The Federal Government has reaffirmed its commitment to strengthening Nigeria’s investment environment as the country undergoes the Organisation for Economic Co-operation and Development (OECD) Investment Policy Review and prepares to pilot the African Virtual Investment Platform (AVIP).
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed this on Tuesday in Abuja while opening a technical engagement with an OECD delegation at the ITF Skills House, Maitama.
Oduwole said the OECD review would provide an independent, evidence-based assessment of Nigeria’s investment framework, with emphasis on investment promotion and facilitation, responsible business conduct, and sustainable investment to support the country’s green and digital transition.
She said the review was particularly important as the government seeks to improve policy predictability, transparency and consistency for investors while advancing industrialisation, sustainable economic growth and job creation under the Renewed Hope Agenda.
According to the minister, Nigeria has implemented several reforms over the past 18 months, including the unification of foreign exchange windows, removal of distortive subsidies and more than 180 business climate reforms under the Presidential Enabling Business Environment Council (PEBEC).
She also highlighted efforts to reposition the Nigerian Investment Promotion Commission (NIPC) as a one-stop platform for investors.
On AVIP, Oduwole said Nigeria would serve as a pilot country and champion the initiative, which is designed to improve the visibility of investment opportunities across Africa and attract more foreign direct investment.
She noted that Africa currently receives less than five per cent of global foreign direct investment despite accounting for about 18 per cent of the world’s population and having significant opportunities in sectors including energy, food systems and digital trade.
The minister said Nigeria would use AVIP to showcase investment opportunities from its Special Economic Zones, the Renewed Hope Infrastructure Fund and green economy projects.
She added that the government was developing a new Nigeria Investment Portal and would leverage the country’s role in the African Continental Free Trade Area (AfCFTA) to support the initiative.
Oduwole further disclosed that a technical working group involving the NIPC, Central Bank of Nigeria, Federal Inland Revenue Service, Corporate Affairs Commission, Nigerian Export Promotion Council and private-sector representatives had been established to support the investment reform process.
The engagement brought together officials from the ministry and other government agencies, private-sector representatives and development partners to identify practical measures for improving Nigeria’s investment climate.
