ATLANTA . . . King Center CEO, Dr. Bernice A. King, announced today the Center will commemorate the 88th birthday of the institution’s founder, Mrs. Coretta Scott King, on Monday, April 27, 2015, from 11:00 a.m. to 1:00 p.m. in the Freedom Hall Auditorium. As part of this observance, the Center will feature a special conversation entitled “Mother’s in the Movement: From a Daughter’s Perspective.” Joining Ms. King for the dialogue will be Ms. Santita Jackson, Ms. Cheryl Lowery, Mrs. Elisabeth Omilami, and Ms. Andrea Young. 11 Alive’s Brenda Wood will moderate the conversation.
Women were crucial to the success of what the historian Peniel Joseph refers to as the “Modern Black Freedom Struggle.” Without the commitment of women, the male-dominated campaign for equality that began in the late 1950s and culminated in the 1960s would have had a very different outcome. “Women,” says Ms. King, “wore several hats as the wives who not only supported their husbands’ involvement in the Movement, but who also maintained the home and cared for the children while subordinating their own professional interests. It is imperative that we never lose sight of the fact that these wives and mothers shared the sacrifices known only to God and their families.”
Moreover, says King, these women had to have the “wit, will, and wherewithal to withstand the tremendous responsibilities and pressures of being black, female, mothers, and wives to husbands who were constantly exposed to mortal danger…Yet, they were the cohesive force that kept the familial fabric from tattering at the seams.” These wives and mothers were not the traditional homemakers. Some of these women were also very active in the fight for equal rights both alongside their husbands and sometimes beyond the lives of them.
Several daughters whose mothers were married to the men who stood at the center of the movement’s leadership will participate in the discussion. Ms. Santita Jackson, the daughter of the Rev. Jesse Jackson and Mrs. Jacqueline Jackson, will discuss her mother. Mrs. Jackson was a devoted wife and mother during the movement. Three of her five children were born between 1963-1966 — three of the most tumultuous years of the freedom struggle. Her father began working with the Southern Christian leadership Conference (SCLC) in 1964, laying the groundwork for a major campaign in Chicago, Illinois. He assumed the leadership of the SCLC’s Operation Breadbasket two years later. Rev. Jackson worked alongside Dr. King until 1968.
Ms. Cheryl Lowery, the daughter of Rev. Joseph and Mrs. Evelyn Lowery, will also give fresh insight into her mother’s commitment to the home and the movement. Her father, Rev. Lowery, was a co-founder of the SCLC, serving as its board chairman and president. Mrs. Evelyn Lowery did not rest on her husband’s laurels. After the classical phase of the movement, she founded the SCLC Women in 1979 as a volunteer agency to assist in a wide variety of social causes.
Dr. Bernice A. King, the youngest daughter of Dr. Martin Luther King Jr. and Coretta Scott King, will speak to the role of her mother’s work alongside her father and ultimately her commitment to building The King Center in a very contentious environment. Of the mothers highlighted in this program, Mrs. King was the only wife who was widowed because of her husband’s role in the movement, raising their four children alone while serving as the architect of the King legacy. An anomalous figure, Mrs. King was an activist in the peace movement before marrying her husband. Though her first responsibility was the rearing of her children, she was still an active partner in the movement he led.
Mrs. Elisabeth Omilami, daughter of the Rev. Hosea L. Williams and Mrs. Juanita “Nit” Terry Williams, will speak to her mother’s role as caregiver and civil rights activist in her own right. Mrs. Williams, in 1961, became one of the first black women to run for statewide office since Reconstruction when she sought the Chatham County Superior Court’s clerkship. In 1985, she was elected to the Georgia General Assembly as the representative for House District 54. Her father began his civil rights activism around 1953 as a member of the Savannah Chapter of the National Association for the Advancement of Colored People (NAACP) and later as founder of the Chatham County Crusade for Voters (CCCV) –the organization’s political arm. He later served as the SCLC’s Director of Voter Registration and Political Education, as well as the organization’s Executive Director. His introduction of the night marches in the Savannah, and later during the SCLC-led demonstrations culminated in substantive gains in the areas of civil and voting rights. Her father also founded “Hosea’s Feed the Hungry” initiative in 1971. Three years later, he was elected to the Georgia General Assembly where he represented House District 54 until 1985. After serving as a state legislator, he was subsequently elected in 1986 to serve on the Atlanta City Council from District 5, where he served until 1990. Williams was also elected to the Dekalb County Commission, representing District 3 from 1991-1994.
Ms. Andrea Young, daughter of Ambassador Andrew Young and Mrs. Jean Childs Young, will provide first-hand commentary regarding her mother. Mrs. Young also played an important role in the movement. An educator by training, she developed the curriculum for the SCLC’s Citizenship Schools in the early 1960s and continued her advocacy for the marginalized in the area of education and children’s causes after the movement ended. During her husband’s tenure as mayor, Mrs. Jean Childs Young founded the Mayor’s Task Force on Public Education. Her father began his activist crusade in the 1950s while working with the National Council of Churches’ Youth Department. In 1961, he began working with the Highlander Folk School in Tennessee and that institution’s Citizenship Training Program. Once the school closed, Young aligned with Dr. King and the SCLC later that same year. King promoted Young to the position of Executive Director in 1964 shortly before the beginning of SCLC’s participation in the protests in St. Augustine. Four years after King was assassinated, he was elected to the United States Congress from Georgia’s Fifth Congressional District, serving three terms before being appointed Ambassador to the United Nations by President Jimmy Carter. In 1982, Young was elected to the first of two consecutive terms as mayor of Atlanta, Georgia.
The program is free and open to the public. All media outlets will be provided credentials to cover the event. For more information, please call (404) 526-8961 FREE.
JOINT VENTURE & INVESTMENT OPPORTUNITIES IN THE TRANSPORTATION SECTOR
1) Maintaining a Hangar. Existing hangar owned by the airline needs refurbishment and modern equipment;
2) Aircraft Engine Workshop – A workshop that can effect A, B, C, & D checks on various grades of aircrafts used in the Country and in the West African sub-region;
3) Development and management of a five-star hotel in Lagos.
4) Provision of catering equipment and infrastructure to meet the needs of the airline industry;
5) Establishment of a modern aircraft training facility;
6) Development/construction of airport terminals.
