iGuide Nigeria

Introduction

For full compliance with the law, enterprises operating in Nigeria are required to: 

• Incorporate or Register with the Corporate Affairs Commission (CAC): The Companies and Allied Matters Act (CAMA) 2020 mandates that all formal businesses be incorporated before commencing operations unless granted an exemption; this is the first step in formalising business operations in Nigeria. 
• Obtain a Tax Identification Number (TIN): the Finance Act 2019 has made it mandatory for all enterprises to obtain a TIN from the Federal Inland Revenue Service (FIRS).
• Register enterprises with foreign equity participation with Nigerian Investment Promotion Commission (NIPC): This a mandatory procedure as prescribed by the Nigerian Investment Promotion Commission Act Chapter N117, Laws of the Federation of Nigeria 2004.
  
• Obtain Sector Specific Licences: Nigeria operates a regulated business environment where many sectoral activities require operators to obtain industry operating licence before commencing business e.g. Banking, Oil & Gas, Healthcare, etc. 

The Business Facilitation Act (BFA) 2022 has amended business entry procedures, simplifying registration and expanding business operation frameworks in the country. 

Types of Businesses

A. Private Limited Liability Company (LTD)

The most common business structure, ideal for small to medium-sized enterprises. It requires a minimum share capital of NGN1,000,000 and offers limited liability, protecting owners from personal debts. An LTD must have at least two and no more than fifty shareholders, and its shares cannot be publicly traded. This structure provides flexibility while ensuring financial protection.

B. Public Limited Liability Company (PLC)

Designed for large businesses seeking public investment, a PLC requires a minimum share capital of NGN2,000,000 for incorporation and NGN500,000,000 for stock exchange listing. It allows unlimited shareholders and free transfer of shares, making it suitable for companies with expansion plans.

C. Company Limited by Guarantee (GTE)

Ideal for non-profits, charities, and associations, a GTE limits members' liability to their guaranteed contributions. It serves organizations focused on social, educational, religious, or charitable purposes rather than profit-making.

D. Unlimited Company

This structure does not limit members' liability, meaning they are personally responsible for all debts. Rare in Nigeria, it is mainly used by professional service firms requiring unrestricted financial liability.

E. Limited Liability Partnership (LLP)

Combines the flexibility of a partnership with limited liability protection. It requires at least two designated partners, one of whom must reside in Nigeria. Commonly used by law firms, consultants, and accountants. Foreign LLPs must register before operating in Nigeria.

F. Limited Partnership (LP)

Consists of general partners (who manage and bear full liability) and limited partners (who invest but have limited liability). The total number of partners cannot exceed 20. Suitable for investment-driven ventures like private equity and real estate firms.

G. Other Business Structures

• Sole Proprietorship – The simplest structure, owned and managed by one person. It offers full control but no liability protection, making personal assets vulnerable. Suitable for freelancers, artisans, and small businesses.

• Business Name (Enterprise) – A registered business name without a separate legal entity. Cost-effective for small businesses and sole proprietors but lacks liability protection.

• Incorporated Trustees – Used by NGOs, religious organisations, and humanitarian groups. Governed by a board of trustees, ensuring compliance and public benefit.

Business Incorporation Process

To incorporate a business in Nigeria, follow the following steps:

STEP 1. Create an Account: Visit the CAC Registration Portal to create an account, which will be used for all your business registration activities.

STEP 2. Conduct a Name Availability Search: Use the CAC Public Search Tool to ensure your desired preferred business name is unique and available.

STEP 3. Reserve Your Business Name: After confirming name availability, reserve the name through the Name Reservation Page.

STEP 4. Complete the Pre-Registration Form: Log in to your CAC account and complete the appropriate pre-registration form for your type of business (e.g., Limited Liability Company, Business Name, Incorporated Trustee). Provide all necessary details, including information about proprietors, partners, or directors.

STEP 5. Upload Required Documents: Prepare and upload scanned copies of the necessary documents, such as:

• Identification: any one of the listed National ID Card, Driver's license or Voter's Card for Nigerians or International passport for foreigners.
• Signed copies of the pre-registration documents
• Passport-sized photographs

STEP 6. Pay Filing Fees and Stamp Duty: Calculate and pay the required fees directly through the CAC portal, which provides a breakdown of fees for various services.

STEP 7. Submit the Application: After completing the forms and uploading documents, submit your application online for processing.

STEP 8. Obtain the Certificate of Incorporation: Once approved, download your Certificate of Incorporation and the Certified Extracts of Registration from the CAC portal.

For detailed guidelines and access to the registration portal, visit the CAC's official website.

Please note that the specific requirements and processes may vary depending on the type of business entity you are registering. It is advisable to consult the CAC's resources or seek professional assistance to ensure compliance with all legal requirements.

Exemption from Incorporation

The Companies and Allied Matters Act (CAMA) 2020 and Business Facilitation (Miscellaneous Provisions) Act 2023 provide exemptions to specific categories of business enterprises from incorporation in Nigeria. 

A. Under Section 788(2) of CAMA 2020, a Foreign Limited Liability Partnership (LLP) intending to operate in Nigeria is required to incorporate as a separate entity. However, certain exemptions allow a foreign LLP to operate without incorporation. These exemptions apply if the LLP is:

• Invited by or with the approval of the Federal Government to execute a specific project: This includes LLPs brought in for particular assignments endorsed by the Nigerian government.

• In Nigeria to execute a specific loan project on behalf of a donor country or international organisation, LLPs engaged in projects funded by foreign donors or international bodies fall under this category.

• Owned by a foreign government and engaged solely in export promotion activities: This pertains to LLPs established by foreign governments focusing exclusively on promoting exports.

• An engineering and technical expert engaged in a specialist project under contract with any government in the Federation or their agencies, approved by the Federal Government: This includes LLPs providing specialized technical or engineering services for government-approved projects.

All applications for exemption shall be forwarded to the Minister of Industry, Trade and Investment in compliance with the Companies Regulations 2021.

