The Federal Government and the United Nations Industrial Development Organisation on Monday launched an Investment Monitoring Platform that would boost rapid industrialisation of the country.
The platform, which was launched by the Minister of State for Industry, Trade and Investment, Dr. Samuel Ortom, will also help to generate useful data to guide decision-making for both local and foreign investors.
Speaking at the event in Abuja, Ortom said the move had reinforced the fact that Nigeria remained the preferred investment destination in Africa.
He said the reforms so far carried out by the current administration had laid the foundation for transforming the economy.
For example, he said most incentives given by the Federal Government to investors could not be matched anywhere else in the world.
Some of the incentives, according to him, are that foreign investors can own 100 per cent of their investments, generous tax holidays for investments in key sectors, robust capital allowances and a legal code that allows foreign businesses to repatriate 100 per cent of their profits and dividends.
The minister said, “As a nation, we have moved beyond incentives and we are now building up both the hard and soft infrastructure required to make it easier to invest and operate in Nigeria.
“One area we have focussed on at the ministry is to deepen the capacity of our country to generate and make useful investment information available to all investors. The IMP is a key initiative to help us achieve this goal.”