EFFECTIVE STRATEGIES FOR PROMOTING INVESTMENT IN NIGERIA: A CASE STUDY OF NIGERIAN INVESTMENT PROMOTION COMMISSION (NIPC)
ABSTRACT
The provision of a conducive regulatory environment constitutes a major
attribute of investment policies that could influence location decision. The others
comprise net incentives, the variety of incentives, the stability of incentives, the
timing of incentives and investment promotion activities.
Over the last few years, the Nigeria Investment environment has witnessed
substantial economic and structural changes.
In the period of boom as the country experienced in the mid-seventies, many
business firms thrived in an era of abundance. During this period, employment,
production and income were at their peak levels and government expenditures rose
considerably. Nigerians then had so much money, but lacking in ideas the best
investment we. could see was to buy out our foreign investors, instead of
establishing our own business.
The business failure became the other of the day as a result of adverse
macro economic conditions. Due to the economic recession, firms found themselves
in extremely hard conditions to the extent that survival has become of paramount
importance.
The restructuring of Nigerian economy since 1986 has increase the tempo
of the need for competitiveness in the Nigerian investment environment.
The political instability which took its toll in the early 80’s has greatly
affected the growth and development of investment in Nigeria.
The inability of the government to develop an articulate policy for the
purpose of promoting investment in the country also hampered the growth of
investment in Nigeria. For instance the Structural Adjustment programme (SAP),
that was introduced in 1986 greatly affected the major Nigeria economic sectors.
In 1988, as part of the Structural Adjustment Programme (SAP), government
embarked on a policy of privatization and commercialization of the less strategic
of its business enterprises. Another mini privatization was embarked upon in 1993-
4 for the sale of banks’ shares. A third phase of privatization is now under
consideration, this time for the so-called most strategic industries.
Privatization is a major way of attracting foreign and domestic investment
into the country to relieve government of a substantial burden, which it has borne
on behalf of society. Unfortunately, privatization is both politics and economics and
substantial investment needs to be made in educating the public as well as in
repackaging the nation to make it attractive for investment, before such a
programme can have a chance of success.
Since 1993, Nigeria has been pursuing a programme of reforms involving
the deregulation and liberalization of its economy. Assistance from the World
Bank, and IMF are now predicated on the scope and extent of these reforms, such
reforms must include such as are likely to make Nigeria more attractive for local
and foreign investment.
Nigeria must therefore, look beyond their present situation and develop a
long term strategy to keep abreast and reap the investment opportunities within its
reach and capability.
There is however, no one strategy for promoting the country’s investment
opportunities that is optimal, Nigeria must determine which investment strategy(ies)
makes the most sense in the light of its economic socio-cultural, legal/political and
technological position.
In the course of writing this thesis the researcher found out that Nigerian
Investment Promotion Commission have some laid down plans on how to promote
Nigeria Investment potential to investors. The researcher therefore, went further to
suggest some effective strategies for the implementation of these plans.
Chapter one is the general introduction of the project work. Chapter two
which is the literature review; covers every literature (books and journals) that was
available at the researchers disposal. Chapter three which is the research
methodology explains the methods, the approach used in gathering data as well as
the tools of gathering such data. Chapter four contains the presentation and analysis
of the relevant data obtain from the research proposal. Chapter Five which deal
with the findings, summary, conclusion and recommendation give some
recommendations and suggestions which in the researcher’s opinion will ameliorate
some of the problem which have been proffered.
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
EFFECTIVE STRATEGIES FOR PROMOTING INVESTMENT IN NIGERIA: A CASE STUDY OF NIGERIAN INVESTMENT PROMOTION COMMISSION (NIPC)
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