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FOREIGN INVESTMENTS
Principal
Laws on Foreign Investments
The principal laws regulating foreign investments are, the Nigerian Investment
Promotion Commission Decree No. 16 of 1995 and the Foreign Exchange (Monitoring
Miscellaneous Provisions) Decree No. 17 of 1995.
Deregulation
of Equity Structure in Nigeria Enterprises
Effectively, the Nigerian Enterprises promotion (Repeal) Decree No. 7
of 1995 has abolished any restrictions, in respect of the limits of foreign
share holding, in Nigeria registered/domiciled enterprises.
The only
enterprises which are still exempted from free and unrestrained foreign
participation are those involved in :
. Production of arms and ammunition;
. Production of and dealing in narcotic drugs and psycothropic
substances;
Provisions Relating to Investments
Notable amongst the provision relating to investments are the following
:
A non-Nigerian may invest and participate in the operation of any enterprise
in Nigeria;
An enterprise in which foreign participation is permitted, shall after
its incorporation or
registration, be registered with the NIPC.
A foreign enterprise may by the shares of any Nigerian enterprise in any
convertible foreign currency.
A foreign investor in an approved enterprise is guaranteed unconditional
transferability of funds through an authorised dealer, in freely convertible
currency of :
. Dividends or profit (net of taxes) attributable to the investment;
. Payments in respect of loan servicing where a foreign loan has
been obtained; and
. The remittance of proceeds (net of all taxes) and other obligations
in the event of sale or liquidation of the enterprise or any interest
attributable to the investment.
Priority Areas of Investment
The NIPC issues guidelines and procedures which specify priority areas
of investments and prescribed incentives and benefits which are in conformity
with Government policy.
Incentives
for Special Investment
For the purpose of promoting identified strategic or major investment,
the NIPC may in consultation with appropriate Government agencies, negotiate
specific incentive packages. for the promotion of investment.
Click on your area of interest below for more information:
1. INCORPORATING
A BUSINESS ENTERPRISE
2. FOREIGN INVESTMENTS
3. BANKING AND FINANCE
4. FOREIGN EXCHANGE
5. PRIORITY AREAS
6. OIL AND GAS
7. INVESTMENT INCENTIVES
8. SOLID MINERALS
9. TRANSFER OF TECHNOLOGY
10. IMPORT FORMALITIES
11. LABOUR, HEALTH, AND TRADE
12. TAXATION
13. RESOLUTION OF COMMERCIAL DISPUTES