1) Liner Services – Foreign Shipping Companies can engage in the provision of Liner Services through joint sailing agreement with Nigerian shipping companies;
2) Cabotage – Government encourages joint ventures in the ownership and operation of light vessels between ports, which must be fully registered in Nigeria;
3) Ship Acquisition and Ship Building Fund/Lifting of Crude Oil and Gas;
4) Pollution Control in the Oil Producing Coastal Regions
5) Search and Rescue – provision of equipment to meet various requirements;
6) Training /Technical Assistance;
7) Tanker Trade – joint venture with Nigerians in the exportation of Nigerian crude oil;
8) Proposed Nigerian Maritime Consultancy Centre – this will cover the following:
a) Marine engineering spare parts supplies;
b) Ships and Port management;
c) Ships, Ports and boat supplies;
d) Seaports, oil terminals and ship communication equipment;
e) Seaports and ships educational material;
f) Combined maritime publications.
There is need for modernization of the Nigerian Railway System which is still based on the prevailing technology at its inception early in the century, that is the 3″ – 6″ (1067mm) guage. These include:
1) Conversion of wagon bearings to roller bearings;
2) Conversion of train braking system from vacuum to air;
3) Conversion of AB coupler to more effective system;
4) Modernisation of track maintenance;
5) Improvement of ticketing system;
6) Manpower development and training.
1) modern buses equipped with communication system;
2) trams to facilitate passenger movement in both rural and urban areas;
3) suitable haulage trucks for goods and services;
4) service facilities at the terminals on both the highways and destinations;
5) collection of tolls for the use of the service facilities provided to help sustain the system;
6) computerization of services to enhance efficiency and control of operations;
7) commercialization of terminal facilities;
8) central terminals in various urban and rural locations in the country with service facilities.
National Inland Waterways
1) Dredging of the River Niger;
2) Rehabilitation of Warri and Lokoja Dockyards, operational vessels, pollution control, etc;
3) Study and Development of River Benue System for all year round navigation;
4) Dredging of Oguta Lake for effective navigation with larger vessels.
Free Port Zones
The establishment of the Onne Free Port Zone makes Nigeria the focal point for the oil and gas industry in West Africa. It provides incentives such as, easy registration in the Nigerian oil and gas market – drilling, construction, pipe coating, ship repair, etc, minimum bureaucracy, free corporate tax, import and export duties exemption for goods within the zone, 100% foreign repatriation of capital and profit, 100% foreign ownership, free pre-shipment inspection for imported goods, free expatriate quota and the possibility to sell products and services in the West African sub-region.
It also offers excellent business opportunities to investors wishing to participate in both planned and existing projects that require huge investment – the Bonny Terminal, Eleme Petrochemical complex (NNPC), fertilizer plant (NAFCON), aluminum smelter plant (ALSCON) and the West African Gas Pipeline (Escravos – Ghana).
1) Bulk Cargo Terminal – major bulk commodities such as coal, sugar, petroleum, grain, ore and bauxite, can be handled here.
2) Onne Self-Run Transit Terminal – this will accommodate a container terminal, a RORO terminal and a center with trans-shipment facilities for the West African sub region and neighbouring land-locked countries.
3) Lagos Specialised Trans-Shipment Terminal – this will provide a break away from the usually congested Apapa and Tin Can Island ports, serving both the manufacturing and trading sectors.
Nigeria Airways Limited
Murtala Mohammed Airport
Tel: 234-(1)-493-7464, 497-0872/3
Federal Airports Authority of Nigeria
Murtala Mohammed International Airport
Tel: 234 (1) 496-8080, 496-8084
Nigeria Civil Aviation Authority
Aviation House (Domestic Wing) Ikeja Airport
P.M.B. 21029, 21038
Tel: 234 (1) 493-0030, 470-8951, 493-0026
Nigerian Airspace Management Agency
Murtala Mohammed International Airport
Tel: 234 (1) 470-8956 Fax: 234 (1) 497-0870
Nigerian College of Aviation Technology
Tel: 234 (69) 322-021/2, 330-233; Fax: 234 (69) 334-756/869
Federal Ministry of Aviation
Tel: 234 (9) 523-2053, 523-9101, 523-2112
National Maritime Authority
4, Burma Road
Office of the Director-General
Tel: 234 (1) 587-1673, 580-4800-4
Fax: 234 (1) 545-0722
Office of the Director (Commercial & Operations Department)
Tel: 234 (1) 587-2068, 580-4800
Fax: 234 (1) 587-0477
Federal Ministry of Transport
Annex 3, New Federal Secretariat Complex
Shehu Shagari Way
Tel: 234 (9) 523-7051 – 3
Nigerian Ports Authority (NPA)
Tofa House, Plat 770
Central Business District Area,
Tel: 234 (9) 523-7140-4
Fax: 234(9) 523-7143
Nigerian Railway Corporation (NRC)
Yellow House, Plot 739
Off Ibrahim Babangida Avenue
P.M.B. 5016, Abuja
Tel: 234 (9) 523-1912/3
Nigerdock Nigeria, plc
C/o Federal Ministry of Transport
2nd Floor, Annex 3, Federal Secretariat,
Nigeria Shippers’ Council
51, Usuma Street, Maitama District
P.M.B. 296, Garki
Tel: 234 (9) 523-0653
National Inland Waterways Authority
Lokoja, Kogi State
Maritime Academy of Nigeria
Oron, Akwa-Ibom State
DOING BUSINESS IN NIGERIA
INCORPORATING A BUSINESS ENTERPRISE:
Legal Framework for Business Activities
Methods of Conducting Business
All business enterprises must be registered with the Registrar-General of the Corporate Affairs Commission (CAC) (Registrar of Companies). A foreign investor wishing to set up business operation in Nigeria should take all steps necessary to obtain local incorporation of the Nigerian branch or subsidiary. Business activities may be undertaken in Nigeria as a :
i. Private or Public limited liability company;
ii. Unlimited liability company;
iii. Company limited by guarantee;
iv. Foreign Company (branch or subsidiary of foreign company)
vi. Sole Proprietorship;
vii. Incorporated trustees;
viii. Representative office;
INCORPORATING A BUSINESS ENTERPRISE: The Companies & Allied Matters Act as Legal Framework for Business Activities
The Companies and Allied Matters Act, 1990 (the Companies Act) is the principal law regulating the incorporation of businesses. The administration of the Companies Act is under-taken by the CORPORATE AFFAIRS COMMISSION (CAC) and its functions include:
i. the regulation and supervision of the formation, incorporation, registration, management and winding up of companies.
ii. the maintenance of a Companies Registry;
iii. the conduct of investigation into the affairs of any company in the interest of share-holders and the public.