B. The Business Facilitation (Miscellaneous Provisions) Act 2023 expanded the categories of foreign companies exempt from incorporation in Nigeria to include those granted exemptions under any existing Act of the National Assembly.

Payment of Stamp Duty

In compliance with the Stamp Duties Act, companies are required to pay Stamp Duties on the share capital of the company being incorporated, and the amount varies according to the company’s share capital.

1. Documents submitted for the payment of Stamp Duties are 

• the CAC 2 Form (statement of share capital), and 
• 2 (two) Memorandum and Articles of Association, duly completed and signed. 

2. Fees payable in respect of Stamp Duties on Business Incorporation 

• Initial Share capital and share capital increase 

3. Please check with FIRS for the prevailing fees at the time of payment 

Registration with NIPC

The Nigerian Investment Promotion Commission Act, Chapter N117, Laws of the Federation of Nigeria 2004 (NIPC Act), established the Nigerian Investment Promotion Commission (NIPC) to encourage, promote, and coordinate all investments in Nigeria. This act also regulates the participation of foreign-owned businesses in the country. 

• Eligibility to Participate and Own Enterprises: Section 17 provides no restriction to ownership and participation by a non-Nigerian in any enterprise in Nigeria except those defined on the 'Negative List' under Section 31 of the Act such activities as the production of arms, ammunition, narcotics, and related substances, and listed as activities covered by the Nigeria's Coastal Inland Shipping Act 2003 (Cabotage Act). 
• Establishment of Enterprise: Section 19 reinforces Chapter 3, Section 78 of the Companies and Allied Matters Act (CAMA) Act 2020, that all foreign companies willing to operate in Nigeria are required to incorporate a local company in Nigeria before commencing business. 
• Registration of Enterprise: Section 20 requires all enterprises in which foreign participation is permitted to register with NIPC before commencing business.

One-Stop Investment Centre (OSIC)

The One-Stop Investment Centre (OSIC) is the investment facilitation mechanism of the Nigerian Investment Promotion Commission (NIPC) that brings relevant government agencies to one location to provide fast-tracked services to investors. The Centre is coordinated by the NIPC.

The objective of the Centre is to simplify business entry processes by removing administrative and regulatory bottlenecks in doing business in Nigeria.

Specifically, OSIC provides the following services:

• Granting of business entry approvals, licenses, and authorisations within the shortest possible time.
• Provision of general information on the Nigerian economy, investment climate, legal and regulatory framework, as well as sector and industry-specific information to aid existing and prospective investors in making informed business decisions.
• Facilitation and follow-up services on behalf of investors in all government ministries, departments and agencies.

The Centre presently has twenty-five (25) participating agencies.

Environmental Impact Assessment

Nigeria's primary legislation governing Environmental Impact Assessments (EIAs) is the Environmental Impact Assessment Act (Cap E12, LFN 2004). This law mandates that investors conduct an EIA to assess and mitigate potential environmental risks before embarking on any project that may significantly impact the environment.

Other relevant legal frameworks include:

• National Environmental Standards and Regulations Enforcement Agency (NESREA) Act, 2007
• Harmful Waste (Special Criminal Provisions) Act, Cap H1 LFN 2004
• Environmental Guidelines and Standards for the Petroleum Industry in Nigeria (EGASPIN), 2018 (for oil & gas sector projects)
• Various State Environmental Protection Laws

While the Federal Ministry of Environment (FedEnv.), through the National Environmental Standards Regulatory and Enforcement Agency (NESREA) is primarily responsible for overseeing EIAs in Nigeria, their activities are complemented by compliance enforcement agencies at sector and sub-national levels - the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in the oil & gas sector and State Environmental Protection Agencies (SEPAs) at the state level.

Activities where EIA is Mandatory

While environmental impact is evident across all sectors, Section 15 of the Environmental Impact Assessment (EIA) Act (Cap E12, LFN 2004) mandates that project promoters undertaking the following activities, which have been identified as having significant environmental and social impacts, must conduct an EIA and obtain the necessary approval before commencing project execution.

This list ensures that projects with significant environmental and social impacts undergo a thorough assessment before implementation. Investors in these sectors must obtain EIA approval from the FMEnv or relevant regulatory bodies before proceeding with their projects.

Environmental Business Permits

The Environmental Business Permit (EBP) is issued by the National Environmental Standards and Regulations Enforcement Agency (NESREA) to regulate activities with potential environmental impacts and ensure compliance with the NESREA Act, 2007 and its associated environmental regulations.

This permit is a mandatory compliance requirement for investors engaged in industries that have significant environmental footprints, including:

• Industrial activities, manufacturing, mining, and energy production.
• Waste management and businesses generating hazardous or non-hazardous waste.
• Sectors regulated by NESREA, particularly those involving chemicals and hazardous substances.
• Businesses engaged in the importation, exportation, production, storage, and distribution of chemicals and hazardous materials.

The Permit covers key environmental compliance areas, including waste management, air emissions, effluent discharge, hazardous substances handling, and noise pollution control. Obtaining this permit ensures that businesses operate in line with environmental safety standards, reducing risks to public health and the ecosystem.

For effective guidance and compliance enforcement, NESREA has developed and published thirty-five (35) Environmental Regulations, covering various activities to ensure sustainable environmental management and protection in Nigeria.

What Investors Think

Population and Skills

Federal Secretariat, Abuja

Africa’s most populous country has an estimated population of 193 million, with more than half of its people under 30 years of age. Adult literacy rate is 59.6%.

Skills

There are four levels of education in Nigeria:

• Early childhood or Pre-primary (1 year);
• Basic Education (9 years of Primary and Junior Secondary Education) - compulsory and free;
• Senior Secondary Education (3 years);
• Tertiary Education (4–6 years, depending on the course).

After obtaining the Basic Education Certificate, students can opt for 3 years of vocational education to obtain either the National Technical Certificate (NTC) or the National Business Certificate (NBC), both of which prepare their graduates to enter the labour market. The National Business and Technical Examination Board (NABTEB) conducts the examinations and issues the certificates.

