NIPC seeks legislation to strengthen operations

THE Nigeria Investment Promotion Commission (NIPC),is seeking to have the National Assembly review theenabling lawestablishing the commission to strengthen its operations.The NIPC Act no 16 of 1995,empowers the commission, among other things, to co-ordinate, monitor, encourage and provide necessary assistance and guidance for the establishment and operation of enterprises in NigeriaThe Executive Secretary of NIPC, Mustafa Bello, said the powers of the commission are usuallly truncated to a certain extend while dealing with a potential investor.He said: 'The act has clearly shown that the every investor should come and register with the commission before beginning operations in Nigeria, but there is no where, where it is stated that the commission has the power to sanction a failure in the circumstances of non compliance.'Bello, who was speaking during the visit of the National Assembly House Committee on Commerce, led by the Chairman, Sylvester Ogbaga, said such an amendment would make the commission more stronger forbetter investment environment.In a chat with The Guardian, Ogbaga said it is their duty to make a law that will fill in thelopeholes that are apperant in many agencies of government.At the seventh Assembly, we are conscious of the lacuna, in the many old laws and we are ready to correct them, the committee promised the executive secretary that we will give it speedy response and reaction as, and make sure that we remove all the locks that are making them unable to perform, add whatever that is necessary for them do better than they are doing now'.While taking thecommittee members on a familiarity tour of OneStop Investment Centre,Belloinformed them thatthe aim is to bring all government agencies, ministries and parastatals together in one place for ease of access to investors and to ensure transparency and efficiency in dealing with investors, to remove administrative bottlenecksand provide simplified administrative services toInvestors and Entrepreneurs interestedto do business inNigeria.
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