Future investments rest on ECOWAS Code, policy—Enelemah

Minister for Industries, Trade, and Investment, Dr. Okechukwu Enelemah has disclosed that the Nigeria’s direct foreign investment would thrive better if the ratified ECOWAS investment code and policy is internalised by her citizens.

The investment code and policy is a law set of laws articulated by members of ECOWAS sub-region that would remove all barriers of cross border investments.

Enelemah, therefore, said that sensitization on the set of rules has become paramount if Nigeria must join the international communities in the new order of foreign investments.

He noted that the code and policy form roadmap toward sustainable growth and development in the sub-region.

Enelemah spoke through the ministry’s Director for Investment promotions, Mrs. Kemi Arodudu, during a sensitization programme on the organized business community in Enugu state on Monday.

The Minister noted that the code and policy was developed to improve investment climate and make the sub-region more inviting to foreign investors as well as provide a legal framework for handling investment issues in the sub-region.

He further disclosed that the policy was ratified by the heads of government of ECOWAS member states at a meeting held in December 2018 at Abuja.

Those in attendance at the sensitization workshop included officials of relevant Ministries, Departments, and Agencies at both Federal and State levels, the organized private sector, Experts and Professionals.

Enelemah said that the contributions of the participants were of great value in assisting the Ministry to improve nation’s investment climate and ensure sustainable growth and development in Nigeria.

“There is no developing country that does not work hard to attract more Foreign Direct Investment (FDI) because, FDI brings with it capital, technology, job creation and wealth. However, the world is fast moving away from the era of individualism, and borders are fast disappearing. Nations are grouping and re-grouping, to make them stronger as they present common fronts, in other to gain more strength on several levels, most especially economic strength,” he stated.

President of Enugu Chamber of Commerce, Industries, Mines and Agriculture, ECCIMA, Mr. Emeka Udeze said the workshop was a pragmatic step to have in-depth interaction with the business community for them to understand the workings of the ratified ECOWAS Investment Code, Policy and protocol towards maximizing trade and investment opportunities in West Africa.