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  Background    

 

In the past decade the Government of Nigeria has vigorously pursued economic policies aimed at liberalizing and promoting competition and investments in the Nigerian economy.

To reaffirm its commitment to market-led economy, the Government has enacted and continued to update relevant Legal Instruments that hitherto contained provisions inhibiting competition and investment in Nigeria. Furthermore appropriate incentives dare continuously being put in place to encourage and promote private investments.

The establishment of NIGERIAN INVESTMENT PROMOTION COMMISSION (NIPC) under DECREE NO. 16 of 16th January 1995 gives full legal backing for Direct Foreign Investment in Nigeria. Under the Decree, NIPC is given full powers to encourage, promote and co-ordinate all investments in the Nigerian Economy.

The Decree repealed the Industrial Development Coordination Committee Decree No. 36 of 1989 as well as the Nigerian Enterprises Promotion Decree of 1989.

In January, 1998, the Government announced that a total of 12 laws and legal instruments which were found to contain provisions inhibiting competition in related sectors of the economy will be repealed and/or amended immediately.

As a result, this new Investment Code is designed to give a detailed guide for both domestic and foreign investors wishing to establish business in Nigeria.