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Investor Presentaiton

6.12 PROGRAMS OF THE NIGERIAN INVESTMENT PROMOTION COMMISSION FOR 2010-2013 1. 1.1 1.2 1.3 2. INTRODUCTION FDI flow to Nigeria is put at US$20 Billion (2008 UNCTAD) which was an improvement over 2007 figure of US$12 billion which are largely in Oil and Gas sector, however non-Oil sector attracted up to US$7 billion during the reporting period. With Government's commitment to the realization of the Seven Point Agenda and Vision 20-2020, Nigeria has to make a quantum leap in the area of FDI inflow if the Strategic Plan in view is to be realized. The current global economic crisis further provides Nigeria with an opportunity to offer itself as good alternative destination for FDI given our profile of being the most profitable, liberalized and safest economy in Africa, as confirmed by former Merrill Lynch, one of the world's leading financial and advisory company, to the effect that Nigeria is the least risky economy in the World. Investment promotion and facilitation are critical to economic growth of any nation because of their contributions in the creation of an enabling environment for FDI to flow and be sustained. It has been established that FDI contributes to GDP and GNP, helps in employment generation and human capital development, promotes economic stability, import substitution industrialization, transfer of technology, general growth and development, and improves the credit worthiness of countries with friendly investment climates. These conform with the goals and objectives of the Seven point Agenda and the vision 20:20:20. PROGRAMS FOR 2010- 2013 AND THE IMPLEMENTATION STRATEGY Based on Government's desire to attain double digit growth rate in GDP as a prerequisite for achieving its long term development plans, Nigeria requires attracting a minimum of USD 7.5billion especially in non-oil FDI annually. It is against this background that Investment Promotion, facilitation and private sector development should take centre-stage in current efforts to 149
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