On the other hand, students may choose to complete 3 years of senior secondary school, to obtain the Senior School Certificate, issued by either the West African Examinations Council (WAEC) or the National Examinations Council (NECO). This certificate is required alongside a successful completion of the University Tertiary Matriculation Examination (UTME) to access higher education.

Higher Education

Higher Education in Nigeria is provided by public and private sector-owned universities, polytechnics, monotechnics, colleges of education and professional institutions. 

Nigeria has the largest university system in Sub-Saharan Africa; its 154 universities offer several graduate programs and produce most of its skilled professionals. A Joint Admissions and Matriculation Board administers a national university entrance examination and informs universities of applicant scores.

There are 113 polytechnics in Nigeria. These run 2-year programmes leading to the National Diploma and Higher National Diploma (HND). 1 year of practical experience is required before admission into the HND programme.

85 colleges of education offer Teacher Training Programmes, leading to the award of the Nigeria Certificate in Education (NCE), the minimum teaching qualification, obtainable after 3 years of study.

The National Youth Service Corp (NYSC) is a mandatory one-year of service by Nigerian graduates. The service year includes a three-week camp with paramilitary training followed by formal sector work for the rest of the year while engaging in community developments. The NYSC certificate is a requirement for obtaining subsequent employment in the country.

Several professional Institutions regulate different occupational fields, most of them administering certification examinations to members according to their charter.  Passing these exams is considered a professional accomplishment which validates the competence of individuals in their respective fields.

Employment and Contracts

The 1999 Constitution of the Federal Republic of Nigeria provides for “equal pay for equal work without discrimination on account of sex, or any other grounds whatsoever”. An employer is required to give to each employee a written contract within 3 months of engagement stating the particulars of the employer and the employee, the position and job description/functions, terms and conditions of the contract, confidentiality clauses, intellectual property rights, hours of work, remuneration, holiday and holiday pay, etc.

A typical workday comprises 8 hours from Mondays to Fridays, except on public holidays; however some businesses work on Saturdays.

An employment may be terminated if the parties to the contract jointly agree to do so. Generally, however, for an employment to be unilaterally terminated, a notice of termination (based on the terms of the contract of employment and/or the circumstances surrounding the employment) must be given or salary paid in lieu of such notice.

An employer may dismiss an employee where there is a fundamental breach of the employment contract. Employers are encouraged to itemise examples of cases that could lead to dismissal and inform the employees through their employment contract. No compensation is usually payable upon a valid dismissal.

The Federal Ministry of Labour and Employment (FMLE) is responsible for industrial relations in general, including conciliation in labour disputes, technical training (through the Industrial Training Fund), manpower development, safety and welfare in the workplace, and supervision of trade union activities.

Registration of Factories

Every person who occupies or intends to occupy a factory is mandated to apply for registration to the Director of Factories who shall issue a certificate of registration if the proposed factory is suitable. Employers are compelled under the Factories Act to protect workers against industrial hazards and display an extract of the Act in their factory premises.

Wages

The National Minimum Wage is N30,000 per month. An employer is mandated to keep proper records of the wages and conditions of employment and to retain such records for three (3) years.

Non-wage Benefits

Leave

Employees are entitled to annual leave with full pay of at least twelve (12) working days (for persons under the age of 16 years, including apprentices) and 6 working days for older employees.

Other paid holidays and vacations include public holidays and maternity leave - which are normally fully paid. Maternity leave is typically three (3) months paid leave while paternity leave (though not common) is usually 2 to 5 days of paid leave.  Nursing mothers are allowed half an hour twice a day to attend to their babies.

Sick Leave: An employee is entitled to a maximum of twelve (12) working days of paid sick leave in any calendar year, provided this sickness is certified by a registered medical practitioner.

Social Security and Other Contributions

Contributory Pension Scheme

Employee Compensation Scheme

The Employee Compensation Act (ECA) provides for adequate compensation for employees or their dependants in the event of death, injury, disease or disability arising out of, or in the course of employment. The Act is also intended to provide for safer working conditions for employees, by ensuring that all relevant stakeholders contribute to the prevention of occupational hazards and disabilities. To this end, employers are required to contribute 1% of their payroll costs to the National Social Insurance Trust Fund (NSITF) to cover employees from work-related accidents and death.

National Housing Fund

The NHF seeks to facilitate the provision of houses to Nigerians at affordable prices. Employers are required to deduct 2.5% of employee’s basic salary and remit same to the Federal Mortgage Bank of Nigeria within one month of such deduction.

Health Insurance Scheme

National Health Insurance Scheme

Industrial Training Fund

The ITF was established to promote the acquisition of skills in industry and commerce with a view to generating a pool of indigenous trained manpower sufficient to meet the needs of the economy. Employers are required to contribute 1% of annual payroll costs to the ITF, if they

• have five (5) or more employees or an annual turnover of ₦50million and above;
• bid for or solicit contracts, businesses, goods and services from public and private establishments;
• require approval for Expatriate Quota; or
• utilise Customs services for import and export.

However, the ITF Governing Council may refund of up to 50% of an employer’s contributions if he submits evidence of providing relevant training to his employees.

Work Permits

Immigration Headquarters

Companies seeking to employ expatriates must apply for the Expatriate Quota, Subject-to-Regularisation (STR) visa and Combined Expatriate Resident Permit and Aliens Card (CERPAC). Each of these is explained in detail below.

Expatriate Quota

The Immigration Act, 2015 precludes any person other than a Nigerian citizen from accepting employment (not being employment by the Federal or State Government) without the consent in writing of the Minister of Interior. This consent is issued in the form of an Expatriate Quota (EQ) which permits companies to employ expatriates to specific job designations, and also specifies the duration of such employment.

