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Investment Incentives for Foreign Investment in Nigeria
In order to provide an enabling environment conducive for growth and development of local industries, inflow of foreign direct investment (FDI), shielding existing investments from unfair competition, and stimulating expansion of domestic production capacity; the Federal government of Nigeria has developed a package of incentives for foreign investment in various sectors of the economy. These incentives are to help revive the economy, accelerate growth and development and reduce poverty.
Laws which had hitherto hindered private sector investments have been either amended or repealed and a national council on privatization has been established to oversee orderly divestment to private operators in vital areas of the economy such as mining, transportation, electricity, telecommunications, petroleum and gas.
Nigerian government's policy of economic deregulation and liberalization has opened up new windows of opportunity to all investors wishing to invest in the country's economy.
The object of this government policy is to support the real sector of the economy as well as have an exchange rate that is market determined. The security of life and property of the citizens are being addressed with the reorganization and strengthening of the Nigerian police force. In addition, the Nigerian investment promotion council (NIPC) has been strengthened to enable it serve as a one-stop shop for clearing all the requirements for investment in the country. The tariff structure is being reformed with a view to boosting local production.
Government has introduced a new visa policy to enable genuine foreign investors to procure entry visa to Nigeria within 48 hours of submission of required documentation.
Existing "expatriate quota" requirement for foreign nationals working in Nigeria is in the process of being replaced with "work permit" which will be administered by the Nigerian investment promotion council (NIPC). Within the past few years following the end of military dictatorship in Nigeria in 1999, government has progressively introduced a number of incentives designed to promote investments. These are grouped as follows:
Industrial Sector
Oil and Gas Sector
Agriculture, Solid Mineral, Tourism & Energy Sectors
Telecommunications and Other Sectors
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