NIB PRESENTS ITS 2025 FISCAL YEAR BUDGET TO THE MINISTRY OF FINANCEl

The National Investment Board (NIB) has today, 26th August 2024, presented its 2025 Fiscal Year budget to the Budget Hearing Committee at the Ministry of Finance.
The Executive Director of NIB, Dr. Edward Hinga Sandy, commenced the presentation by providing an insightful overview of the institution, saying that it’s at an advanced stage into its transition road-map, thus, implementing protocols to operationalize key provisions of the institution’s ACT of Parliament such as amalgamating the hitherto agencies (Sierra Leone Investment and Export Promotion Agency (SLIEPA), Public Private Partnership (PPP),Corporate Affairs Commission (CAC) and the Business limb of the Office of the Administration and Registrar General  agencies (OARG-Business) as units under the NIB umbrella.

Dr. Sandy emphasized the Agency's unwavering commitment to positioning Sierra Leone as a premier destination for investment by not just establishing a one-stop shop for the facilitation of investment opportunities and provision of Aftercare services to retain existing investors, but also for the institutionalization of Public Private Dialogues (PPDs).

Having laid the above premises, the Executive Director opined that, the NIB being a relatively new establishment, would require a significant financial resource to set-up and build their capacity and capability in order to actualize their Vision and Mission.

Joe Gbonda, The Director of Strategy, Policy and Planning at NIB, presented a detailed account of the Agency’s financial allocations from the Ministry of Finance, demonstrating how these funds have been effectively utilized to fulfill the institution's mandate. He outlined the successes and challenges encountered, while also protecting the ambitious goals set for 2025 with the proposed budget.
Representatives from CAC, PPP, and SLIEPA followed with their respective presentations, offering comprehensive overviews of their previous budgets, key achievements, and challenges faced. They expressed their readiness to align their operations with the NIB’s vision of a unified one-stop shop that will address the various challenges investment landscape of the country.

The budget hearing was concluded with a rigorous questions and Answers session, where Civil Society Organizations, Media Personnel, and Budget Committee Members inquired about the overall operations of these agencies, particularly in the context of their integration under NIB. The NIB team responded adeptly to all inquiries, reinforcing their commitment to attracting credible investors and driving job creation and economic growth in Sierra Leone.

In her closing remarks, the Deputy Financial Secretary and Chairperson of the Budget Hearing Committee, Mariatu Brown, commended the NIB for their thorough presentation and encouraged them to continue being a result-oriented institution in their drive to attract substantial and credible investments to the country. Following extensive deliberations by the Budget Hearing Committee Members, a unanimous motion was moved, to approve the NIB’s 2025 fiscal year budget.