ECONOMIC DEVELOPMENT STRATEGY AND AGGRESSIVE INVESTMENT PROMOTION BY GOVERNMENT: A PANACEA TO NIGERIA ECONOMIC PROBLEM By Akoh Jacobs »

ECONOMIC DEVELOPMENT STRATEGY AND AGGRESSIVE INVESTMENT PROMOTION BY GOVERNMENT: A PANACEA TO NIGERIA ECONOMIC PROBLEM.

Strategy is required to solve myriad of societal problems as best deplored strategies will always win any conquest. Strategy is refer to as a high level plan to achieve one or more set goals under condition of uncertainty. In the sense of the “art of the general” which includes subsets of skills including tactics and seigecraft.

Economic development which is the ideal feat that solves most economic problem of any given clime is the process by which the economic well-being and quality of life of a nation, region, state or local community are improved as evident in the living standard of the people/citizens, sufficient and productive infrastructural investments/amenities, industrial harmony, industrialization, investments as well as improved technology and other gauge for economic well being of a clime such as health and education.

Consequently, most scholars of economics has pointed out that economic growth which is the increase in the amount of goods and services produced per head of a given population over a period of time is just an aspect of the process leading to economic development. Economic development is a long sequence of economic processes set out to achieves citizens’ freedom from oppression, give them high self esteem meeting needs and having array of choices.

Aside security and maintenance of law and order as it is primarily prescribed, government of any clime and at any level are faced with the task of finding solution to the numerous economic problems such as inadequate infrastructure, unemployment, poor living standard and starvation facing her citizens daily. Looking for solution to these problems, government of Nations and their component governments need to adopts various means and economic models which has not achieved the desire outcome due to lack of commitment, innovation, political will power and improper management of scarce available resources.

However, all hope is not lost, hence the needs for economic development strategy and aggressive investment promotion by the component governments in synergy with established economic agencies of National Government, International Agencies and Communities, High Commissions, Foreign and Local Investors to harness economic opportunities in which they have comparative advantages upon in their clime for profitable outcome.

In specific term, Nigeria economy is in her low performance arising from the declined in global oil prices which is the main stay of her economy and the dwindled accrued earnings been distributed amongst the component governments is adversely affecting government obligations with striking negative effects on the economy.

Nigeria government has been desirous in diversifying the Nation’s economy and to build a sustainable economy that is resilient to global declines in oil price movements. Efforts has been intensified even though it is inadequate to appropriately up scales SMEs Development through skills acquisitions schemes, entrepreneurship development programmes and institutionalized mechanism put in place to improved commercial activities in the country. This led to the establishment of The Ministry of Industry, Trade and Investment as a coordinating Ministry of related departments and agencies of commerce and investment.

It is pertinent, expectant and only wise of component governments to follow suites creating units, departments and agencies in like manner putting up functional mechanism that shall improves job creation and increase government revenue while embarking on aggressive investment promotion, organizing economic summits, investment road shows, attending globally organized investment fora, marketing area of comparative advantages and giving investment incentives to seduced investors into their clime while partnering and collaborating with relevant Federal government ministries, departments and agencies (MDAs) to increased entrepreneurship and encourages industrialization in their local economy.

Some of such establishment includes:
(1) Nigerian Investment Promotion Commission (NIPC). Established by Nigeria Investment Promotion Act No 16 of 1995 to encourage, promotes and coordinates investment in Nigeria. It head office is located in the Nation Capital Abuja. It is a one stop investment Centre warehousing 27 government agencies providing investment facilitation services, eliminating bureaucratic tendencies by reducing time required to process regulatory approvals and permits, assisting with requisite information and other requirements needed for the incorporation of an investment and thereon expansion. Visit www.nipc.gov.ng for more duties, opportunities, benefits, powers and essence of the Nigeria One Stop investment Promotion power house to see the needs for component governments’ collaboration with the agency to improved investments in their economy.

Other of such establishments created by law to encourage trade, investment, industrialization, entrepreneurship and encourage economic development includes:

(2). Small & Medium Enterprises Development Agency (SMEDAN). Established by smedan act of 2003 as amended with it is head office located in 35, Port Harcourt Crescent, Off Gimbiya Street, Area 11, Garki and offices spread across the country is serving as the vanguard commission and focal point for rural industrialization, poverty alleviation and eradication, technology acquisition and adaptation, job creation and sustainable livelihood among other functions of the agencies. Visit www.smedan.gov.ng for information about the all important agency of job creation and industrialization in Nigeria.

(3). Central Bank of Nigeria (CBN).

(4). Nigeria Export Promotion Council (NEPC).

(5). Corporate Affairs Commission (CAC).

(6). Standard Organization of Nigeria (SON).

(7) The Industrial Training Fund (ITF).

(8). National Agency for Food & Drug Administration (NAFDAC).

(9). Nigeria Export – Import Bank (NEXIM).

(10). Bank of Industry (BOI).

(11). Bank of Agriculture (BOA)

(12). Federal Inland Revenue Service (FIRS).

(13). The Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL) Mainly to facilitates agricbusiness and De-risking Agriculture.

(14). Nigeria Custom Service (NCS).

(15). National Information Technology Development Agency (NITDA).

Establishments of Component Governments responsible for commercial prosperity of their clime needs a productive work plan in harnessing the purpose of establishing each of the above agencies to the advantages of economic development of their locality. It is glaring by this little research that economic well being of a give locality needs tenacity, hard work, focus and sincerity of purpose in policy formulation, implementation and functional judicial system with motive of swift justice administration by the economic managers and citizens alike. Success is never a mere but deliberate cause of productive actions. God Bless Nigeria.

AKOH JACOBS FCFIA.
LOKOJA – NIGERIA.