An Expatriate Quota is granted for an initial period of three (3) years. It can however be renewed for further periods of two (2) years each subject to a maximum of ten (10) years. Limited quota positions are granted as Permanent until Reviewed (PUR) for senior executive positions such as the Chief Executive, Managing Director, or General Manager.

The procedure and fees for obtaining the EQ (through NIPC) are outlined below:

• Pay the online registration and processing fees through the FMI portal ;
• Collect the Application Form (Business Form T1) from the FMI Business Department after payment has been confirmed;
• Submit the company's application letter to the Permanent Secretary through OSIC Desk Office attaching all the required documents as  listed below;
• Pay approval fee through the FMI portal. The total cost will depend on the number of expatriate quotas approved;
• Collect the letter of approval from the Business Registry. This can be done by a company representative with valid identification.

Note:

• Applicant must be a registered company in Nigeria with a minimum share capital of N10 million
• The estimated time frame for processing Expatriate Quota is 14 working days.

Subject to Regularisation (STR) visa

Once an EQ approval is granted, the expatriate concerned must obtain a Subject to Regularization (STR) visa from the Nigerian Mission in his country of residence. The STR is issued to expatriates coming to work in Nigeria based on the EQ approval. The process for applying for the STR is listed below:

• Complete and print two copies of the online visa application form (IMM22).
• Make online payment via www.immigration.gov.ng and print the payment receipt.
• Affix two (2) passport-sized photographs to the completed visa form and submit along with required documents in person or via post to the Nigerian Mission in the country of applicant’s residence.

An STR application is processed within seven (7) days. Visa fees are not fixed, however the Immigration Facilities Handbook 2017 contains the schedule of visa fees per country.

Combined Expatriate Resident Permit and Aliens Card

Within ninety (90) days of arrival in Nigeria, the expatriate is expected to apply to the Nigerian Immigration Service (NIS) – through his employer – for a Combined Expatriate Resident Permit and Aliens Card (CERPAC). The employer must undertake to bear full immigration responsibility on behalf of the expatriate. The NIS assesses each application on its merit in line with the applicant’s qualifications, and takes a decision on the application. The CERPAC is valid for two years but can be renewed annually provided the Expatriate Quota is still valid and there are vacant positions.

Other Permits

The following permits are also available to foreigners coming into Nigeria for business or work:

Taxation of Expatriates

An expatriate is liable to tax in Nigeria if his employment costs are recharged to a Nigerian company; or he is in Nigeria for up to 183 days in a year (including leave and temporary absence); or where he is not liable to tax in another country which has a double tax agreement with Nigeria.

What Investors Think

Investors are optimistic about the quality of labour in Nigeria. They describe Nigerians as highly productive, fast learners, who can match anyone anywhere in the world. They however observed that in some instances, especially highly technical fields, they have to invest extensively in training new staff before they can get the desired quality of work from such staff.

Electricity

Electricity

The Nigerian Electricity Regulatory Commission (NERC) regulates the business of electricity generation, transmission, distribution and marketing in Nigeria.

Electricity is supplied directly to customers by the distribution companies (popularly called DisCos) which cover specific geographical areas as shown in the table below. There is also provision for licensing Independent Electricity Distribution Networks (IEDN) in addition to the DisCos.

The Multi-Year Tariff Order (MYTO) is the methodology adopted by NERC for setting electricity tariffs in Nigeria. It provides a 15-year tariff path with annual minor reviews, and major reviews every 5 years.

Customers are classified into any of the following tariff classes:

Residential (R)
 A customer who uses his premises exclusively as a residence i.e. house, flat, or multi-storey house.

Commercial (C)
A customer who uses his premises for any purpose other than exclusively as a residence or as a factory for manufacturing goods.

Industrial (I)
A customer who uses his premises for manufacturing goods including welding and ironmongery.

Special (A)
Agriculture and agro-allied industries, water boards, religious houses, government and teaching hospitals, government research institutes and educational establishments.

Street Lights (S)
Street Lights

In order to improve power supply, NERC has developed a regulation on embedded generation which allows for power generation plants (including renewable energy) to be directly connected to and evacuated through a distribution network. It provides a window for investors, communities, state and local governments to generate and sell/utilize power without going through the transmission grid. In addition, the commission developed a mini-grid regulation which seeks to provide an improved power supply in un-served and under-served locations in the country, especially the rural communities.

Rural Electrification Agency (REA)

REA is a Federal Government Agency saddled with the responsibility of providing electricity to rural communities in Nigeria. Here, you will find information on the Agency’s activities, event line up and rural electrification projects.

The Rural Electrification Goal of the Federal Government of Nigeria is to increase access to electricity to 75% and 90% by 2020 and 2030 respectively and at least 10% of renewable energy mix by 2025, fully utilizing the Rural Electrification Policy (2005) & National Electric Power Policy (2001). Rural Electricity Users Cooperative Societies (REUCS) are expected to own, operate, and maintain Rural Electricity Systems mainly in Cooperation with DisCos and other professional private sector companies providing the know-how required to operate such systems. It is REA’s sustainability platform.

Water

Usman Dam Water Resources

Responsibility for water supply is shared between the Federal, State and Local Governments. The Federal Ministry of Water Resources provides policy advice, monitoring and coordination of water resources development, while the State Water Agencies (SWA) are responsible for actual urban, semi-urban and rural water supply.

In Abuja, the source of urban water supply is not boreholes but surface water treatment system (River Usuma) then to our dam and treated for supply into our networks for customers. There are two types of water billing in Nigeria. Flat rate billing is allocated to the property type based on the estimated consumption per billing cycle. Meter rates on the other hand, help the government measure the actual consumption of water, and bill on that basis.

Water rates vary from state to state.

Telecommunications

Communication

There are four major GSM (Global System for Mobile communication) operators in Nigeria: Airtel, Globacom, MTN and 9mobile with a combined subscriber base of about 150 million. The launching of GSM in the country has significantly improved the country’s domestic and international telecommunication services. Fixed Wired and Wireless services are provided by Visafone, Multilinks, MTN, Glo, Ntel, ipNX and 21st Century.

