The Nigerian Investment Promotion Commission (NIPC) has revealed that N5.6 billion was generated from its Internal Generated Revenue in 2018.
The Executive Secretary of the Commission Ms Yewande Sadiku said from the year 2015 to 2017 , the commission didn’t generate much revenue due to the suspension of its administrative suspension of the pioneer status .
During a media chat with Journalists Tuesday in Abuja , Sadiku said the NIPC internal revenue fell in 2015 to N302 million,in 2016 they generated N297 million, in 2017 they generated N29million and then in 2018 the IGR increased in to N5.6billion.
She said across the year from 2012-2018, 98.9 percent internal revenue came from processing pioneer status, stating that the irregularities of funding is an issue at the NIPC.
She estimated that in the year 2016, the sum of N983.9 million was appropriated to NIPC, only N802 million was released and N66.3 million was related to over heads.
She further said in 2017, N1.3 billion was appropriated to the NIPC, N980 million was released to the commission and N52.7 million was related to the over heads.
She said in 2018, N1.4 billion was appropriated,N827 million was released and N87million was related to its over heads.
Sadiku expressed concern that the appropriation for the NIPC is insufficient.
She outlined the Commission’s strategic plans for 2019 which includes developing an e-business facilitation platform ,re-launching of One Stop Investment Centre (OSIC).
Others, according to her is to undertake investments impact assessment, incentives impact assessment , develop facilitation databases, targeted investment promotion, proactive aftercare to the top 100 companies.
“Strengthening zonal presence , establishing an investment promotion club, strengthening Freedom of Information (FOI) Act disclosure , proactive investment promotion strategies ,” she said.