Uju Hassan-Baba, the Executive Secretary of Nigeria Investment Promotion Commission (NIPC), gave the assurance when the Head of European Union delegation to Nigeria and regional bloc, Michel Arrion, visited her in Abuja, the nation’s capital city.

The issue of investment climate was top on the agenda of the present administration, considering the urgent need for diversification of the nation’s economy, the official said.

Business24

Hassan-Baba also attributed the recent decline in the country’s Foreign Direct Investment (FDI) to the last general elections and the current global economic and financial crunch.

Nigeria’s National Bureau of Statistics (NBS), in its capital importation report in June, said the country’s FDI declined by 48.7 percent in the first quarter of 2015.

The NIPC boss said it was normal for investment inflow to slow down given the uncertainties that surrounded the general elections and global economic crisis.

She stated that things would improve from next year when the government must have fully settled down for business.

Hassan-Baba said the NIPC was working vigorously with other relevant ministries and agencies to urgently address investors’ complaints about the business environment in line with a recent presidential directive.

She added that government, on its part, was vigorously tackling the issues of insecurity, corruption, unstable power supply and other pitfalls in the investment climate.

Earlier, Arrion expressed concern over the decline in the country’s FDI from a peak of 8.9 billion U.S. dollars in 2011 to 5.6 billion dollars in 2013.

According to him, Europe remains Nigeria’s most important partner with regard to FDI with Netherlands, France, UK and Italy accounting for 49 percent of the country’s stock in 2013.

The EU delegation head said most of the impediments to European investments in Nigeria were related to the business climate rather than technical issues like financing. Enditem

Soucre: Xinhua

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