A Bill for a law to establish Akwa Ibom in diaspora Investment to encourage and promote Foreign and Diaspora Investment in state economy has passed through second reading in the Akwa Ibom State House of Assembly.
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| Hon Jerry Otu |
When passed into law, will provide a legal framework to maintain liaison between Akwa Ibom in Diaspora investors and Ministries, Government departments and agencies, institutional lenders and other authorities concerned with investments.
The second reading of the bill took place during Tuesday September 24, 2024 plenary and presided by the Speaker of the House, Udeme Otong.
Sponsored by member representing Ikot Ekpene/Obot Akara state Constituency, Hon Jerry Otu, the bill seeks to promote and encourage Foreign Diaspora investment and also promotes foreign direct investment in Nigeria economy.
The when passed and assented to by the Governor will have a board that will advise the State Government on policy
matters, including fiscal measures designed to promote the
industrialization of the State or the general development of the state
economy; provide and disseminate up-to-date information on incentives
available to diaspora investors; and assist incoming and existing
investors by providing support services;
According to the Bill, The Commission shall among other functions encourage, promote and co-ordinate all Akwa Ibom in diaspora investment in the State economy and accordingly, be the agency of the State Government to co-ordinate and monitor all Akwa Ibom in diaspora investment activities to which this Law applies; and also initiate and support measures which shall enhance the investment climate in Akwa Ibom for both Akwa Ibom and non-Akwa Ibom investors;
Moreso, the bill has it that the commission shall promote diaspora’s investments in and outside the State through effective promotional means; collect, collate, analyze and disseminate information about investment opportunities and sources of investment capital, and advise on request, the availability, choice or suitability of partners in joint-venture projects; register and keep records of all enterprises to which this Law applies as well as identifying specific projects and invite interested diaspora investors for participation in those projects; and initiate, organize and participate in promotional activities, such as, exhibitions, conferences and seminars for the stimulation of investments.
Speaking in support of the Bill, the Deputy House Leader, Rt. Hon. Barr Otobong Bob, a co- sponsor of the Bill opined that the Bill will help improve the economy of the state, He also states that many Akwa Ibomites living outside the country are doing well and needs to invest but the question remains "How and through what means to invest?" stressing that one thing is having the funds, another is the proper channel of funding which may in turn jeopardize the intended plan of investment.
#8thAssembly
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