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USING LEGISLATION TO AID BUSINESS GROWTH AND DEVELOPMENT IN NIGERIA

It is well documented fact that Nigeria, a country of well over 165,000,000 people with a population growth of 5.7% per annum represent the largest market for any product and services meant for the African continent.

This market guarantees an expanding and sustainable demand for product and services in the Power/Energy, Oil & Gas (extractive and non-extractive), Agriculture & Agro Allied, Waste Management, Maritime, Shipping and Ports, Solid Minerals, Banking & Financial services, Tourism / Hospitality, Pharmaceuticals and Health services, Information & Communication Technology (ICT) and Manufacturing sectors of the Nigeria economy.

It is instruction to note that Nigeria has one the highest return on investment (RoI) in Africa and is one of leading destinations of Foreign Direct Investment {FDI} on the Africa continent mainly in the petroleum and telecommunication sector.

The Nigerian Investment Promotion Commission Act 16 of 1995; Investment Protection Guarantees Non-expropriation of Investment: The NIPC Act No. 16 of 1995 guarantee that ‘No enterprise shall be nationalized or expropriated by any government of the federation 100% ownership of investment in any sector (except ones listed in the ‘negative list’) irrespective of nationality, Guarantee of unconditional transferability/repatriation of funds through an authorized dealer, in freely convertible currency .

Also under the Foreign Exchange (Monitoring & Miscellaneous Provisions) Act 17 of 1995, investors are free to repatriate their profits and dividends net of taxes through any authorized dealer in freely convertible currency.

Full text of the following investment related laws can be found on our online business forum at www.nigeriabusinessplace.com .

1. PUBLIC PROCUREMENTACT, 2007
2. INFRASTRUCTURE CONCESSION REGULATORY COMMISSION (ESTABLISHMENT, ETC) ACT, 2005
3. Banks and other Financial Institutions Decree 1991
4. REVISED GUIDELINE ON BUSINESS PERMIT AND QUOTA
5. Bills of Exchange Act 1990
6. Environmental Impact Assessment Decree 1992
7. Nigerian Oil and Gas Industry Content Development Bill 2010
8. National Minerals and Metals Policy
9. Coastal and Inland Shipping (Cabotage) Act 2003

These legislations should assign supportive roles to the government, while investments should be left to the private sector.

By Anaekwe Everistus Nnamdi

Editor’s Viewpoint
Investing in Nigeria Magazine
August,2013 Edition