Minimum Share Capital and Disclosures in Memorandum of Association
The minimum authorised share capital is N10,000 in the case of private companies or N500,000 in the case of public companies. The Memorandum of Association must state inter-alia that the subscribers “shall take amongst them a total number of shares of a value not less than 25 per cent of the authorised capital and that each subscriber shall write opposite his name the number of shares he takes.” The law permits and acknowledges the roles of attorneys and other relevant professionals in facilitating business transactions provided, of course, that this “agency arrangement is disclosed”.
Membership of the Company – Prohibition of Trusts
The Companies Act prohibits “notice of any trust, express, implied or constructive” and such shall not be entered on the register of members or be receivable by the CAC.
All categories of company shares to carry one vote. Shares with “weighted” voting right are prohibited. All shares (i.e. whether ordinary or preferential) issued by a company must carry one vote in respect of each share.
Consequently, preference shareholders are entitled to receive notices and attend all general meetings of the company and may speak and vote on any resolution before the meeting.
Disclosures To Be Published In Company Correspondence and Business Premises
Every company is obliged to disclose on its letterhead papers used in correspondence, the following particulars:
i. Name of the company/enterprise;
iii. Registration/Incorporation Number;
iv. Names of Directors and Alternate Directors (if any)
In addition, the law requires companies/enterprises to ensure that the Certificate of Registration be displayed in conspicuous positions at their principal and branch offices.
INCORPORATING A BUSINESS ENTERPRISE:
Operations of Foreign Companies in Nigeria
A non-Nigerian may invest and participate in the operation of any enterprise in Nigeria. However, a foreign company wishing to set up business operations in Nigeria should take all steps necessary to obtain local incorporation of the Nigerian branch or subsidiary as a separate entity in Nigeria for that purpose. Until so incorporated, the foreign company may not carry on business in Nigeria or exercise any of the powers of a registered company.
The foreign investor may incorporate a Nigerian branch or subsidiary by giving a power of attorney to a qualified solicitor in Nigeria for this purpose. The incorporation documents in this instance would disclose that the solicitor is merely acting as an “agent” of a “principal” whose name(s) should also appear in the document. The power of attorney should be designed to lapse and the appointed solicitor ceases to function upon the conclusion of all registration formalities.
The locally incorporated branch or subsidiary company must then apply to the Nigerian Investment Promotion Commission (NIPC) for Business Permit and other requisite permits and licences.
Exemption to the General Rule
Where exemption from local incorporation is desired, a foreign company may apply in accordance with Section 56 of the Companies Act, to the National Council of Ministers for exemption from incorporating a local subsidiary if such foreign company belongs to one of the following categories:
a. (a) “foreign companies invited to Nigeria by or with the approval of the Federal Government of Nigeria to execute any specified individual project;
b. (b) foreign companies which are in Nigeria for the execution of a specific individual loan project on behalf of a donor country or international organisation;
c. (c) foreign government-owned companies engaged solely in export promotion activities; and
d. (d) engineering consultants and technical experts engaged on any individual specialist project under contract with any of the governments in the Federation or any of their agencies or with any other body or person, where such contract has been approved by the Federal Government.”
The application for exemption from disclosing certain details about the applicant is to be made to the Secretary to the Government of the Federation (SGF). If successful, the request of the applicant is granted upon such terms and conditions as the National Council of Ministers may think fit.
Foreign companies may set up representative offices in Nigeria. A representative office however, cannot engage in business or conclude contracts or open or negotiate any letters of credit. It can only serve as a promotional and liaison office, and its local operational expenses have to be inflowed from the foreign company. A representative office has to be registered with the CAC.
LABOUR, HEALTH, TRADE & ENVIRONMENTAL STANDARDS:
This Nigerian law makes general and special provisions for the health, safety and welfare of persons employed in places statutorily defined as “factories” and for which a certificate of registration is required by law. It makes general provisions as to the standards of cleanliness, crowding, ventilation, lighting, drainage of floors, and sanitary conveniences: e.g. all factories must have potable water and washing facilities.
In respect of safety, there are general provisions as to the securing, fixing, usage, maintenance and storage of prime movers, transmission machinery, other machinery, unfenced machinery, dangerous liquids, automated machines, hoists and lifts, chains, ropes and lifting tackle, cranes and other lifting machines, steam boilers, steam receivers containers, and air receivers. There are in addition to these, standards set for the training and supervision of inexperienced workers, safe access to any work place, prevention of fire and safety arrangements in case of fire and first aid boxes.
Also, the law provides that adequate arrangements should be made for the removal of dust or fumes from factories, provision of goggles to protect the eyes in certain processes and the prevention of eating and drinking in places where poisonous or injurious substances give rise to dust or fumes.
It is mandatory that all accidents and industrial diseases be notified to the nearest inspector of factories and be investigated; it is prohibited for the occupier of a factory to make any deductions from the wages of any employee in respect of anything to be done or provided in pursuance of the Factories Act.
Workmen’s Compensation Act
The laws provide for the payment of compensation to workmen for injuries suffered in the course of their employment.
LABOUR, HEALTH, TRADE & ENVIRONMENTAL STANDARDS:
National Minimum Wage
Due to inflationary factors, further wage increases have been recommended, and minimum wages are about =N=5,000 about US$40.00 per month. An employer, defined as someone employing 50 or more persons, is required to pay the minimum wage, defined as the total emolument payable to a worker. However, the wage level in the public service has been substantially increased since the restoration of democracy in 1999.
All employers and trade unions in both the public and private sectors of the economy are permitted to make adjustments to total remuneration packages through the process of collective bargaining. The remuneration agreed requires the approval of the Federal Minister of Employment, Labour and Productivity. Approval will be given where the increases are moderate, non-inflationary and affordable. The agreed and approved remuneration will apply from the first day of the calendar month that follows such agreement. Back-dating of increments is not permitted.
