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Better funding of OSIC will attract more investors — Director

The Nigerian Investment Promotion Commission (NIPC) has called for better funding of the One Stop Investment Centre (OSIC) to attract more investment into the country. Mr Amos Sakaba, the Director of OSIC, made the call in an interview with the News Agency of Nigeria (NAN) in Abuja.

OSIC is the an investment facilitation centre where relevant government agencies are brought together to provide efficient services to investors. Sakaba said that more funding was needed for OSIC because “it does not charge for the services it renders to both potential and investors.

“We don’t charge for our services and this has put so much pressure on us,” he said. He said that funding of the centre should be addressed in next year”s budget as the centre had helped to reduce bureaucracy faced by investors.

He said that the NIPC was encouraging regional investment companies such as the O’dua Investment Company Ltd in the South West and the New Nigeria Development Company in the northern part of the country.  Sakaba said this would enable investors have complete information on investment opportunities available in these regions. .

“NIPC is trying to encourage the eastern states to also have a regional economic body to be located at the centre to serve the interest of businesses in that region,” he said. He said that OSIC had been instrumental in shortening and simplifying administrative procedures for the issuance of business approvals, permits, licences and company incorporation. Sakaba said that this had helped to remove bottlenecks faced by investors in establishing their businesses, ultimately reducing the cost of doing business in the country. NAN reports that OSIC was established in 2006 with 16 agencies.

They include the Corporate Affairs Commission (CAC), Nigeria Immigration Service, Nigeria Customs Service, Federal Inland Revenue Service, National Office for Technical Acquisition and Promotion, Standards Organisation of Nigeria, National Bureau of Statistics, Nigeria Maritime Administration and Safety Agency and NAFDAC


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