FEC approves 1st Nigeria investment policy

The Federal Executive Council, FEC, has approved for implementation the first Nigeria investment policy, NInP, to boost investors’ confidence and attract more investment into the economy.

The council, presided by Vice President Yemi Osinbajo, on Wednesday, also approved a new National Automotive Industry Development Plan, NADIP, that would span through 2023-2033.

Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, who disclosed this in Abuja, said the primary focus of the investment policy is on investment promotion, investment facilitation and sustainable development.

Adebayo was quoted in a statement from the ministry that over time, trade and industry moguls have deliberated on structuring the investment sector and agreed that “there was a need to have an investment policy, which would give confidence and allow people who want to better the country, through genuine investments, the confidence to bring their funds into the country, and invest.”

He added that “What has been operational over the years was just investment related regulations of Ministries, Departments and Agencies, MDAs, acting as a guide. This harmonized policy is the result of putting this concept together for the country to develop rapidly through industrialization, and then snowball into a sustainable investment climate to attract the kind of investment we desire.”

The minister expressed confidence that the trade policy would promote responsible investor conduct for sustainable development by influencing investor behaviour in compliance with globally acceptable standards relating to the environment, human rights, health, labour, safety, corporate social responsibility, CSR, and anti- corruption;

On the 2023-2033 automotive development plan, it will help the country migrate seamlessly from combustible engines into electric solar-powered engines. “This is an improvement on the 2013 automotive industry development plan, which was in place before,” said the Minister.

The approved NAIDP which was developed by the National Automotive Design and Development Council, NADDC, is aimed at enabling the exponential increase in the local production numbers of vehicles for up to 40 per cent local content, attaining 30 per cent locally produced Electric Vehicles, generating 1 million jobs, enforcing patronage of locally produced vehicles by government and companies working on government contracts as well as boosting Research and Development and technology transfer.

Adebayo also hinted that very soon the country will start running a national trade policy that will guide trade in Nigeria from 2023-2027.

He said this was basically a review of the old Trade policy that was in place, adding that, the whole idea was to have a policy in place that would improve Nigeria’s trade within the World Trade Organization and bring increased levels of Nigeria’s capacity to GDP to bring in more revenue for the country.

NEPC trains SMEs on export packaging, labelling

The Nigerian Export Promotion Council, NEPC, has provided technical training for Small and Medium Enterprises, SMEs, on packaging and labelling for export.

Executive Director of NEPC, Dr. Ezra Yakusak, said the training was a reaffirmation of the Council’s commitment towards facilitating SMEs’ efforts to overcome challenges posed by Technical Barriers to Trade, TBT, and in particular packaging and labelling for export.

Yakusak stated this in Abuja while delivering a keynote address at the Hands-on Export Packaging and Labelling Technical Sessions for SMES.

“Today’s program has been carefully designed to enable product assessment, transfer of technical skills in packaging and labeling, a unique opportunity for the SME exporters to receive hands-on practical solutions, action plan for each of their products,” he said.

The NEPC boss noted that the council deliberately chose experts in the packaging and labelling field to facilitate the technical sessions in the workshop, adding that they will impart requisite knowledge through hands-on action learning demonstration techniques.

He implored participants to leverage on the knowledge received in transforming their current and future product lines to conform with global requirements, as well as share their knowledge and experience with other exporters having similar brands.

Speaking on women exporters, he said, in March 2023, the Council hosted an exhibition of made in Nigeria products to commemorate the 2023 International Women’s Day and the event gave it the rare opportunity to celebrate Nigerian women exporters and entrepreneurs who are distinguishing themselves in the non-oil export space.

“During an inspection of the products exhibited, we saw the ingenuity and innovativeness of our Women in developing products that are targeted for export.

“The exhibition also revealed some inherent gaps in our products, which include poor or inappropriate packaging arising from incorrect cushioning materials, a mis-match sizes, misbranding, wrong labelling, incorrect or illegible graphics, infringement on trademarks, lack of barcodes, etc. could be attributed to Basically, these flaws dearth of knowledge on appropriate packaging and ignorance of importing countries packaging and labelling requirements among others.

“Realizing that getting the required knowledge remains a herculean task for our Women SMES, I promised them that the Council will provide intervention in the areas of packaging and labelling. Today is a fulfilment of that promise.

“This program has therefore been designed or structured to bridge the knowledge gap, expedite compliance, enhance product competitiveness and achieve sustainable market access in Nigeria traditional and emerging markets,” he said.

Fidelity Bank CEO bags Champion Newspapers’ Banker of the Year Award

Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, has received yet another recognition as she bagged the award of the Banker of the Year 2022 at the Champion Newspapers’ Awards of the Year 2022.

Held at the Eko Hotel and Suites on Friday, 12 May 2023, the well-attended event featured top players in the nation’s public and private sectors.

Receiving her award in company of her family, friends and colleagues, an elated Mrs. Onyeali-Ikpe said, “I am grateful for this recognition and I dedicate this award to the board, management and staff of Fidelity Bank PLC as well as my family for their support.”

Earlier in the programme, the chairman of the occasion and the Director General, National Council for Arts and Culture, Otunba Olusegun Runsewe, said when hard work and integrity are not rewarded, mediocrity would be promoted.

He added, “The awardees have no doubt gone through a rigorous process of screening, careful and meticulous scrutiny to have been adjudged fit, proper in all ramifications. They are therefore worthy and deserving of these prestigious awards.”

On her own part, the Group Managing Director, Champion Newspapers, Dr Nwadiuto Iheakanwa, in her opening remarks said, “There is no gainsaying that the reward for hardwork is more work hence our humble appeal that more efforts be made to ensure that the nation realizes its full potentials in all spheres of endeavour knowing fully well that the country is among the most endowed nations of human capital.

“One of the areas I want to challenge the post-President Muhammadu Buhari administration is in the ease of doing business. It is my considered opinion that if the incoming administration can get it right in institutionalizing administrative structures which will eliminate the bottlenecks, the country will be able to expand her productive capacity.in a manner that will encourage greater foreign earnings beyond oil.”

Other award recipients include; Chairman of, National Drug Law Enforcement Agency, NDLEA , Brigadier-General Mohamed Buba Marwa (rtd), who was conferred with the Man of the Year Award; Afenifere Leader, Chief Ayo Adebanjo, who bagged the Life Achievement Award; Governor of Lagos State, Babajide Sanwo-Olu, who received the Governor of the Year award; Governor of Osun State, Ademola Adeleke, who bagged the Governor of the Year, Good Governance award; Chief Dr. Cyril Onyekwelu Umunna Ajagu, who received the award of the Most Outstanding Savvy Investor of the Year; and High Chief Michael Onuoha, who bagged the Most Innovative Brand CEO of the Year award.