Under the current unified licensing regime, which was introduced by the Nigerian Communications Commission in 2006, there is no more segmentation of wireless licences into mobile and fixed service categories. On allocation of a spectrum, all licensees are free to offer voice, data or multimedia services as they deem fit. This harmonised platform has led to increased competition from all the telecommunication service operators in the country.

Each telecoms provider has an array of voice and data plans for customers to choose from. The number of internet users in Nigeria is about 90 million (or 53% of the population), which is the highest in Africa. Data services are provided by the afore-mentioned GSM operators, as well as several Internet Service Providers (ISP). Many of these offer fibre-optic services across the country, with 4G LTE available in Lagos, Ibadan, Abuja and Port Harcourt. Data plans vary by ISP, city, duration and choice of plan but monthly subscriptions start around $5.60 (excluding the cost of the modem).

Relevant Links: Tariff Information for major GSM companies, Internet Service Providers in Nigeria, Subscriber statistics for mobile and fixed telephony services

Road network

Road Network in Nigeria

With 195,000 km of roads, Nigeria has the largest road network in West Africa, and second largest South of the Sahara. About 32,000 km of these are federal roads; 31,000 km are state roads, while the rest are local government roads.

The road transport system remains the most widely used transportation system in the county, accounting for 90 percent of commodity movements to and from the seaports, and other internal movements of goods and persons. The federal road network accounts for about 70 percent of the national vehicular and freight traffic.

The Federal Ministry of Works is currently working to improve various sections of the Federal Highway network and has given top priority to the North-South, East-West routes used for the distribution of goods and services across the country and major bridges. Also prioritised are roads which link major routes, factories, agricultural producing hubs, mining depots, major ports and mineral producing areas.

Railway

Nigeria's railway system has 3,505 route kilometres and 4332 track kilometres, most of which is Cape gauge. The country has two major rail lines: a western line connecting Lagos to Nguru in Yobe state, and an eastern line connecting Port Harcourt to Maiduguri.

The Lagos–Kano Standard Gauge Railway is being built in segments to replace the Western Cape gauge line. The Abuja-Kaduna line (186km) has been completed and commissioned; the Ajaokuta to Warri Line (277km) is nearing completion, while work has commenced on the Lagos – Ibadan line (180km).

10 new standard gauge rail lines are currently being planned, and these will cover a travelling distance of 3,421 km when completed. The Abuja – Kaduna rail is Nigeria’s first high speed rail, travelling at 150km/h.

Several metro systems – such as the Abuja Light Rail, Lagos Rail Mass Transit and Rivers Mono Rail - are under construction, while the Calabar Mono rail was commissioned in 2017.

Aviation

The Federal Airports Authority of Nigeria operates five (5) international airports, located in Abuja, Lagos, Kano, Port Harcourt and Enugu as well as eighteen (18) domestic ones. Passenger traffic at these airports in 2016 alone was 15 million.

Nigeria has bilateral air services agreement with eighty-eight (88) countries, with direct flights to North America, several European and African countries as well as connecting flights to the rest of the world.

The existing airport infrastructure is being expanded, and eleven (11) airports are currently being upgraded to international standards.

Maritime

Nigeria has 8,600 km of inland waterways. The longest are the Niger River and its tributary, the Benue River but the most used, especially by larger powered boats and for commerce, are in the Niger Delta and along the coast from Lagos Lagoon to Cross River. Major transportation routes link the six major sea ports - Apapa, Tincan, Warri, Port Harcourt, Onne and Calabar – and other river ports and jetties.

There are 10 crude oil terminals. Nigeria records about 2,000 petroleum vessels, 35,000 vessels (excluding tankers) and cargo (excluding crude) averaging 80 million tons annually.

Twenty eight (28) of the nation’s thirty-six (36) states can be accessed through water. Nigeria can also link five neighbouring countries – Benin Republic (Port Novo), Equatorial Guinea, Cameroon, Chad and Niger Republic by water.

Current initiatives in the maritime sector include capital and infrastructure improvement, channel dredging and maintenance and installation of safety facilities aimed at increasing the share of water transportation. Nigeria is currently expanding existing ports and building 5 deep sea ports in Lagos, Ogun, Delta, Bayelsa and Akwa Ibom states, one of which is expected to be the largest in Africa.

Opportunities in the Nigerian Maritime Sector

Thus, emerging opportunities in the Nigerian maritime sector include the following:

1. Manpower and Human Capacity Development:

The maritime industry is highly labour and capital-intensive, and as such requires adequate funding, government support and policy consistencies to solve the manpower challenges it currently faces in Nigeria. One of the areas of Focus of the Federal Ministry of Transportation is ensuring adequate human capital development in the sector with special intervention for seafarers development to close up the existing gap in the industry. Recently NIMASA sponsored a total of 289 cadets for sea time (on board training) in Europe and Egypt under the Nigeria Seafarers Development Programme NSDP. Recent government efforts to fund the establishment of maritime institutions across the country are welcome developments that are worthy of commendation. Interventions such as this will definitely boost manpower development in the industry. Equally, collaboration between the various agencies in the industry, in carrying out their responsibilities, will raise the operational performance and efficiency of the sector.

2. Maritime Infrastructural Development:

A number of factors are responsible for the development of seaports and the supportive logistics infrastructure in Nigeria. This emphasises that maritime infrastructural development is a function of reaction to economic dynamics and global changes, which currently requires the urgent need to restructure and reposition for efficiency and functionality. In Nigeria, maritime infrastructural development, especially seaports, is often determined by:

• Increase in merchandise trade, particularly seaborne trade, which suggests for either the modernisation or expansion of port infrastructure and facilities; 
• Congestions or delays in the rendering of services, as a result of operational inefficiency, overutilisation of port capacity and shortage in human capacity;
• Technological innovations put in place to support manpower (in terms of containerisation, roll-on-rolloff needs, very large tanker vessels, draft level) and/ or;
• International conventions compelling signatory nations to effect and respond to developments. These determinants mentioned above somehow justified the response of the Federal Government to maritime and port-related infrastructure development, either through policy reforms, improvement in foreign direct investment, increased production volumes of crude oil and gas, environmental safety, financing, especially the Cabotage Vessel Finance Fund (CVFF) and shipyard building and repairs.

