$1bn investment recorded in auto industry – Minister

The Federal Government has recorded more than one billion dollars’ worth of investments in the automotive industry. Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, said this in Abuja on Tuesday when he featured at the 20th edition of President Muhammadu Buhari’s administration scorecard series organsied by the Federal Ministry of Information and Culture.

“Over one billion dollars in investment has been recorded in the automotive sector and we are ready to move on to the next phase for the automotive industry,” the minister said.

He said the review of the National Automotive Industry Development Plan (NAIDP) was almost completed, adding that the plan was going through validation process.

Adebayo restated the ministry’s commitment toward enabling business environment to attract and retain investments.

According to him, the ministry and the Nigerian Investment Promotion Council (NIPC) are committed to attracting and protecting investments that genuinely benefit Nigeria and its citizens.

He said that the revised Bilateral Investment Treaty (BIT) would boost investment.

“Nigeria has successfully revised its model Bilateral Investment Treaty (BIT) to include a specific provision for investment facilitation, which institutionalizes the principle of assisting investors in completing their investments.

“We are proud to offer Nigeria’s first investment policy to the Federal Executive Council (FEC) for approval.

“This strategic statement, which will outline our priorities, aims, commitments, and expectations, is a turning point for the Federal Ministry of Industry, Trade, and Investment and Nigeria as an investment destination,” he said.

Adebayo, who said that Nigeria had Investment Promotion and Protection Agreements (IPPAs) with Singapore, Morocco, and Saudi Arabia to attract and retain investments, said the ministry was developing more.

“We have IPPAs with Singapore, Morocco, and Saudi Arabia to attract and retain investments. The president ratified both accords on Sept. 16, 2022 and we are developing more IPPAs,” he said.

Adebayo said the ministry also distributed 5,571 acceptance certificates worth N7.7 trillion to 2,665,800 firms.

“The acceptance certificates allow businesses claim tax reduction when computing Company Income Tax.

“We also issued more than 130 Production Day Certificates, a crucial Pioneer Status Incentive step,’’ the minister said.

To further accelerate industrialisation, Adebayo said that the ministry was expediting the establishment of Special Economic Zones (SEZs) across the country.

According to him, the special economic zones will increase infrastructure availability and provide fiscal incentives for value addition.