Investing In Nigeria

The most significant legislation dealing with foreign investment is the Nigeria Investment Promotion Commission Act 1995 (NIPC Act) which removed all restrictions on foreign investment in Nigeria enterprises save for certain enterprises contained in the “negative list”. Both Nigerian and foreign participation is prohibited from the negative list. The NIPC Act makes provisions for unconditional repatriation and transferability (through authorised dealers) of dividends, profits, payments for foreign loan servicing and proceeds of sale of enterprises. The provisions of the Act are augmented by the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 1995