WHY NIGERIA ?
Nigeria is Africa’s foremost business destination second only to South Africa. Its currency is the Naira. $1.00USD is approximately N156. The country operates a market economy dominated by crude oil exports with the revenue earnings from the sector accounting for 90% of forex earnings and 65% of budgetary revenues. Other exports are cocoa, palm oil, groundnuts, cotton, timber and rubber.
Nigeria’s imports are in the region of $14.54billion USD. Import commodities include machinery, chemicals, transport, equipment, manufactured goods and live animals.
In recent times, focus is being directed at non oil exports and agriculture, which presently accounts for 30% of the GDP, to diversify the economic base. Opportunities exist for the exploitation and export of natural gas, bitumen, limestone, coal, tin, columbite, gold, silver, lead-zinc, gypsum, glass sands, clays, asbestos, graphite, and iron ore, among others.
The Nigerian Investment Promotion Commission (NIPC)
The Nigerian Investment Promotion Commission (NIPC) is Federal Government Agency in Nigeria established by the NIPC Act N0. 16 of 1995 to promote, co-ordinate and monitor all investments in Nigeria. The basic functions and powers of the NIPC are as prescribed by Act 16 of 1995.
The Commission has perpetual succession and a common seal, which is specially established, among other things, to:
- Co-ordinate, monitor, encourage and provide necessary assistance and guidance for the establishment and operation of enterprises in Nigeria;
- Initiate and support measures which shall enhance the investment climate in Nigeria for both Nigerian and non-Nigerian investors;
- Promote investments in and outside Nigeria through effective promotional means;
- Collect, collate, analyse and disseminate information about investment opportunities and sources of investment capital and advise on request, the availability, chance or suitability of partners in joint-venture projects;
- Register and keep records of all enterprises to which the NIPC Act legislation applies;
- Identify specific projects and invite interested investors for participation in those projects;
- Initiate, organise and participate in promotional activities such as exhibitions, conferences and seminars for the stimulation of investments;
- Maintain liaison between investors and Ministries, government departments and agencies, institutional lenders and other authorities concerned with investments;
- Provide and disseminate up-to-date information on incentives available to investors;
- Assist incoming and existing investors by providing support services;
- Evaluate the impact of the Commission on investment in Nigeria and recommend appropriate remedies and additional incentives;
- Advise the Federal Government on policy matters, including fiscal measures designed to promote the industrialisation of Nigeria or the general development of the economy; and Perform such other functions as are supplementary or incidental to the attainment of the objectives of NIPC Act.