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FG agrees on IPPA with United Arab Emirates

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By Mercy Kelani

After approval, FG will submit the IPPA agreements to the National Assembly.

Nigeria and the United Arab Emirates (UAE) have been given the green light by the Federal Government to proceed with the ratification of the Investment Promotion and Protection (IPPA) agreements. During the meeting of the Federal Executive Council (FEC) led by President Bola Tinubu, Doris Uzoka-Anite, the minister of trade and investment, provided confirmation on this matter to the attending journalists. Uzoka-Anite states that upon receiving approval, the Federal Government will proceed to submit the IPPA agreements.

This submission, after it has already been signed, will be made to the National Assembly in order to be ratified. In accordance with the 2016 model, the minister expressed that her ministry now has the authority to utilize Article 26 of the aforementioned agreement. This provision grants the ministry the power to evaluate and modify specific aspects of the IPPA to ensure alignment with the present IPPA model being employed. As per the minister’s statement, there shall be a prompt beginning of the utilization of a particular clause.

Tinubu’s government to boost and safeguard domestic industries.

According to the Minister, this clause grants the ministry the power to make reassessment and modification of the sections that were initially deemed unfavourable. The minister highlighted the soaring expenses incurred by goods and services while addressing the exorbitant costs associated with conducting business in Nigeria. She further mentioned that the Federal Executive Council (FEC) engaged in extensive discussions to enhance the manufacturing sector’s performance. Their discussions centred on exploring avenues for enhancement of the commercial landscape to better serve the needs of manufacturers and industrialists.

In her observation, it was clear that the primary objective of the Tinubu government lay in boosting and safeguarding domestic industries and manufacturers. Consequently, it became imperative to undertake every essential measure in order to ensure elimination of any hindrance or detriment that may be obstructing or influencing the smooth operation of businesses. The continuous message from the president has consistently emphasized Nigeria’s welcoming stance towards business, with assurances that impediments have been completely removed.

Obstacles comprise of the burden of multiple taxes and levies.

Eradicating hindrances and already eliminated barriers is the current focus. These obstacles comprise of the burdensome burden of multiple taxes and levies, the imposition of customs duties and various charges on businesses, as well as the deterioration of infrastructure, notably in the power sector of the country. The minister reminded everyone that the president established two important councils: the Presidential Council on Industrial Revitalization and the Presidential Council on Fiscal Reform and Tax Policy Review.

Moreover, the minister emphasized that the president has instructed these councils to expedite their reports and reviews. The aim is for them to swiftly provide recommendations so that the rejuvenated agenda, known as the Renewed Hope, can promptly start making a tangible difference for both the citizens and the real sector. Established in October, the Industrial Rejuvenation Presidential Council emerged to reignite the nation’s economic potential. Conversely, the Fiscal Policy and Tax Review Presidential Council was formed in July 2023.

Related Article: FG & UAE to Partner Against Climate Change 

The latter has its focus on strategic financial planning and tax assessment. Upon completion of the committee’s evaluation and subsequent publication of its findings, the FEC emphasized its plans to instigate innovative measures aimed at revitalizing the economy and propelling the country towards a remarkable economic growth rate. Envisioning the realization of His Excellency’s ambition to foster a $1 trillion economy, the FEC’s relentless efforts are expected to yield substantial results with the GDP registering a significant two-digit surge.


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AN-Toni
Editor
1 month ago

FG agrees on IPPA with United Arab Emirates.After approval, FG will submit the IPPA agreements to the National Assembly. – Express your point of view.

Adeoye Adegoke
Member
1 month ago

The agreement between the Federal Government and the United Arab Emirates on the Independent Power Purchase Agreements (IPPA) sounds like a significant step forward. It’s great to hear that after approval, the FG will submit the IPPA agreements to the National Assembly. This shows a commitment to transparency and accountability in the process.
IPPA agreements can play a crucial role in boosting the power sector and ensuring a stable and reliable energy supply for the country. It’s important to have proper oversight and involvement of the National Assembly in such agreements to ensure that they align with the best interests of the nation and its citizens.
By involving the National Assembly, the FG can benefit from diverse perspectives and expertise, leading to a more comprehensive and well-informed decision-making process. It’s essential to have a robust framework in place to review and assess the agreements, ensuring that they are in line with the country’s energy goals, economic viability, and long-term sustainability.
Overall, this step towards submitting the IPPA agreements to the National Assembly is a positive development that promotes transparency, accountability, and democratic decision-making. It’s exciting to see progress being made in the energy sector, and I hope that this agreement will contribute to the improvement of power supply in Nigeria. 🌍💡

SarahDiv
Member
1 month ago

It’s encouraging to see the government’s commitment to ratifying Investment Promotion and Protection agreements with the UAE. The focus on boosting domestic industries and addressing obstacles like multiple taxes is vital. The efforts outlined by the Federal Executive Council to revitalize the economy and achieve a $1 trillion GDP are promising for the country’s economic growth.

Taiwo
Member
1 month ago

FG and the UAE reach an agreement on the IPPA. The IPPA agreements will be submitted to the National Assembly by FG following approval.  I hope that the country as a whole will gain from the IPPA deal. In order for the National Assembly to confirm it, I also hope it has been sufficiently evaluated.

Kazeem1
Member
1 month ago

The Federal Government of Nigeria and the United Arab Emirates (UAE) has approved the ratification of the Investment Promotion and Protection (IPPA) agreements. This is a positive development that encourages duty of care, openness, and better governance. The IPPA agreements will now be submitted to the National Assembly.