Investment Promotion Commission gives Oyo State 4-Star rating

The Nigerian Investment Promotion Commission (NIPC) has given Oyo State Government four-star rating as a qualified state to help promote foreign and domestic investments.

The State Commissioner for Information, Culture and Tourism, Mr Toye Arulogun, made this known on Sunday in Ibadan.

Arulogun said that the rating was conveyed in a correspondence with reference number NIPC/ES/YTS/DSCO/2018/04/Vol.1/10 addressed to Gov. Abiola Ajimobi by Ms Yewande Sadiku, the NIPC Executive Secretary.

He said that NIPC had assured that the Nigerian Investment Certification Programmes for States (NICPS) certificate would be presented to the State Government soon with two years validity period.

Arulogun said that the certification process was scored by the NICPS Team, consisting of staff of NIPC, international and domestic consultants.

The Governor’s relentless efforts to bring investments to the state were rewarded. The state was adjudged the 4th best investment-friendly state.

It was also named as one of the five states that attracted investment to the country in 2017 by the Nigerian Bureau of Statistics (NBS), he said.

Arulogun said that NIPC, in its letter appreciated the Governor for providing the leadership, strong will and support to the various Ministries, Departments and Agencies (MDAs) in the state.

According to the letter, such encouraged the MDAs work diligently to ensure that Oyo State was among the first states in Nigeria to be certified ‘Investment Friendly’.

The trainings and certification were designed to support states to promote, attract, manage investors and investments, and produce conducive investment climate for attracting and retaining investors in the state.

We believe this rating will encourage the state to improve its capacity to document, promote and facilitate new private investments that will support economic diversification, improved IGR and creation of large numbers of jobs.

The commissioner assured the commission that the Ajimobi-led administration would not relent in its security initiative, infrastructural development, urban renewal and ease of doing business.

He said that the State Bureau of Investment Promotion would continue its critical function of diversifying and expanding the state’s economy by attracting and encouraging potential and existing investors.

All these are parts of the repositioning agenda of the Ajimobi-led government in the state,” he said.

Source: Voice of Nigeria