“More than a billion dollars in investments have been made in the automotive sector and we are ready to move to the next phase of the automotive industry.” said the minister.

While he revealed that the revision of the National Automotive Industry Development Plan (NAIDP) is almost complete, he said that the plan was undergoing a validation process.

Adebayo reaffirmed the ministry’s commitment to promote a business environment that attracts and retains investment.

According to him, the ministry and the Nigerian Investment Promotion Council (NIPC) are committed to attracting and protecting investments that truly benefit Nigeria and its citizens.

He said the revised Bilateral Investment Treaty (BIT) would boost investment.

“Nigeria has successfully revised its model Bilateral Investment Treaty (BIT) to include a specific provision for investment facilitation, which institutionalizes the principle of helping investors complete their investments.

“We are proud to offer Nigeria’s first investment policy to the Federal Executive Council (FEC) for approval.

“This strategic statement, which will outline our priorities, objectives, commitments and expectations, is a turning point for the Federal Ministry of Industry, Trade and Investment and Nigeria as an investment destination.” he said.

Adebayo, who said Nigeria had Investment Promotion and Protection Agreements (IPPAs) with Singapore, Morocco and Saudi Arabia to attract and retain investment, said the ministry was developing more.

“We have IPPAs with Singapore, Morocco and Saudi Arabia to attract and retain investment. The president ratified both agreements on September 16, 2022 and we are developing further IPPAs.” he said.

Adebayo said the ministry has also distributed 5,571 acceptance certificates worth 7.7 trillion naira to 2,665,800 companies.

“Acceptance certificates allow companies to claim the tax reduction in the calculation of Corporation Tax.

“We also issued more than 130 Production Day Certificates, a crucial step of the Pioneer Status Incentive,” said the minister.

To further speed up industrialization, Adebayo said the ministry was speeding up the establishment of Special Economic Zones (SEZs) across the country.

According to him, the special economic zones will increase the availability of infrastructure and provide tax incentives to add value.