LABOR, HEALTH, TRADE & ENVIRONMENTAL STANDARDS:
Standards Organisation of Nigeria
The Nigerian Standards Organisation Act, 1971 was established as an integral part of the Federal Ministry of Industries, to carry out among other things, the following functions:-
• to designate, establish and approve standards in respect of meterology, materials, commodities, structures and processes for the certification of products in commerce and industry throughout Nigeria;
• to provide necessary measures for quality control of raw materials and products in conformity with the standards specifications;
• to compile Nigerian standards specifications;
• to ensure compliance with designated standards;
• to establish a quality assurance system including certification of factories, products and laboratories;
• to develop methods for testing of materials, supplies and equipment items purchased for use by public and private establishments;
• to undertake preparation and distribution of standards samples;
• to establish and maintain laboratories necessary for the performance of its functions.
On the payment of a nominal fee, it is possible to obtain from the offices of the Standards Organisation of Nigeria the prescribed standards for a number of products.
National Agency for Food And Drug Administration and Control
NAFDAC was established in 1993 with functions to regulate and control the importation, exportation, manufacturing, advertisement, distribution, sale and use of food, drugs, cosmetics, medical devices, bottled water and chemicals.
Drugs and Related Products
No drug product, cosmetic or medical device shall be manufactured, imported, exported, advertised, sold or distributed in Nigeria unless it has been registered in accordance with the provisions of and regulations made under a 1993 Act.
Environmental Impact Regulation
Similar to what obtains in several other convention countries, environmental protection is accorded a lot of prominence in Nigeria. The Federal Environmental Protection Agency (FEPA) now converted to a full-fledged Federal Ministry of Environment, is charged with overall responsibility for monitoring, supervising and coordinating Environmental Impact Assessment (EIA).
A comprehensive Environmental Impact Assessment procedure for Nigeria, as well as EIA guidelines for various industrial sectors has been compiled.
LABOUR, HEALTH, TRADE & ENVIRONMENTAL STANDARDS:
Trade Malpractices Decree 1992
This Law creates certain offences relating to trade malpractices and sets up a Special Trade Malpractices Investigation Panel to investigate such offences. The law provides against any person who:
• falsely labels, packages, sells, offers for sale or advertises any product so as to mislead as to its quality, character, brand, name, value, composition, merit or safety; or
• for the purpose of sale, contract or other dealing, uses or intends to use any weight, measure or number which is false or unjust; or
• sells any product by weight, measure or number and delivers to the purchaser a less weight, measure or number than is purported to be sold,
• advertises or invites subscription for any product or project which does not exist.
LABOUR, HEALTH, TRADE & ENVIRONMENTAL STANDARDS:
Consumer Protection Council
A Consumer Protection Council has been established in Nigeria with the objectives to:-
• provide speedy redress to consumer complaints through negotiations, mediation and conciliation;
• seek ways and means of removing from the market hazardous products and cause offenders to replace such products with safer and more appropriate alternatives;
• publish from time to time a list of products whose consumption and sale have been banned, withdrawn, restricted, or not approved by the Nigerian government or foreign governments;
• cause an offending company, firm, trade association or individual to protect, compensate, provide relief and safeguards to injured consumers or communities from adverse effects of technologies that are inherently harmful, violent or highly hazardous;
• organise and undertake campaigns and other forms of activities as will lead to increased public consumer awareness;
• encourage trade, industry and professional associations to develop and enforce in their various field quality standards designed to safeguard the interests of consumers;
• encourage the formation of voluntary consumer groups or associations for consumers’ well being.
In the exercise of its functions, the Council is empowered to:
• apply to the court to prevent the circulation of any product which constitutes an imminent public hazard;
• compel a manufacturer to certify that all safety standards are met in their products
FOREIGN INVESTMENT REQUIREMENTS AND PROTECTIONS:
Principal Laws on Foreign Investments
The principal laws regulating foreign investments are, the Nigerian Investment Promotion Commission Decree No.16 of 1995 and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Decree No.17 of 1995, now incorporated as Acts of the National Assembly.
Deregulation of Equity Structure in Nigeria Enterprises
Effectively, the Nigerian Enterprises Promotion (Repeal) Decree No. 7 of 1995 has abolished any restrictions, in respect of the limits of foreign shareholding, in Nigeria registered/domiciled enterprises.
The only enterprises which are still exempted from free and unrestrained foreign participation are those involved in:
• Production of arms and ammunition;
• production of and dealing in narcotic drugs and psycothropic substances;
The Nigerian Investment Promotion Commission Decree No. 16, 1995 (NIPC Decree)
This decree established the Nigerian Investment Promotion Commission (NIPC) as the successor to Industrial
Development Coordination Committee (IDCC)
Functions and Powers
The Nigerian Investment Promotion Commission (NIPC) is an Agency of the Federal Government with perpetual succession and a common seal which is specially established, among other things, to:
a. co-ordinate, monitor, encourage and provide necessary assistance and guidance for the establishment and operation of enterprises in Nigeria;
b. initiate and support measures which shall enhance the investment climate in Nigeria for both Nigerian and non-Nigerian investors;
c. promote investments in and outside Nigeria through effective promotional means;
d. 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;
e. register and keep records of all enterprises to which the NIPC legislation applies;
f. identify specific projects and invite interested investors for participation in those projects;
g. initiate, organise and participate in promotional activities such as exhibitions, conferences and seminars for the stimulation of investments;
h. maintain liaison between investors and Ministries, government departments and agencies, institutional lenders and other authorities concerned with investments;
i. provide and disseminate up-to-date information on incentives available to investors;
j. assist incoming and existing investors by providing support services;
k. evaluate the impact of the Commission on investment in Nigeria and recommend appropriate remedies and additional incentives;
l. 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
m. perform such other functions as are supplementary or incidental to the attainment of the objectives of NIPC Decree.
Provisions Relating to Investments
Notable amongst the provisions relating to investments are the following:
• A non-Nigerian may invest and participate in the operation of any enterprise in Nigeria;
• An enterprise in which foreign participation is permitted, shall after its incorporation or registration, be registered with the NIPC.
• A foreign enterprise may buy the shares of any Nigerian enterprise in any convertible foreign currency.
A foreign investor in an approved enterprise is guaranteed unconditional transferability of funds through an authorised dealer, in freely convertible currency of:
a. dividends or profit (net of taxes) attributable to the investment;
b. payments in respect of loan servicing where a foreign loan has been obtained; and
c. the remittance of proceeds (net of all taxes) and other obligations in the event of sale or liquidation of the enterprise or any interest attributable to the investment.
Priority Areas of Investment
The NIPC issues guidelines and procedures which specify priority areas of investment and prescribed incentives and benefits which are in conformity with Government policy.
