIPC|url=https://nairametrics.com/2021/09/26/yewande-sadiku-completes-5-year-tenure-as-executive-secretary-ceo-of-nipc/|access-date=2021-09-26|website=Nairametrics|language=en-US}} In 2015, the former President Goodluck Ebele Jonathan relieved the appointment of Saratu Altine Umar.
=Organisational structure=
The Commission’s Governing Council{{cite web |title=Governing Council |url=https://www.nipc.gov.ng/governing-council/ |website=Nigerian Investment Promotion Commission |date=7 February 2019}} is chaired by Rt. Hon. Dr Babangida S.M. Nguroje OFR. The Executive Secretary’s office is headed by Saratu Umar. The organogram of the Commission has seven specialised departments — Finance & Administration, Investment Promotion, Investor Relations, Human Resources, Policy Advocacy, States Coordination and Strategic Communications.
Furthermore, the Commission was structured to consist of North-Central, North-East, North-West, South-East and South-West Zonal offices to work with sub-national state investment agencies in the coordinating and further actualisation of the Federal Government’s mandate.