FG inaugurates Africa’s first global investment office

 

                                        Minister of Trade and Investment, Mr. Olusegun Aganga

The Federal Government on Tuesday inaugurated the United Nations Industrial Development Organisation’s first global technology and investment promotion office in Nigeria.

The establishment of the Nigeria ITPO, the first to be located in Africa, is a product of the discussions and negotiations between the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, and the UNIDO Director General, Mr. Li Yong, in June 2014 on the desirability of establishing the office in Nigeria.

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Speaking during the inauguration in Abuja, Aganga said that the establishment of the Nigeria TIPO signified UNIDO’s confidence in the country’s economy.

He added that the long term objective of establishing the office was to drive rapid industrial development, create jobs and expand the industrial base of Nigeria and the ECOWAS region.

The minister said, “Today, we are making history as we inaugurate the first TIPO in Africa. This is a sign of UNIDO’s confidence in the Nigerian economy and the Nigeria Industrial Revolution Plan. In June 2014, I officially requested UNIDO’s contribution to the implementation of the NIRP and the National Enterprise Development Programme by setting up an investment and technology promotion office in Nigeria. I am delighted that that request has been granted and it is one of my many parting gifts to my country.

“The long term objective of Nigeria ITPO is to drive the process for rapid industrial development, create jobs and expand the industrial base of Nigeria and the ECOWAS region.”

In his remarks, the UNIDO Representative to Nigeria and the ECOWAS and Director of its Regional Office, Dr. Patrick Kormawa, said the ITPO would support the country and the West African sub region to achieve inclusive and sustainable industrialisation.

He said, “Today marks another milestone of our collaboration with Nigeria as a trusted partner for over the past 40 years with the inauguration of the ITPO, the first of its kind in Africa.

“In June 2014, the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, officially requested UNIDO to support Nigeria’s industrialisation drive by setting up an investment and technology promotion office in Nigeria.

“The goal is to assist Nigeria in promoting both inward and domestic investments as well as technology transfer as a means to expand and diversify local manufacturing sector.”