Business and our Economy |
Nigeria is a country endowed with arable land and abundant natural resources. |
Government policy has been directed towards ensuring that what nature has provided is harnessed and utilized to the fullest, for the benefit of the citizenry. The thrust of the nation’s current economic development policy is as enunciated in the VISION 2010 Report which is: To make Nigeria a major industrial nation and economic power that continually strive for sustained economic growth and development towards the quality of life for all Nigerians. |
This will be achieved through:
- Development of a strong public and private sector partnership which fosters a strong economy that is private sector-driven with the government as the enabler;
- Enhancement of exploitation of the nation’s hydrocarbon, agricultural and mineral resources, tourism and sporting talents;
- Promotion of entrepreneurship and competition within the ambit of fair, equitable and enforceable laws;
- Massive investment in education, health, technology and infrastructure;
- Involvement of the community in projects from conceptualization through execution to maintenance;
- Movement towards export-oriented production manufacturing and industrial sectors;
- Promotion of indigenous entrepreneurship and building of a strong and viable indigenous private sector; and
- Opening up the economy to participation by more indigenous and foreign investors.
The realization of these aspirations, had informed the radical and pragmatic economic reforms introduced since the mid 1980’s. The reforms were designed to increase the attractiveness of Nigeria's investment opportunities and foster the growing confidence in the economy. The reforms resulted in the adoption of liberal and market oriented economic policies, the stimulation of increased private sector participation and elimination of bureaucratic obstacles which hinder private sector investment and long term profitable business operations in Nigeria. Some of the significant legislation are as follows: |
1. The Nigeria Industrial Revolution Plan (NIRP) |
2. Nigerian Investment Promotion Decree No. 16 of 1995: |
3. Foreign Exchange (Monitoring and Miscellaneous Provision) Decree No. 17 of 1995: |
4. Securities and Exchange Commission Act of 1979: |
5. Privatization and Commercialization Decree No. 25 of 1988 as amended in Decree No. 28 of 1999 (Government Notice no. 70): The privatization and commercialization provided for the divestment of Governments interest in some public enterprises which are best suited for private sector management. The law also stopped further injection of government funds into enterprises that could be better operated on commercial bases. |
Exchange Control Regulations |
The Nigerian Financial System |
Protection of Industrial Investment and International Trade Business Nigeria’s membership of the World Bank’s Multi-lateral Investment Guarantee Agency (M.1. G. A) as well as the operation of the bilateral Investment Promotion and Protection Agreement (I.P.P.A) between Nigeria and any interested party country, make for adequate protection of foreign investment in Nigeria. The instrumentality of the Patents and Design Decree of 1970 affords protection and transfer-ability of shares of joint owners of a patent or design registered in Nigeria; while that of the Trade Mark Act of 1956 affords protection of the exclusive right of a proprietor of a trade mark. |