BY FRANKLIN ALLI
NIGERIAN Investment Promotion Commission (NIPC) is set to adopt the incentives model of Malaysia and India to boost both domestic and foreign direct investment flows into the country.

The Commission has also proposed $10 billion (about N1.5 trillion) as the minimum capital base for private sector companies in the country to be qualified as a state enterprise.

The Executive Secretary/CEO of the Commission, Engr. Mustafa Bello, made this disclosure when he presented the new Draft Policy Document to stakeholders in the economy in Lagos.

e said it took the Commission more than one year to put the draft policy together. “The incentive model of Malaysia, Indian and other successful emerging economies were used to generate the policy document so as to make the country’s investment environment conducive for both domestic and foreign investors.

“By February next year, after the draft is completed and updated with inputs from stakeholders, a national stakeholders’ conference will be convened by the Commission to publicly present the document formally. After the stakeholders’ conference, the draft policy will be submitted to NIPC Governing Council by March, with submission of a draft policy to President Goodluck Jonathan for approval in April, 2012, and thereafter, to the Federal Executive Council. The implementation will start from May 2012 when Mr. President is one year in office. The gazette approved copy of policy will be circulated to members of public/amendments of relevant legislation that may be affected.

“For an enterprise to be qualified as a state enterprise, it must meet the following conditions: It must be capitalised to the tune of, at least, $10 billion; The enterprise must be wholly or substantially owned by Nigerians; Must have operated for at least ten years in the country and met all its tax obligations including operation spread outside the country.  The President/ Chairman of any such enterprise that falls within this category shall be entitled to diplomatic privileges extended to a minister,” he said.

Bello urged stakeholders to take time and read through the document sector by sector and make recommendations, where necessary, stressing,  “the draft will also be presented to stakeholders in the South East, in Port Harcourt, next month, and in Kano by December,” he said.

Some stakeholders present at the presentation commended the initiative. “This initiative is commendable.  We will give all the support that is needed to make the policy succed,” said Permanent Secretary, Lagos State Ministry of Commerce and Industry, Mr.Wale Raji.

“The new initiative is a step in the right direction as we are looking for increase in foreign direct investment.  We urge stakeholders to make the policy work,” said the President of Nigeria-British Association, Mr.Tunde Arogunmati, who chaired the forum on behalf of Prof. Anya O.Anya.