As a governmental organisation, the agency assists in the grant of business entry permits, licenses and authorisations in a so-called “one-stop shop” environment. Through its One Stop Investment Centre (OSIC), the NIPC looks to provide more coordinated and efficient support for the stimulation of private sector investment from within and outside the country. “It is essentially a centre which cuts off bureaucracy to make entry into the economy much quicker and easier as well as enhancing confidence in doing business in Nigeria,” says CEO Mustafa Bello. “We have a variety of government agencies which either approve or provide information, or both, so that when you come in, you do not need to hop from one agency to another.”
It is largely through the good work of Mr Bello in the last 14 years, serving as Minister of Commerce before taking charge at the NIPC in 2003, that the institution has become a resounding success. Namely, the CEO has strongly pushed for reforms of investment related laws, which have over time seen the liberalisation and strengthening of conditions for foreign investment in the country. This year for example, the NIPC has further demonstrated its commitment to facilitating the ease and reducing the cost of doing business in Nigeria by cutting the price of business registration by 70 per cent.
|The NIPC initiates and supports measures that enhance Nigeria’s |
Meanwhile, Mr Bello has also helped pioneer the Corporate Affairs Commission’s project that has helped to revolutionise the service of the OSIC, making it possible for its clients to register a company online, as well as access a range of other services on the internet.
Through such innovative measures and projects, including the development of sector-specific investment policies and incentives, the NIPC has ensured the substantial enhancement of the country’s national competitiveness as a foreign direct investment destination, with Nigeria recently becoming Africa’s top recipient of FDI.
“The establishment of the OSIC has greatly restored the confidence of investors on receiving a prompt and transparent service,” claims Mr Bello. "I must say that NIPC has played a very important role in all the efforts the government has made to improve the economy. We have been instrumental because there is continuity in the NIPC.”