Business Post Contributor
By Ashemiriogwa Emmanuel
The federal government has advised investors to take advantage of iGuide Nigeria, an online platform designed to enable capitalists to make informed decisions concerning the country.
The initiative was launched in 2018 and as it houses information about every aspect of starting and running a business in Nigeria.
The Minister of Industry, Trade and Investment, Mr Niyi Adebayo, while speaking at a workshop organised by the Chartered Institute of Stockbrokers (CIS) tagged Leveraging the Financial Markets to Achieve Double-Digit Economic Growth for Nigeria held in Abuja on Thursday, stated that the platform serves as one of its key trades and investment initiatives to drive investment interest and contribute to a sustainable economy.
According to him, “To help investors make better decisions in Nigeria, iGuide Nigeria is an easy to use online platform which provides investors with up-to-date and pertinent information of the processes, procedures and basic cost of setting up any business in Nigeria.”
The online investment guide was developed by the Nigerian Investment Promotion Commission (NIPC) with the support of the United Nations Economic Commission for Africa (UNECA) and the United Nations Conference on Trade and Development (UNCTAD).
The marketing tool provides easy access to information on starting business, labour, production factors, land, taxes, investor rights, growth sectors, and opportunities.
In addition, Mr Adebayo also boasted about the size of the Nigerian, market stating that the country contributes 76 per cent of trade in Economic Communities Of West African States (ECOWAS) and also has the largest economy of over $500 billion in Africa.
He said, “To put this in context, Nigeria contributes an estimated 76 per cent of total trading volume in the ECOWAS region. This is made possible because of the ECOWAS treaty which provides for the free movement of people and goods throughout 15 West African countries.
“The African Continental Free Trade Area Agreement (AfCFTA) grants access to 54 countries with a population of around 1.3 billion and a market value of about $3.4 trillion.”
He noted that the execution of the AfCFTA will enhance Africa’s capacity to unlock growth, especially in job creation by building the nation’s industrial capacity, enlarging its productivity, and becoming competitive globally.
Commenting on the financial situation of the country, the Minister explained that, “The Federal Government of Nigeria, through the Ministry of Industry, Trade, and Investment, recognises the importance of attracting and retaining patient investment in our economy. The Ministry has continually engaged relevant Ministries, Departments and Agencies (MDAs) to implement policies that will help to achieve this goal.”
“As the economy grows, the financial services sector needs to keep pace with changing industry demands, especially in terms of assessing the prospects for risk and return.
“Sustainable growth of the economy needs to be underpinned by a broadening and deepening of the financial system, capable of serving the needs of all parts of the economy,” Mr Adebayo added.
