It is well documented fact that Nigeria, a country of well over 140,000,000 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 the highest return on investment (RoI) in Africa, generally between 35% -45% (70 –100% in some sectors), is one of leading destinations of Foreign Direct Investment {FDI} on the Africa mainly into the petroleum and telecommunication sector and surely the next sector with much need for investment and having the market for development in Nigeria is the generation, transmission and distribution of power. As the nation embarks on a road show across the world to showcase the investment opportunity in the generation, transmission and distribution in the power/energy sector, the aim of this article is drawn the attention of willing investors to some basic investment legislations in Nigeria.
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 .
PUBLIC PROCUREMENTACT, 2007
INFRASTRUCTURE CONCESSION REGULATORY COMMISSION (ESTABLISHMENT, ETC) ACT, 2005
Banks and other Financial Institutions Decree 1991
REVISED GUIDELINE ON BUSINESS PERMIT AND QUOTA
Bills of Exchange Act 1990
Environmental Impact Assessment Decree 1992
Nigerian Oil and Gas Industry Content Development Bill 2010
National Minerals and Metals Policy
Coastal and Inland Shipping (Cabotage) Act 2003
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