Incentives For Special Investment
For the purpose of promoting identified strategic or major investment, the NIPC may in consultation with appropriate Government agencies, negotiate specific incentive packages for the promotion of investment
FOREIGN INVESTMENT REQUIREMENTS AND PROTECTIONS:
Investment Protection Assurance
The NIPC Decree provides that:
a. No enterprise shall be nationalised or expropriated by any Government of the Federation; and
b. No person who owns, whether wholly or in part, the capital of any enterprise shall be compelled by law to surrender his interest in the capital to any other persons.
There will be no acquisition of an enterprise by the Federal Government unless the acquisition is in the national interest or for a public purpose under a law which makes provision for:
a. payment of fair and adequate compensation; and
b. a right of access to the courts for the determination of the investor’s interest of right and the amount of compensation to which he is entitled.
Compensation shall be paid without undue delay, and authorisation given for its repatriation in convertible currency where applicable.
Apart from the investment guarantee assurances of the NIPC Decree, countries are welcome to execute and enter into bilateral Investment Promotion and Protection Agreements (IPPA) with the Nigerian government. Several countries have thus concluded such agreements with Nigeria.
FOREIGN INVESTMENT REQUIREMENTS AND PROTECTIONS:
Checklist of Steps For Establishing New Companies in Nigeria with Foreign Shareholding
1. Establish partners/shareholders and their respective percentage shareholdings in the proposed company.
2. Establish name, initial authorised share capital and main objects of proposed company.
3. [EXCEPT in instances where the proposed company will be 100% owned by non-resident shareholders] – Prepare Joint-Venture Agreement between prospective shareholders. The Joint-Venture may specify; inter-alia, mode of subscription by parties, manner of Board Composition, mutually protective quorum for meetings, specific actions which would necessitate share-holders approval by special or other resolutions.
4. Prepare Memorandum and Articles of Association, incorporating the spirit and intents of the Joint-Venture Agreement.
5. Foreign Shareholder may grant a power of attorney to its Solicitors in Nigeria, enabling them to act as its Agents in executing incorporation and other statutory documents pending the grant of Business Permit (i.e. formal legal status for foreign branch/subsidiary operations) to the foreign shareholder.
6. Conduct a search through the CAC as to the availability of the proposed company name and, if available, reserve the name with the CAC.
7. Effect payment of stamp duties, CAC filing fees and process and conclude registration of the company as a legal entity.
1. Obtain “Tax Clearance Certificate” for the newly registered company
2. 2. Prepare Deeds of Sub-Lease/Assignment, as may be appropriate, to reflect firm commitment on the part of the newly registered company, to acquire business premises for its proposed operations.
1. Prepare and submit simultaneous applications to the NIPC (on the prescribed NIPC Application Form) for the following approvals:-
o Business Permit and Expatriate Quota;
o Pioneer Status and other incentives (where applicable)
2. The application to the NIPC should be accompanied with the following documents:-
o Copies of the duly completed NIPC Form;
o Copies of the treasury receipt for the purchase of NIPC Form;
o Copies of the Certificate of Incorporation of the applicant company;
o Copies of the Tax Clearance Certificate of the applicant company;
o Copies of the Memorandum and Articles of Association;
o Copies of treasury receipt as evidence of payments of stamp duties on the authorised share capital of the company as at date of application;
o Copies of the Joint-Venture Agreement – UNLESS 100% foreign ownership is envisaged;
o Copies of feasibility Report and Project Implementation Programme of a company for its proposed business. It is advisable that quotations, letters of intent and other such documentations relating to industrial plant and machinery to be acquired by the company, be forwarded either as annexes or separately. In order to discourage the dissipation of administrative energy on speculative applications, the NIPC favours the applicant who has demonstrated positive intention to commence business as and when approvals are granted. Hence, the requests for evidence of acquisition of business premises and evidence of having sourced the plant and machinery to be utilised in the company’s business;
o Copies of Deed(s) of Sub-Lease/Agreement evidencing firm commitment to acquire requisite business premises for the company’s operation. By implication, the ultimate NIPC approvals do incorporate approvals of the industrial site locations indicated in the application;
o Copies of training programme or personnel policy of the company, incorporating management succession schedule for qualified Nigerians;
o Particulars of names, addresses, nationalities and occupations of the proposed directors of the company;
o Job title designations of expatriate quota positions required, and the academic and working experience required for the occupants of such positions. It is pertinent to note that expatriate quota on a “Permanent Until Reviewed” (PUR) status is only accorded to a Managing Director, where the non-resident shareholders own a majority of the company’s shares, and the authorised capital of the company is N5 million and above;
o Copies of information brochure on foreign shareholder (if available) as testimony of international expertise and credibility of the foreign partner in the proposed line of business.
1. Having obtained the requisite NIPC approvals and Business Permit Certificate, the non-resident shareholder must act with despatch to import its foreign equity holding in the company. To ensure prompt importation of the foreign equity components, the NIPC may grant Business Permit but defer approvals for Expatriate Quota and Pioneer Status and other applicable investment incentives until evidence of capital importation is produced.
2. After obtaining Certificate of Capital Importation from the bank, the NIPC is to be notified of this fact with the supporting documentation, in order for it to resume processing of pending approvals that might have been deferred on such ground.
3. As soon as expatriate quota position are granted and the respective individuals to fill the quota positions are recruited, the company must embark on steps to obtain work permit and residency status for the expatriate employees and their accom-panying spouses and children (if any).
The Difference Between ‘BUSINESS PERMIT’ and ‘EXPATRIATE QUOTA’
Business permit, as the name connotes, is the permanent authorization for the local operation of businesses with foreign investments either as branch/subsidiary of a foreign company or otherwise.
Expatriate quota is the official permit to a company, conveying permission for the company to employ individual expatriates to specifically approved job designations, and also specifying the permissible duration of such employment. The expatriate quota forms the basis of work permits for expatriate individuals employed ( whose qualifications must fulfill the criteria established for the particular quota position). Expatriate quota positions are usually granted for 2-3 years subject to renewal, EXCEPT in cases where companies qualify for and are granted not more than one (1) “PUR” Quota ( i.e. Permanent Until Reviewed) position.
The Current Regulation on The Appointment of Foreign Directors
The promoters of business ventures in Nigeria are free to appoint Directors of their choice, either foreign or Nigerian, and the Directors may be resident or non-resident. The application to the NIPC must reflect the names of the proposed Nigerian and foreign Directors (with an indication of resident and non-resident Directors). The Business Permit Certificate consequently issued following such application usually reflects the respective names of the proprietors of the company, as well as the Directors representing each proprietor or co-proprietor.