3. Globalisation and the Application of New Technology:

The application of innovative technology is possibly the strongest determinant of development in any maritime industry. From operational re-engineering to the architectural design of vessels, and dredging in an attempt to increase water draft levels within complex international trade development, there is indeed heavy reliance on technological interventions, as they affect virtually every aspect of maritime transportation. There is need for a constant response to the dynamics of technology and the globalisation tendency by the Nigerian government, all in an attempt to pursue sustainable maritime industry growth that could support international trade.

4. Maritime Research and Development:

There are numerous areas of research need associated with the maritime industry. NIMASA has established various maritime institutions designed to provide maritime education and research support to the industry. However, the absence of training vessels for practical application of theoretical knowledge remains a major setback, as this is imperative for professional qualification in the industry. The establishment of national fleets is suggested to provide onboard experience to prospective seafarers. Also, industry operators/stakeholders should be incentivised to conduct research that would benefit the industry, while more joint venture partnerships with foreign companies should be entered into, to facilitate the exchange of research ideas.

5. Maritime Security:

The International Maritime Bureau reports that in 2016, the Nigerian waters were largely unsafe due to the persistence of kidnapping incidents, as a direct result of the presence of pirates on these waters. While some progress has been made in boosting security in this area so far, there is still the need for greater focus in the efforts of security agencies in curtailing the occurrence of these incidents. There has been the renewed push for the naval police and Maritime Patrol Aircraft to be adequately equipped with modern arms and vehicles for the effective containment of criminal elements in our waters.

There is an equally the intensified drive for continuous investment in maritime security, as well as the creation of an enabling environment for the attraction of investors through maritime tourism and marine agriculture, towards sustainable development.

6. Marine Agriculture:

The increasing demand for food and water creates an opportunity for mariculture as a result of Nigeria‘s growing population, without an increasing pressure on terrestrial and marine habitats. Aquaculture, done well, offers a huge potential not just for producing food, but also providing livelihoods to coastal communities and in the effort to recover lost ecosystem services. The development of marine agriculture would be enhanced by improved security, the ratification and implementation of Port State Management Agreement (PSMA) and the formulation of a protectionist policy for investors-all presently being considered by the relevant authorities.

7. Marine Insurance:

In spite of the rapid growth of Nigeria‘s maritime sector, existing marine insurance products available in the country are considered to be primarily simple in structure and may not suit the needs of the fast-changing global market. In this respect, marine insurance companies could offer innovative products to provide comprehensive insurance solutions and innovative marine insurance products in order to serve Nigerian interests in overseas markets better. In this respect, any insurance company in Nigeria with the experience of insuring infrastructural projects, such as ports and related infrastructure development, should find a wealth of opportunities in offering tailor-made and advanced insurance products suitable for serving the needs of the shipping community.

8. Marine Tourism:

Tourism demand is increasing worldwide, and there are opportunities for investors and the government to exploit Nigeria‘s coastal and maritime resorts for revenue generation and job creation. These opportunities include the creation of a marine mall, cruise ships and the fostering of marine sports. With the enabling government policies, improved security, and enhanced safety operations driving the growth of marine tourism, this can be a huge area of opportunity going forward. .

9. Waste Management:

Control of the negative environmental impacts of a construction project in a marine environment, ensuring the pro-activity of the infrastructures and seizing the benefits associated with their presence at sea, in order to enhance specific ecological functions and marine biodiversity is also an area of opportunity in the maritime industry in Nigeria. These services include the design, construction, and supply of solutions for the restoration and enhancement of marine biodiversity, ecological integration of maritime infrastructures, support of fisheries and leisure activities, ecological restoration of damaged marine areas and coastal adaptation to climate change. These opportunities would be driven by improved policy development in terms of remediation for safety and management. Till date any discussion of the Nigerian ocean economy is narrowed down to the traditional domain of shipping, fishing and offshore oil and gas. Critical issues for the next three years in this regard, include:

ii. Mapping and Development of Marine Ecosystems

iii. Mapping and Development of Ocean Economy Intermediaries

Transport Costs

The table below shows indicative freight rates of laden containers to and from major trading routes.

SIZE OF CONTAINER                        10FT                           15FT                         20FT                           40FT

Other costs

The Cost of Living in Nigeria varies from city to city, with Lagos, Abuja and Port Harcourt being the most expensive. Prices in the table below would generally apply to these cities, and are accurate as at November 2017.

What Investors Think

Investors expressed the desire for a more consistent and predictable government policy as regards to infrastructure development. They stressed the need for speedy improvement in the power generation and distribution to reduce operating costs and create competititve market. 

Land Administration

Land

The Land Use Act of 1978 vests ownership of all urban land within a state (except those vested in the Federal Government or its agent) in the State Governor who holds land in trust for the people and allocates same for residential, commercial, agricultural and other purposes. Similar powers with respect to rural (or non-urban) areas are vested in the Local Governments. This means the government becomes the lessor, responsible for granting leases.

There are two rights of occupancy: a statutory right of occupancy granted by the State Government and a customary right of occupancy granted by the Local Government. Leases are typically granted for 99 years, subject to review upon expiration. Title deeds/documents serve as documentary evidence of ownership and include:

Certificate of Occupancy (C of O)

This is a title document issued by the President, Governor or Local Government Chairperson which contain the terms of lease and grant rights of occupancy to the holder for the leasehold term stipulated therein.

Deed of assignment

This is a document of transfer of land from a seller to a buyer. It outlines the agreement between the person with the rights to a piece of land and the person to whom the rights are being transferred. It contains a detailed description of the land (including its ownership history), the agreed cost, and the date from which transfer takes effect.

