{"id":79738,"date":"2021-09-07T15:20:28","date_gmt":"2021-09-07T14:20:28","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=79738"},"modified":"2021-09-07T15:26:10","modified_gmt":"2021-09-07T14:26:10","slug":"80-of-bilateral-agreements-signed-by-nigeria-need-to-be-renegotiated-nipc","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/09\/07\/80-of-bilateral-agreements-signed-by-nigeria-need-to-be-renegotiated-nipc\/","title":{"rendered":"80% of bilateral agreements signed by Nigeria need to be renegotiated &#8211; NIPC"},"content":{"rendered":"<p>Executive secretary of the Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku has stated that the country needs to renegotiate 80 percent of the bilateral agreements signed in the past.<\/p>\n<p>This was made known by the NIPC executive secretary, Yewande Sadiku during<span data-preserver-spaces=\"true\">\u00a0an interview on Arise TV on Monday.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Sadiku, who was appointed by President Muhammadu Buhari in 2016, will end her first tenure as chief executive officer of NIPC on September 26.<\/span><\/p>\n<p>The NIPC boss while speaking during the interview said<span data-preserver-spaces=\"true\">\u00a0previous treaties made by the Nigerian government needs to be modernised.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">She said such efforts would help ensure that targetted <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/09\/02\/27-4-million-nigerians-earn-less-than-n100000-yearly-report\/\">investments<\/a> are in line with the sustainable development goals.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cAs with all government agencies, we worked with limited resources, so we thought it would be good to define where NIPC has to focus its energy. In the context of investment generally, we defined the ethos that should drive Nigeria\u2019s investment search,\u201d she said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe defined it as Responsible Inclusive Balance and Sustainable (RIBS). So the first thing we did in that regard is to look at the quality of the bilateral investment treaties that Nigeria has signed over the years.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cApart from reforming the template that we then used to negotiate investment agreements going forward, that review gave us a startling picture.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe saw that something like 80 percent of the bilateral investment treaties that we signed in the past needs to be renegotiated and modernised to ensure that they can achieve the kind of investment that we want. An investment that moves us towards Sustainable Development Goals.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Sadiku disclosed that NIPC remitted N1.9 billion to the consolidated revenue fund in 2020.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">She said, under her leadership, the commission generated N11.9 billion internally generated revenue since she emerged as head of NIPC.<\/span><\/p>\n<div>\n<p><span data-preserver-spaces=\"true\">\u201cThe CRF remittance we had in 2020 was N1.9 billion. Over the five years that I have been in NIPC, the total IGR that we have generated in that period, including the first half of 2021, which has been interesting, has been N11.9 billion,\u201d she said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cOf that, we have remitted N5.8 billion to the consolidated revenue fund. Roughly, about 49 percent of what we have generated in five years have been remitted to the consolidated revenue fund.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Sadiku added that NIPC should not be regarded as a revenue-generating agency, saying the business of investment promotion \u201cis typically a public good, it is not revenue generation\u201d.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">She said her administration invested in building the capacity of NIPC staff members to improve investment promotion campaigns.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The NIPC boss also said there is renewed transparency in the pioneer status incentive process as members of the public can now identify those who have benefitted from tax holidays.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cOn the government side, we have given the cost of pioneer status incentive so it can guide the reform of the process and help us to measure whether it has helped to achieve its objectives,\u201d she added.<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Executive secretary of the Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku has stated that the country needs to renegotiate 80 percent of the bilateral agreements signed in the past. This was made known by the NIPC executive secretary, Yewande Sadiku during\u00a0an interview on Arise TV on Monday. Sadiku, who was appointed by President Muhammadu Buhari [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":79742,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[11373,17448,208,15425],"class_list":["post-79738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-investment","tag-nigerian-investment-promotion-commission-nipc","tag-president-muhammadu-buhari","tag-yewande-sadiku"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>80% of bilateral agreements signed by Nigeria need to be renegotiated - NIPC<\/title>\n<meta name=\"description\" content=\"Executive secretary of the Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku has stated that the country needs to renegotiate 80 percent of the bilateral agreements signed in the past.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/09\/07\/80-of-bilateral-agreements-signed-by-nigeria-need-to-be-renegotiated-nipc\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"80% of bilateral agreements signed by Nigeria need to be renegotiated - NIPC\" \/>\n<meta property=\"og:description\" content=\"Executive secretary of the Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku has stated that the country needs to renegotiate 80 percent of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2021\/09\/07\/80-of-bilateral-agreements-signed-by-nigeria-need-to-be-renegotiated-nipc\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/SodiqAdewaleChocomilo?mibextid=ZbWKwL\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-07T14:20:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-07T14:26:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2021\/09\/adewale_chocomilo\/2021\/09\/07\/images-44.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sodiq Lawal Chocomilo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@OChocomilo\" \/>\n<meta name=\"twitter:site\" content=\"@withinnigeria\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sodiq Lawal Chocomilo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2021\\\/09\\\/07\\\/80-of-bilateral-agreements-signed-by-nigeria-need-to-be-renegotiated-nipc\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2021\\\/09\\\/07\\\/80-of-bilateral-agreements-signed-by-nigeria-need-to-be-renegotiated-nipc\\\/\"},\"author\":{\"name\":\"Sodiq Lawal Chocomilo\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/#\\\/schema\\\/person\\\/db8593431a99b3751c40316ba4b4a452\"},\"headline\":\"80% of bilateral agreements signed by Nigeria need to be renegotiated &#8211; 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