Payments of foreign directors’ fees are remittable in the same manner as dividends accruing to the foreign company. However, since such fees are taxed at source (5% as a withholding tax), each foreign director’s fees are remittable subject to satisfactory evidence that the taxable amounts on such fees have been paid.
Pioneer Status (Tax Holiday) Advantages to a Company
The Industrial Development (Income Tax Relief) Act, Cap. 179 Laws of Nigeria, 1990, declares a number of industries as pioneer industries. Thus, any company whose products fall within the categorised industries could be conferred with Pioneer Status.
This designation is not necessarily a reflection that a company was pioneer per se in the industry, as several companies within the same pioneer industry classification could qualify for Pioneer Status. Where the activities of a company include the production of pioneer and non-pioneer products, the tax relief available on conferment of Pioneer Status would be restricted to income derived from pioneer products only. Under the current industrial policy, conferment of Pioneer Status accords a company relief from income tax liability for a period of up to 5 years (tax-holiday status).
Finally, it should be noted that even if a company’s activities and/or products are classified within pioneer industries, the grant of Pioneer Status is not automatic. The criteria for granting Pioneer Status are related and/or based on the following considerations:-
i. the amount of underlying capital investment in a company (N5 million and above) must be verifiable by physical inspection and supported by a report of the Industrial Inspectorate Division of the Federal Ministry of Industries, before a Pioneer Certificate is granted.
ii. the socio-economic advantages of a company’s activities to the Nigerian economy as set out in its Feasibility Study is also an important consideration.
Without prejudice to these conditions, NIPC is empowered to confer Pioneer Status and other investment incentives in any other deserving circumstance as the Council of NIPC may approve.
FEDERAL MINISTRY OF FINANCE
Tel: 09 -2343787
BD.12237/S.25/V/172 February 25,2004
IMPORT PROHIBITION ORDER
This is to inform you that Government has placed ban on importation of the following
under listed items with immediate effect:-
1. Textile fabrics of all types and articles thereof, chapter’s 50 – 63, but excluding:-
(a) Nylon tyre core – H. S. Code 5902.1000-5902.9000
(b) Multifilament Nylon Chafer fabrics and tracing cloth
H. S. Code 5111.2000; 5112.2000 and 5901.9000
(c) Mattress Tickings – H. S. Code 5903.1000-5903.9000
(d) Narrow Fabrics – H. S. Code 5806.1000 – 5806.4000
(e) Trimmings and Linings – H. S. Codes 5909.0000; 6117.9000; 5808.9000;
(f) Made-up Fishing nets – H. S. Code 5608.1100
(g) Mosquito Netting Materials – H. S. Code 5608.1900 and 5608.9000
(h) Gloves for Industrial use – H. S. Code 6116.1000-6116.9900
(i) Canvas Fabrics for Manufacture of Fan Belts – H. S. Code 5907.0000, 5908.0000
(j) Moulding cups Lacra – H. S. Code 6212.9000
(k) Elastic Bands – H. S. Code 5604.9000
(l) Motifs – H. S. Code 5810.1000 – 5810.9000
(m) Textile Fabrics and articles for Technical use – H. S. Code 5911.1000 – 5911.9000
(n) Transmission or Conveyor belt or belting of textile materials – H. S. Code 5910.9000
(o) Poly propylene primary backing material – H. S. Code 5512.1100 – 5512.9900
(p) Fibre rope – H. S. Code 5607.1000 – 5607.9000
(q) Mutilated rags – H. S. Code 6310.1100
(r) Sacks and bags – H. S. Code 6305.1000 and 6305.2000
2. Men’s Foot wear and Bags of leather and plastic’s (excluding ladies) – H. S. Code 3926.2000,
6401.1000 – 6405.9000, 4202.1100 – 4202.9000
3. Soap and Detergents – H. S. Code 3401.1100 – 3402.9000
4. Furniture – H. S. Codes 9401.1000 – 9401.9000; 9403.1000 – 9406.0000
5. Assembled Bicycles (excluding CKD) – H. S. Code 8712.0000
6. Flowers (Plastics and Fresh) – H. S. Codes 0603.1000 – 0603.9000, 6702.1000-
7. Fresh Fruits – H. S. Code 0801.1100 – 0814.0000
8. Cutlasses, Axes, Pick axes, spades, shovels, – H. S. Code 8201.1000 – 8201.9000
9. Wheel barrows – H. S. Code 8716.8000.8100
10. Pork and Pork products, Beef and Beef Products, mutton, lamb and Goat Meat – H.
S. Codes 0210.1900; 1602.4900; 0202.2000; 1602.5000; 0204.4200; 0204.4300;
1602.9000; 0204.1000; 0204.2200; 0304.3000; 0210.7900; 0204.5000;
0208.9000; 0210.9900 and 1602.9000.
11. Tooth pastes – H. S. Code 3306.1000
12. Pencils – H. S. Code 9609.1000 – 9609.9000
13. Ball point pens – H. S. Code 9608.1000
14. Plastic Plates, Knives, Spoons, Forks, Cups, Buckets, Bowls, Bins Containers and
Hangers – H. S. Code 3924.1000 – 3924.9000.
15. Barytes and Bentonites – H. S. Code 2508.1000.1100, 2508.1000.1900
16. Vegetable Oils – H. S. Code 1507.1100 – 1516.2000
17. Corrugated Boards and Cartons – H. S. Codes 4808.1000; 4819.1000 – 4819.6000
18. Live or Dead Birds – H. S. Code 0106.3100 – 0106.9000; 0208.9000, 0210.9900.
2. A grace period of 90 days is allowed to enable all importers who must have entered into
Irrevocable trade agreement before the release of this ban order to allow them process and clear the goods at the prevailing duty rates. The grace period of 90 days takes effect from 7th January, 2004.
3. You are pleased advised to comply strictly with the above directive.
Mrs Nenadi E. Usman
Honourable Minister of Finance.
As part of the efforts to provide an enabling environment for the growth and development of industries, inflow of foreign direct investment (fdi), shield existing investments from unfair competition, and stimulate the expansion of domestic production capacity, the Federal Government of Nigeria has developed a package of incentives for various sectors of the economy. These incentives, it is hoped, will help revive the economy, accelerate growth and development and reduce poverty.
