By Alex Okoro
OrderPaperToday – The House Representatives has passed for second reading a Bill to amend the Nigeria Investment Promotion Commission Act of 1995.
The Bill sponsor, Mr. Oghene Egoh at Tuesday’s plenary session explained that the Bill seeks to increase the number of persons from the private sector in the Governing Council of the NIPC.
This he said, will allow for Foreign Direct Investment (FDI) policies of Nigeria to be modelled after countries with heavy FDI inflow and to create employment.
The lawmaker also said the Bill will enable high employment potentials and create enabling economic environment for Nigeria.
He advised that easy entry be allowed for investors and tourists into the country to aid rapid development.
It would be recalled that the essence of NIPC Act created in 1995 is to encourage and promote investment in Nigeria but many years after the law, Nigeria’s attraction of foreign investment remains insignificant when compared to other countries like Singapore, China and others.