Nigeria Investment Promotion Commission has revealed plans to set up a special development fund called the Investment Facilitation Funds (IFF).
The proposed fund, when launched, will be accessible for preparatory stages of investment for business expansion or green-field projects across the entire nation.
Aminu Takuma, coordinator, Invest in LAKAJI Corridor, with the NIPC, said at the Investment Facilitation Workshop for Northern LAKAJI Corridor States, organised by NIPC and United States Agency for International Development USAID (Nigeria) on Thursday in Kaduna State.
The IFF will be a replica of the Project Development Facility (PDF) currently being implemented by the USAID/Expanded Trade and Transport (NEXTT) project for facilitation of investments along the corridor, Takuma said.
The PDF provides: seed funding for early-stage project development to catalyze private investments in agribusinesses, transport and logistics along the Lagos-Kano-Jibiya (LAKAJI) corridor.
“It also provides technical assistance through local Business Development Services Providers (BDSP) to support investments that will potentially export agricultural products and reduce the time and cost to transport goods along the corridor,” Takuma said.
He noted that the investment commission seeks to implement the proposed development Investment Facilitation Fund through a public-private partnership advocacy platform that will provide aftercare services to existing investments or start-ups at the preparatory level.
Michael Harvey, Mission Director, USAID/NIGERIA, who was represented by James Lycos at the event, explained that the goal of the IFW for the corridor is to promote trade and investment, engaging various stakeholders on the need to implement policies that promote private sector investments in processing of agricultural commodities and other opportunities on the northern belt which includes: Kwara, Niger, Kaduna, Kano and Katsina States.
He said the USAID/NIGERIA NEXTT project will continue to provide assistance to help reduce the time and cost to trade as well as support new agricultural investments along the corridor.
The LAKAJI Corridor, an initiative of USAID/NIGERIA and NIPC, has been in partnership for the implementation of PDF to facilitate investment on the crucial trade corridor which is estimated to homed 90 million Nigerians and hosts the processing hub of Nigeria in Lagos as well as production centres of Kano and the border town of Jibiya in Katsina.
