Governor of Kwara State, AbdulRahman AbdulRazaq, has signed into law the bill establishing Kwara Investment Promotion Agency (KWIPA), saying it is a bold step to attract more investors and drive economic growth.
The function of the agency includes to “initiate, promote, facilitate, coordinate and create a conducive environment for investments and development in the state”, according to the law.
It would also “coordinate and monitor all investment activities; advice and assist the government in creating an attractive and competitive climate for business that will lead to robust economic activities in the state; source on behalf of the government, finance for investment from multilateral and bilateral development partners as well as private investors, both domestic and foreign through public-private partnerships and other financial arrangements, and where appropriate, act as lead negotiator in transactions with private investors that ensure the needs of the state and those of its citizens are well represented.”
The agency would also “articulate clear growth and development strategies for providing needed support and appropriate incentives to grow the local private sector and enlarge the economic base of the state in line with the priorities of the state.
The agency is also empowered to oversee various investment models including greenfield, brownfield, public-private partnership, concessions, build, operate and transfer.
The Governor said the idea is to remove bureaucratic bottlenecks, with the agency serving as the melting pot for ideas and entrepreneurs wanting to do business with the state.
AbdulRazaq added that he envisions a state that no longer depends on federal monthly allocations to run government businesses or provide essential services and infrastructure for the people.
The governor signed the bill in the presence of Kwara State House of Assembly Speaker Yakubu Danladi Salihu; House Leader Olawoyin Magaji; Clerk of the House Halimah Jummai Kperogi; APC chieftains Yahya Seriki and Musibau Esinrogunjo.
