NACCIMA President Urges Overhaul of Nigeria’s Investment Agencies to Attract High-Quality Investments
The President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Kelvin Oye, has called for a complete overhaul and strengthening of Nigeria’s Investment Promotion Agencies (IPAs) to attract high-quality and impactful investments. Speaking at the Nigerian Investment Promotion Commission (NIPC) Summit in Benin City, he emphasized the urgent need to improve the institutional capacity of IPAs and foster collaboration between federal and state agencies to fully unlock Nigeria’s economic potential.
Oye outlined Nigeria’s investment landscape as one filled with immense opportunities but also significant challenges. He noted the country’s status as Africa’s largest economy with a growing population and middle class, suggesting that strategic public-private partnerships in sectors such as agribusiness, transport, and export infrastructure could yield substantial benefits. He argued that IPAs should go beyond infrastructure and industrial projects by prioritizing investments in human capital development, skills training, and youth employment.
He highlighted underexploited sectors like ICT, tourism, fashion, entertainment, and the green economy, urging IPAs to promote these as viable investment frontiers. Oye also discussed the potential for local innovation in the security industry and the importance of preparing Nigeria for global shocks by building indigenous technological capacity. He stressed the need for Nigeria to respond to global migration trends (“Japa Syndrome”) by investing in healthcare and education infrastructure to retain talent and build internal capacity.
To achieve long-term industrial growth, Oye advocated for an industry-led approach to education, arguing that Nigeria’s academic institutions should focus on producing entrepreneurs and innovators rather than job seekers. He cited the benefits of aligning deregulation and innovation with strategic sectoral development, such as in healthcare and manufacturing, which could reduce dependency on social welfare and stimulate self-employment and job creation.
Finally, Oye acknowledged the government’s ongoing efforts to diversify the economy and improve infrastructure but urged for better coordination among regulatory bodies like NAFDAC, SON, and FCCPC to ensure a unified approach to supporting private sector growth. He proposed the creation of a real-time digital dashboard for approvals and applications to improve transparency and inter-agency efficiency. He concluded with a call for IPAs to become drivers of sustainable development, community upliftment, and investor confidence, emphasizing the role of collaboration in transforming Nigeria into a premier destination for quality investments.
Source: Arise