Nigerian government accepts the private sector as the engine of growth and the creator of wealth, while the government’s major responsibility is to provide the enabling environment for the private investors to operate. In this regard, laws which had hitherto hindered private sector investments have been either amended or repealed and a national council on privatisation has been established to oversee orderly investment by 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 liberalisation has opened up new windows of opportunity to all investors wishing to invest in the country’s economy. In this connection, an interest rate regime
supportive of the real sector of the economy as well as an exchange rate that is market determined are the object of government policy. The security of life and property of the citizens are being vigorously pursued with the reorganisation and strenghtening of the Nigerian Police Force.
In addition, the Nigerian Investment Promotion Council (NIPC) has been strenghtened to enable it serve as a one-stop office for clearing all the requirements for investment in the country. The tarrif 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 visas to Nigeria within 48 hours of submission of required documentation to the Nigerian diplomatic or consular missions abroad.
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, government has progressively introduced a number of incentives designed to promote investments. These are grouped as follows:
fiscal measures have been drawn to provide for deductions and allowances in the determination of taxable income of manufacturing enterprises, including:
• Pioneer status, which is a concession to pioneer companies located in economically disadvantaged areas, providing a tax holiday period of five to seven years. These industries must be considered by the government, to be beneficial to the country’s economy and in the interest of the public.
Companies that are involved in local raw material development; local value added; labour intensive processing; export oriented activities; in-plant training are also qualified for additional concessions.
Tax relief for research and development (r&d)
Up to 120% of expenses on r&d are tax deductible provided that such r&d activities are carried out in Nigeria and are connected with businesses to which allowances are granted. The result of such research could be patented and protected in accordance with internationally accepted industrial property and copyright laws.
Local raw materials utilisation:
30% tax concession for five years to industries that attain minimum local raw materials utilisation as follows:- – agro 80% – agro allied 70% – engineering 65% – chemical 60% – petro-chemical 70%
Labour intensive mode of production:
15% tax concession for five years. The rate is graduated in such a way that an industry employing one thousand persons or more will enjoy 15% tax concession while an industry employing one hundred people will enjoy only 6%, while those employing two hundred will enjoy 7%, and so on.
Local value added
10% tax concession for five years. This applies essentially to engineering industries, while some finished imported products serve as inputs. This is aimed at encouraging local fabrication rather than the mere assembly of completely knocked down parts.
2% tax concession for five years, of the cost of the facilities for training.
Export oriented industries
10% tax concession for five years. This concession will apply to industries that export not less than 6% of their products.
20% of the cost of providing basic infrastructure such as roads, water, electricity, where they do not exist, is tax deductible once and for all.
Investment in economically disadvantaged areas
100% tax holiday for seven years and additional 5% depreciation over and above the initial capital depreciation.
Abolition of excise duty
All excise duties were abolished with effect from the 1st of January, 1999.
Import duty rebate
A 25% import duty rebate was introduced in 1995 to ameliorate the adverse effect of inflation and to ensure an increase in capacity utilisation in the manufacturing sector. Investors are however, advised to ascertain the current operative figures at the time of making an investment, because these concessions have undergone some ammendments in the past few years.
This incentive is given to manufacturing companies that incur capital expenditure for purposes of approved expansion of production capacity; modernisation of production facilities; diversification into related products. It is aimed at encouraging reinvestment of profits.
Investment tax allowance
Under this scheme, a company would enjoy generous tax allowance in respect of qualifying capital expenditure incurred within five years from the date of the approval of the project.
Dividends derived from manufacturing companies in petro-chemical and liquefied natural gas sub-sector are exempt from tax.
Companies with turnover of less than N1 million are taxed at a low rate of 20% for the first five years of operation if they are into manufacturing.
Dividend from companies in manufacturing sector with turnover of less than N100 million is tax-free for the first five years of their operation.
Investment guarantees/effective protection
Transferability of funds section 24 of NIPC Decree provides that a foreign investor in an enterprise shall be guaranteed unconditional transferability of funds through an authorised dealer in freely convertible currency of:
– Dividends or profit (net of taxes) attributable to the investment;
– Payments in respect of loan servicing where a foreign loan has been obtained;
– Remittance of proceeds (net of all taxes)and other obligations in the event of a sale or liquidation of the enterprise or
– Any interest attributable to the investment.
Guarantees against expropriation
By the provision of section 25 of the same NIPC decree, no enterprise shall be nationalised or expropriated by any government of the federation, unless the acquisition is in the national interest or for public purpose; and no person who owns either wholly or in part, the capital of any enterprise shall be compelled by law to surrender his interest in the capital to any other person.
These can only be done under a law that makes provision for:
– Payments of fair and adequate compensation; and
– Right of access to the courts for the determination of the investor’s interest or right and the amount of compensation to which he is entitled.
In addition to all these safeguards, the Nigerian government is prepared to enter into investment protection agreement with foreign enterprises wishing to invest in Nigeria.
Access to land
Any company incorporated in Nigeria is allowed to have access to land rights for the purpose of its activity in any state in the country. It is, however, a requirement that industrial companies comply with regulations on use of land for industrial purposes and with environmental regulations. Land lease is usually for a term of 99 years unless the company stipulates a shorter duration.
Oil & gas sector
The following fiscal incentives have been approved by the government in the gas production phase:
– Tax rate under petroleum profit tax (ppt) act to be at the same rate as company tax which is currently at 30%;
– Capital allowance at the rate of 20% per annum in the first 4 years, 19% in the 5th year and the remaining 1% in the books;
– Investment tax credit at the current rate of 5%;
– Royalty at the rate of 7% on shore and 5% offshore.
Gas transmission and distribution
– Capital allowance as in production phase;
– Tax rate as in production phase;
– Tax holiday under pioneer status.
Liquified Natural Gas (LNG) projects
– Applicable tax rate under ppt is 45%;
– Capital allowance is 33% per annum onsight-straight-line basis in the first three years with with 1% remaining in the books;
– Investment tax credit of 10%;
– Royalty of 7% on shore, 5% offshore tax deductible.
Gas exploitation (upstream operations)
– All investments necessary to separate oil from gas from the reserves into suitable products is considered part of the oil field development;
– Capital investment facilities to deliver associated gas in usable form at utilisation or transfer points will be treated for fiscal purposes as part of the capital investment for oil development;
– Capital allowances, operating expenses and basis for assessment will be subjected to the provisions of the PPT Act and the revised memorandum of understanding (mou).
