Nigeria To Champion African Virtual Investment Platform On OECD Policy — Oduwole

The federal government says it’s championing African Virtual Investment Platform, while reaffirming commitment to far-reaching investment reforms of the Organisation for Economic Cooperation and Development (OECD) Investment Policy Review and consultations.

Declaring open the technical engagement with the OECD delegation  in Abuja, the Minister of Trade and Investment, Dr. Jumoke Oduwole, described the African Virtual Investment Platform (AVIP), as a transformative initiative to address Africa’s low share of global Foreign Direct Investment.

She said Africa accounts for less than 5 per cent of global FDI despite housing 18 per cent of the world population and vast opportunities in energy, food systems and digital trade.

“The challenge has not been lack of opportunities, but lack of visibility, lack of bankable pipelines, and lack of a trusted continental platform. AVIP seeks to solve that.

“Nigeria fully supports AVIP. With our new Nigeria Investment Portal under development and our leadership role in AfCFTA, we are ready to be a pilot country,” Oduwole stated.

She said the review was timely as Nigeria strengthens its investment policy and institutional framework to drive sustainable economic growth, industrialisation and job creation under the Renewed Hope Agenda of President Bola Ahmed Tinubu.

“Nigeria remains Africa’s largest economy and most attractive investment destination by market size, talent, and natural resource endowment. Yet, we recognize that potential alone is not sufficient. Investors require clarity, consistency, predictability and transparency. That is precisely why this Investment Policy Review is critical,” the minister said.

She listed bold reforms undertaken in the last 18 months, including unification of foreign exchange windows, removal of distortive subsidies, over 180 business climate reforms under PEBEC, and the ongoing repositioning of the Nigerian Investment Promotion Commission (NIPC) as a true one-stop shop for investors.

According to the minister, the OECD Review will provide an independent, evidence-based assessment of Nigeria’s investment framework, focusing on investment promotion and facilitation, Responsible Business Conduct, and sustainable investment for green and digital transition.

She said that Nigeria will serve as a pilot country and champion for AVIP, pledging to showcase its project pipeline from Special Economic Zones, the Renewed Hope Infrastructure Fund, and green economy projects on the platform.

She assured the OECD team of full inter-ministerial cooperation, noting that a technical working group comprising NIPC, CBN, FIRS, CAC, NEPC and the private sector has been established.