Governor’s Consent

This is a legal document authorising the transfer of land from one person to another. In the case of the Federal Capital Territory (FCT), it is called Minister’s consent.

Land Acquisition

A foreign investor cannot acquire land in Nigeria. He/she will need to partner with a Nigerian to establish a company before land can be allocated.

In states, land registration and administration procedures are undertaken by the Land Use and Allocation Committees (for urban land) and land allocation advisory committees (for non-urban land). In the FCT, the Department of Land Administration under the Federal Capital Territory Administration (FCTA) is responsible.

Land application and allocation procedures vary from State to State.

Land Costs

Construction Permit Procedures

AGIS Office Complex

A building plan approval is necessary before construction can commence. Each state has a ministry, department or agency responsible for issuing these permits.

In Abuja, building permits are processed by the FCTA’s Department of Development Control (DODC) which provides the following guidelines to aid the process:

• The applicant should have proper title (obtainable from the AGIS) over the land in question.
• The applicant must abide by the specific use for which the title is granted, in line with the Abuja Master Plan. Land uses are categorized as Residential, Commercial, Religious, Recreational, Institutional, Educational, Health, Industrial and Green trees.
• Only building plans prepared by, and bearing the seal and stamps of registered professionals (town planners, architects and engineers) will be accepted for processing.
• Each construction site must have in its team a Registered Structural Engineer or Builder or Architect who must be available on site during construction work. Otherwise such sites will be sealed or prevented from carrying on with its works
• Throughout the duration of construction works, both the approved building plan and development permit must be kept on site for purposes of guiding the work and for sighing by officer carrying out routine inspection.

Free Trade Zones

NEPZA Headquaters

Free Trade Zones (FTZ) are designed to attract foreign direct investment, increase foreign exchange earnings, promote technology transfer and develop export-oriented industry in Nigeria.The Nigerian Export Processing Zone Authority (NEPZA) was established by the Nigeria Free Trade Zone Act 1992 to grant all approvals for operators within the FTZ to the exclusion of other government bodies and agencies.

There are 33 FTZs with 15 operational and 18 under construction. Some of the operational FTZs are: Calabar Free Zone, Kano Free Zone, Lekki Free Zone, Tinapa Free Zone and Tourism Resort, Onne Oil and Gas Export Free Zone, Olokola Free Zone.

Foreign investors can set up businesses directly in FTZs without incorporating a company in the customs territory. Registered companies may also register separately and operate in an FTZ. Such registered FTZ entity would have a suffix FZE at the end of its name. 

What Investors Think

There is land availability in Nigeria for investors including in the economic zones. However investors are concerned about the administration and procedure. Governments across the tiers are encouraged to further streamline the process to facilitate reliable access.  

Tax Introduction

FIRS Headquarters Abuja, Nigeria

All businesses which operate in and derive income from Nigeria are liable to pay tax. The Nigerian tax system operates a self-assessment regime which allows taxpayers to assess, pay and file tax returns as prescribed in the extant tax laws.

Taxation in Nigeria is based on the three tiers of government as follows:

• The Federal Government through the Federal Inland Revenue Service (FIRS) has jurisdiction over Companies Income Tax, Tertiary Education Tax, Personal Income Tax for non-residents, Capital Gains Tax (on capital gains made by companies), Value Added Tax, Petroleum Profits Tax, Stamp Duties payable on transactions involving corporate bodies.
  
• The States and the Federal Capital Territory have responsibility for collecting taxes payable by individuals resident in their territories. These include Personal Income Tax, Capital Gains Tax and Stamp Duties on instruments executed by individuals.
• The Local Governments are responsible for miscellaneous taxes, levies and rates, such as tenement rates.

The Nigerian Tax Legislation

Nigeria has a body of laws that provide for the levying of taxes and tax administration in the country.

The following are the existing tax legislation in Nigeria, as of 2020:

• Associated Gas Re-Injection Act
• Capital Gains Tax Act
• Casino Act
  
• Companies Income Tax Act
• Deep Offshore and Inland Basin Production Sharing Contracts Act
• Federal Inland Revenue Service (Establishment) Act
• Finance Act 2019
• Finance Act 2020
• Income Tax (Authorised Communications) Act
• Industrial Development (Income Tax Relief) Act
• Industrial Inspectorate Act
• National Information Technology Development Act
• Nigerian Export Processing Zones Act
• Nigeria LNG (Fiscal Incentive Guarantees and Assurances) Act
• Oil and Gas Export Free Zones Act
• Personal Income Tax Act
• Petroleum Profits Tax Act
• Stamp Duties Act
• Tertiary Education Trust Fund Act
  
• Taxes and Levies (Approved List for Collection) Act
• Value Added Tax Act
  

Reviews, amendments and modifications to tax legislations are continuous, evolving with global best practices and in keeping with the local socio-economic dynamics. The review and amendment of tax legislation are in keeping with the formal tax amendment process as provided for in the Nigerian constitution.

Companies Income Tax (CIT)

This is a tax chargeable on all resident and non-resident companies (other than those engaged in petroleum operations) incorporated in Nigeria. Also known as corporate tax, the CIT standard rate is 30% of the profit earned in the year preceding assessment.

The Finance Act 2019 has reviewed the rate for different categories of companies as follows:

• Small sized companies (annual turnover < N25m) -  0%
• Medium sized companies (annual turnover N25 and N100m) - 20%
• Large companies (annual turnover > N100m) - 30%

Minimum Tax under CITA arises where:

• A company makes a loss
• A company has no tax payable
• Tax payable is less than minimum tax​

Resident companies are liable to CIT on their worldwide income (profits accruing in, derived from, brought into, or received in Nigeria) while non-residents are subject to CIT on the income derived from their Nigerian operations. A non-resident company with a fixed base in Nigeria is taxable on the profits attributable to that fixed based. Any WHT deducted at source from its Nigeria-source income is available as offset against the CIT liability.