Gas Utilisation (downstream operations)
Incentives for encouragement of exploitation and utilisation of associated gas for commercial purpose include:
– An initial tax free period of three years renewable for an additional two years;
– 15% investment capital allowance which shall not reduce the value of the asset;
– All fiscal incentives under the gas utilisation down-stream operations in 1997 are to be extended to industrial projects that use gas in power plants, gas to liquid plants, fertiliser plants and gas distribution/transmission plants;
– The initial tax holiday is to extend from three to five years;
– Gas is transferred at 0% ppt and 0% royalty;
– Investment capital allowance is increased from 5% to 15%;
– Interest on loans for gas projects is to be tax deductible provided that prior approval was obtained from the federal ministry of finance before taking the loan;
– All dividends distributed during the tax holiday shall not be taxed.
Oil & gas free zone
Incentives and fiscal measures approved by the government that favour and encourage large investment in the region include:
– No personal income tax;
– 100% repatration of capital & profit;
– No foreign exchange regulation;
– No pre-shipment inspection for goods imported into the free zone;
– No expatriate quota;
– Initial tax holidays period has been extended from 3 to 5 years and renewable for another 2 years;
– Investment capital allowance has been increased from 5% to 15%;
– All dividends distributed during the tax holiday shall be tax-free, etc.
Very similar generous incentives package was granted the joint venture system and is contained in the MOU signed with oil companies.
Without prejudice to governments deregulation of the financial sector, banks have been enjoined to recognise the differences in the gestation periods within each category of agricultural loans ranging from 6 months to 10 years, for crops, livestock, fisheries, forestry and wild life.
In addition, the following incentives are also available;
– Companies in the agro-allied business do not have their capital allowance restricted to 60% but graduated in full – 100%;
– Agro-allied plant and equipment enjoy enhanced capital allowances of up to 50%.
Nigeria is richly endowed with a variety of solid minerals of various categories ranging from precious metals, stones and industrial
Minerals such as barytes, gypsum, kaolin and marble.
The ministry of solid minerals has worked out a package of attractive incentives for potential investors in the solid minerals sector, including:
– 3 to 5 years tax holiday;
– Deferred royalty payments depending on the magnitude of the investment and strategic nature of the project;
– Possible capitalisation of expenditure on exploration and surveys;
– Provision of 100% foreign ownership of mining companies or concerns;
– In addition to roll-over relief under the capital gains tax (cgt), companies replacing their plants and machinery are to enjoy a once-and-for-all 95% capital allowance in the first year with 5% retention value until the asset is disposed of, etc.
The tourism sector was accorded preferred sector status in 1991. This makes it qualify for such incentives as tax holidays, longer years of moratorium and import duty exemption on tourism related equipment;
State governments are prepared to facilitate acquisition of land through the issuance of certificate of occupancy for the purpose of tourism development;
25% of income derived from tourists by hotels in convertible currencies are tax-exempt provided such income is put in a reserve fund to be utilized within 5 years for expansion or the construction of new hotels, conference centres, etc that are useful for tourism development.
All areas of investment in this sector are considered to be pioneer product or industry. As a result, there is a tax holiday of 5 to 7 years for investments in the sector.
There has been a deregulation of this sector resulting in the emergence of independent power producers (ipp) that have started to operate in Nigeria.
Government provides non-fiscal incentives to private investors in addition to a tariff structure that ensures that investors recover their investment over a reasonable period of time, bearing in mind the need for differential tariffs between urban and rural areas. Rebate and tax relief are provided for the local manufacture of telecommunications equipment and provision of telecommunication services. The telecommunication sector is rapidly being deregulated and privatized. This has led to the emergence of many operators of the GSM such as MTN, Globacom, and Vodacom, including M-TEL as mobile phone service providers in Nigeria. Teledensity has now expanded, as a result, in leaps and bounds.
Tax incentives for other lines of trade
Companies profits in respect of goods exported from Nigeria, are exempt from tax provided the proceeds are repatriated to Nigeria and used exclusively for the purchase of raw materials, plants equipment and spare parts.
Profits of companies whose supplies are exclusive inputs to the manufacturing of products for exports, are excluded from tax.
All new industrial undertakings including foreign companies and individuals operating in an export processing zone (epz), are allowed full tax holidays for three consecutive years.
As a means of encouraging industrial technology, companies and other organisations that engage in research and development activities for commercialisation are to enjoy 20% investment tax credit on their qualifying expenditure.
All companies engaged wholly in the fabrication of tools, spare parts and simple machinery for local consumption and export are to enjoy 25% investment tax credit on their qualifying capital expenditure while any tax payer who purchases locally manufactured plants and machinery are similarly entitled to 15% investment tax credit on such fixed assets bought for use.
Export incentives for non-oil sector
Export proceeds can be retained in foreign currency in a domiciliary account with any authorised bank in Nigeria.
A special export development fund has been set up by the government to provide financial assistance to private sector exporting companies to cover a part of their initial expenses in some export promotion activities, including training courses, symposia, seminars and workshops, export market research, advertising and publicity campaigns in foreign markets, trade missions, etc.
There is also an export adjustment fund scheme which serves as supplementary export subsidy to compensate exporters for the high cost of local production arising mainly from infrastructural deficiencies and other negative factors beyond the control of the exporter.
Finally, Nigerian government established in i991, an export processing zone (EPZ), which allows interested parties to set up industries and businesses within demarcated zones, with the objective of exporting the goods and services manufactured or produced within the zones.
Calabar in Cross River State has been designated as the primary epz territory in Nigeria. Incentives within the territory include, tax holiday relief; unrestricted remittance of profits and dividends earned by foreign investors; no import or export licenses are required; up to 100% foreign ownership of enterprises; sale of up to 25% of production is permitted in domestic market; etc,
All exports under the Nigerian value added tax (vat) system are zero-rated and dividends received from investment in export-oriented businesses are to be free of tax
Former Consul General Amb. Teneilabe host President Obama’s Young African Leaders Initiative to a reception in Atlanta, GA. The Obama Administration’s Young African Leaders Initiative (YALI) is a signature effort to invest in the next generation of African leaders. President Obama launched #YALI in 2010 to support young African leaders as they spur growth and prosperity, strengthen democratic governance, and enhance peace and security across Africa.
See pics below: