In a bold move to counteract misconceptions and highlight Nigeria’s economic resilience, the Independent Media and Policy Initiative (IMPI) issued Policy Statement 010, vehemently defending the country’s economic performance amidst challenges.
Addressing concerns raised by corporate sector advocacy groups and political opponents, the statement underscored the need for a balanced perspective when evaluating Nigeria’s business environment.
According to IMPI, there has been a tendency to exaggerate the number of companies shutting down or relocating from Nigeria, painting an inaccurate picture of the country’s economic landscape. While acknowledging challenges, IMPI emphasized the positive strides made by Nigerian businesses, both domestically and on the global stage.
Contrary to negative narratives, IMPI highlighted significant achievements within Nigeria’s economic sectors. For instance, despite headlines about the exit of certain multinational companies, IMPI pointed to promising statistics from the National Agency for Food & Drug Administration and Control (NAFDAC), indicating a surge in approvals for new drug manufacturing facilities and investments in pharmaceutical infrastructure.
Furthermore, IMPI challenged the pessimistic portrayal of business relocations, citing the relocation of Unilever tea brand production to Nigeria as a testament to the country’s attractiveness for investment. The statement urged stakeholders to refrain from politicizing such decisions and instead focus on fostering a positive investment climate.
IMPI also provided compelling data comparisons with other countries, demonstrating Nigeria’s economic potential. Highlighting the growth in Company Income Tax (CIT) revenue and the impressive showing of Nigerian companies on international rankings, IMPI showcased the country’s ability to attract foreign investment and foster domestic growth.
Looking ahead, IMPI outlined several upcoming developments poised to further bolster Nigeria’s economy. These include the listing of major companies on the Nigerian Stock Exchange, the commencement of operations at the Dangote Refinery, and expansions in sectors such as cement production, pharmaceuticals, and technology.
The statement concluded with a call for unity among citizens and leaders to promote a positive national perception of Nigeria’s economic prospects. Chief Niyi Akinsiju, Chairman of IMPI, emphasized the importance of recognizing and harnessing Nigeria’s abundant human capital and natural resources to fuel continued economic growth.
IMPI’s policy statement serves as a rallying cry to celebrate Nigeria’s economic achievements, dispel misconceptions, and foster optimism for the future.