Geneva, 25 July 2008 — The Secretary-General of UNCTAD, Dr. Supachai Panitchpakdi, presented the thrust and key messages of UNCTAD´s Investment Policy Review (IPR) of Nigeria to the President of the country, Umaru Musa Yar´Adua, and a number of key cabinet Ministers (including the Minister of Finance, the Minister of Industry and Commerce, the Minister of Information and Communication, the Chief Economic Adviser to the President, the Governor of the Central Bank, the Chief of Staff and the Special Assistant to the President on Communications).
The Secretary-General stressed that the IPR offers the Government of Nigeria a Foreign Direct Investment (FDI) strategy to help the country meet its development objectives. He highlighted the priority issues regarding the investment and development strategies.
President Yar´Adua expressed deep gratitude to UNCTAD for its technical assistance and the excellent work done in the framework of the IPR. He added that Nigeria strongly values the partnership with UNCTAD. He emphasized that the investment strategy as contained in the IPR will be conducive to achieving his development Vision 2020. He also mentioned that the Government of Nigeria has studied UNCTAD´s report and he ensured Dr Supachai that his government will implement its recommendations.
Dr. Supachai extended an invitation to the Government of Nigeria for taking part in the inter-governmental peer-review of the IPR at UNCTAD´s forthcoming Commission on Investment, Enterprise and Development. The President responded favourably by committing to send a high-power delegation to Geneva.
The main findings and recommendations of the Investment Policy Review of Nigeria were presented in Abuja at an interactive session with high-level government representatives, the local and international private sector, members of civil society and senior diplomats representing investment home countries. The event was organized in partnership with the Office of Chief Economic Advisor to the President, the NIPC and with the support of UNDP office in Nigeria.
The event was chaired by the Governor of the Central Bank of Nigeria. The Secretary-General of UNCTAD and the Minister of National Planning delivered keynote addresses. The Officer in Charge of the Division on Investment and Enterprise presented the key policy recommendations of the IPR. While praising the Government for its reforms in various areas influencing the investment framework, the report elaborates on an FDI strategy that would lead to dynamic investment beyond the oil sector.
During the event, the Minister of Planning and the Governor of the Central Bank of Nigeria gave strong endorsement to the report and committed on behalf of the government to the effective implementation of UNCTAD´s recommendations. In particular the Minister of Planning stated that: "The IPR presents the basis and foundation from which the Government would launch efforts aimed at creating an enabling environment for foreign direct investment flows".
The Secretary-General of UNCTAD, together with the Executive Secretary of the Nigerian Investment Promotion Commission and the Officer in Charge of the Division on Investment and Enterprise of UNCTAD, held a press conference on the Investment Policy Review of Nigeria. Representatives of major Nigerian media attended the event.
The Investment Policy Review is an interactive process of technical assistance with the government and a number of its recommendations have already been implemented or are in the process of implementation. These include the opening of a One Stop Investment Center and UNCTAD´s advice on the reform of Nigeria´s tax regime.
UNCTAD, in cooperation with the UNDP and the government have agreed today to engage in a full fledged follow-up programme, including the preparation of a 10 point action plan, the so-called "Blue-Book on Best Practice in Investment Promotion" and a set of capacity-building activities.
During a bilateral meeting, the Minister of Industry and Commerce requested to the Secretary General for UNCTAD´s assistance in identifying and setting up six industrial development zones along the lines of the IPR´s recommendations.
