1 / 13

STATING THE CASE FOR INVESTING IN NIGERIA SESSION ONE: INVESTING IN NIGERIA

STATING THE CASE FOR INVESTING IN NIGERIA SESSION ONE: INVESTING IN NIGERIA. BY ENGR. MUSTAFA BELLO, FNSE EXECUTIVE SECRETARY/CEO NIGERIAN INVESTMENT PROMOTION COMMISSION. OUTLINE. THE CURRENT ECONOMIC EFFORT OF GOVERNMENT Policy Thrust of Government Investment Opportunities in Nigeria

oakley
Télécharger la présentation

STATING THE CASE FOR INVESTING IN NIGERIA SESSION ONE: INVESTING IN NIGERIA

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. STATING THE CASE FOR INVESTING IN NIGERIASESSION ONE: INVESTING IN NIGERIA BY ENGR. MUSTAFA BELLO, FNSE EXECUTIVE SECRETARY/CEO NIGERIAN INVESTMENT PROMOTION COMMISSION

  2. OUTLINE • THE CURRENT ECONOMIC EFFORT OF GOVERNMENT • Policy Thrust of Government • Investment Opportunities in Nigeria • Investment Incentives • Investment Promotion and Facilitation • What we do for Investors • Why Nigeria

  3. THE CURRENT ECONOMIC EFFORT OF GOVERNMENT Objectives: • Diversify the economy away from oil to non-oil sectors, and drive investments into the critical infrastructure sectors - power, transportation etc • Enhance agriculture sector productivity, including agro-processing and manufacturing to ensure food security – promotion of large scale commercial agriculture (N200 billion provided in 2009 budget) etc • Identify and address obstacles to Doing Business in Nigeria • Create an enabling environment in which the private and public sectors can work in partnership for poverty eradication and wealth creation • Improve operations at the sea, air ports and customs operations • Improve social service delivery and promote human capital development.

  4. POLICY THRUST OF GOVERNMENT • Deepen democracy and the rule of law, build an economy driven by the private sector • Transparency and Accountability; Zero-Tolerancefor Corruption; Fiscal Responsibility etc • Commitment to promoting priority Sectors under the auspices of the Seven Point Agenda • Commitment to long term strategic planning for rapid and sustainable economic growth; under Vision 20-2020 • Corporate Governance with renewed interest in the use of regulation in economic management instead of discretion • Making Nigeria a haven for Foreign Direct Investments

  5. INVESTMENT OPPORTUNITIES IN NIGERIA • Investment Opportunities exist in all sectors of the economy, especially: • Power/Energy • Oil & Gas (extractive and non-extractive) • Agriculture & Agro Allied • Maritime, Shipping and Ports • Solid Minerals • Banking & Financial services • Tourism / Hospitality • Manufacturing • Pharmaceuticals and Health services • Information & Communication Technology (ICT) • Industrial Parks and Clusters

  6. INVESTMENT INCENTIVES IN NIGERIA Natural Incentives • Large country – 923,768 square kilometres and population of about 140m – 20% of Africa • Vast arable land – over 60% of Nigerian land area is suitable for agriculture and remains under utilized, land tenure changes underway • Trainable, resourceful and cost effective workforce with 60% youth • Strategic location – hub of the West and Central Africa and access to large markets • Relative absence of natural disasters/calamities; i.e. no earthquakes, hurricanes or major floods etc.

  7. INVESTMENT INCENTIVES IN NIGERIA Statutory Incentives • Up to 5 years tax holiday * Capital Allowances: • Research & Development – use of local inputs – 140% • Investment in infrastructure 20% of costs • Minimum local raw materials utilization – 20% for 5 years • Very low VAT regime of 5% Free Zones: • No personal income tax • 100% repatriation of capital and profit • No foreign exchange regulation • 100% foreign ownership allowed • No pre-shipment inspection of goods • No expatriate quota required

  8. INVESTMENT PROMOTION AND FACILITATION • NIPC is the Government agency charged with responsibility for promoting and co-ordinating both foreign and domestic investments into Nigeria • Enabling Act No. 16 1995 • Major Features • Liberalization of the economy • 100% ownership of investment in any sector (except ones listed in the ‘negative list’) irrespective of nationality • Guarantee against nationalization or expropriation by any government of the Federation • Guarantee of unconditional transferability/repatriation of funds through an authorized dealer, in freely convertible currency • Supporting Act • Foreign Exchange (Monitoring and Miscellaneous Provision, Act No. 17, 1995) which liberalizes funds transfer

  9. WHAT WE DO FOR INVESTORS • Arrange and facilitate meetings with relevant Government Agencies/State Governments in Nigeria • Arrange and coordinate site visits as part of pre- investment activities and post investment services • Provide prompt assistance to investors and dedicate an account team to projects • Advise/advocate for policy changes that favorably affects and support investments

  10. …WHAT WE DO FOR INVESTORS • Provide entry licenses and permits through the OSS window • The One Stop Shop named One Stop Investment Centre(OSIC) established in the NIPC on the 20th of March, 2006 is reducing the bureaucratic bottlenecks faced by investors in terms of Business Entry and running business in Nigeria • 24 hour business entry time line in place in the OSS • 13 Government Agencies at the Centre to help investors to navigate through legal and regulatory framework of doing business. (Additional 22 agencies will join the centre this year)

  11. …WHAT WE DO FOR INVESTORS • Shortens and simplifies administrative procedures for the issuance of business approvals, permits/licenses, tax registration/enquiries and company incorporation • Provides statistical data and information on the Nigerian economy, investment climate and sector specific legal and regulatory framework • Process and facilitate requests for expatriate quota and intervene on immigration matters (STR, TWP, CERPAC) etc • Removes bottlenecks faced by investors in establishing and running business • Reduces the cost of doing business in Nigeria

  12. WHY NIGERIA • One of the key goals of the Government is to improve growth and the competitiveness of the country as a preferred investment location • Nigeria has been portrayed by reputable organizations as the place to invest in the wake of the Global meltdown – strong fiscal and external positions • Real GDP growth averaging 7% with Agriculture, Manufacturing, Services stimulating economic growth • Government has taken bold steps to do the right thing ;fix power, develop infrastructure, tackle security, fight financial and economic crimes, improve justice system and reform electoral process to be electorate-friendly • Annual Return On Investment of 35% - 45% (70 – 100% in some sectors) • Nigeria’s economic outlook is positive and the Government is committed to move Nigeria forward • Given the investment friendly disposition of Nigeria, there is no better time than now to invest in Africa’s most profitable economy

  13. THANK YOU FOR LISTENING For more information, visit: www.nipc.gov.ngFor Enquiries:osicinfodesk@nipc.gov.ng

More Related