Stamp Duties

Stamp Duties are basically taxes paid to the Federal or State Government on documents ( also known as instruments for the purpose of the Stamp Duties Act) such as Conveyances on Sale, Bills of Exchange, Promissory notes, Agreements, Contracts or even documents such as Letters and Certificates of Admission, Instruments of Apprenticeship, Insurance Policies etc. The payment of Stamp Duties is backed by legislation, the law being the Stamp Duties Act 1939 (as amended by numerous Acts and various resolutions and contained in Vol 22 Cap 411 LFN 1990). It also provides a list of documents in its Schedule and the duty payable on each of them. 

Finance Act 2019 has provided the following amendments to the administration of the Stamp Duty Act:

• N50 Stamp duty charge is now applicable only to transactions amounting to N10,000 and above, a significant increase on the former threshold of N1,000.
• List of items exempted from stamp duty has been expanded. 

Personal Income Tax (PIT)

The Personal Income Tax is charged on the income of individuals, employees, partnerships and incorporated trustees on the basis of residency and payable to the State Government. The Act requires an employer to deduct and remit its employee income tax under the Pay-As-You-Earn (PAYE) scheme. As such, the employer is required to register with the respective State Board of Internal Revenue (SBIR) to which each employee’s taxes are payable.

Personal income tax rate is applied on a graduated scale on taxable annual income. A Consolidated Relief Allowance shall be granted at a flat rate of N200,000 plus 20% of gross income subject to a minimum tax of 1% of gross income whichever is higher.

Finance Act 2019 has provided the following ammendments to the administration of the Personal Income Tax Act

• “electronic mail” is now acceptable form of correspondence for persons disputing assessments by the Tax Authorities.
• Contributions to Pension and Retirement Funds, Societies and Schemes are now unconditionally tax-deductible
  

Petroleum Profit Tax

Petroleum Profit Tax is levied on the income of companies engaged in upstream petroleum operations in lieu of CIT. The rates vary as follows:

• 50% for petroleum operations under Production Sharing Contracts (PSC) with the Nigerian National Petroleum Corporation (NNPC).
• 65.75% for non-PSC operations, including joint ventures (JVs), in the first five years during which the company has not fully amortised all pre-production capitalised expenditure.
• 85% for non-PSC operations after the first five years.

Tertiary Education Tax

All resident companies are required to contribute 2% of their assessable profits to the Tertiary Education Fund. This tax is usually filed alongside the relevant tax return (PPT or CIT).For companies subject to Petroleum Profit Tax,Tertiary Education Tax is treated as an allowable deduction.

Non-resident companies and unincorporated entities are exempt from Tertiary Education Tax.

Value-Added Tax

VAT is a consumption tax charged at 7.5% on the supply of taxable goods and services. All taxable persons are expected to obtain a VAT registration certificate, and display their Tax Identification (TIN) on all invoices. Oil and gas companies and government agencies are required to remit VAT on their purchases directly to the FIRS rather than pay it over to their vendors. A non-resident company carrying on business in Nigeria only needs to register for VAT using the address of its local counter-party and include the tax on its invoice. A Nigerian company is expected to remit the VAT directly to the FIRS rather than pay it over to a non-resident company. 

The Finance Act 2019 has provided the following exemptions:

• ­Basic food items
• ­Locally manufactured sanitary towels, pads or tampons
• ­Services rendered by microfinance banks
• ­Tuition relating to nursery, primary, secondary and tertiary education
• ­Businesses with turnover < N25m
  

Capital Gains Act

This is a 10% tax imposed on capital gains arising from a sale, exchange or other disposal of properties known as chargeable assets. Payable by corporate entities (including pioneer companies) and individuals, this tax is jointly administered by the FIRS and State Internal Revenue Services.

Withholding Tax

This is an advance payment of income tax which is made on account of the ultimate income tax liability of the taxpayers (individuals and companies). Withholding tax accruing from payments to companies is remitted to FIRS while payments from individuals should be remitted to SBIRs.

• Withholding Tax (WHT) is a method used to collect Income Tax in advance
• WHT is deducted at varying rates ranging from 5% to 10% depending on the transaction
• The due date for filing WHT returns is 21st day of every succeeding month
• Penalty for late filing of returns is N25, 000 for the first month it occurs and N5, 000 for each subsequent month the failure continues

National Information Technology Development Levy (NITDL)

1. The Levy is governed by National Information Technology Development Agency Act, CAP N156 LFN 2004 (as amended)
2. The Levy is charged at the rate of 1% of Profit before tax
3. The Levy is charged on specified companies with turnover of N100 million and above

Companies liable to pay the Levy are:

1. GSM Service Providers and all Telecommunication Companies
2. Cyber Companies and Internet Providers
3. Pension Managers and Pension Related Companies
4. Banks and other Financial Institutions and
5. Insurance Companies

Tax Registration Process

The first step to paying taxes for businesses in Nigeria is the registration of such a business. A free Taxpayer Identification Number (TIN) is automatically generated after registering the business, and this enables the business to start paying taxes.

• The TIN is been generated for all registered companies and enterprises. For new business owners, the TIN is generated automatically after incorporating the business.
• Registered businesses that have not obtained or have forgotten their TIN may visit the FIRS TIN Verification System to search for their TIN using their CAC Registration Number or Registered Phone Number. The corresponding business name and the assigned TIN and Tax Office will be displayed.
• Register to file and remit Value Added Tax (VAT) and Withholding Tax (WHT) at the nearest FIRS office. (See the list of FIRS offices in the link below). Note that VAT and WHT returns must be filed not later than the 21st day of the month following the month of transactions. 
• File your Companies Income Tax (CIT) returns not later than six months after the end of the accounting year or 18 months after the commencement of business, whichever comes first.
• Register as a corporate entity with the Corporate Affairs Commission (CAC) See Getting Started.

What Investors Think

Investors are positive about the tax incentives being offered by the government. However, they believe the implementation of the tax policy can be improved to ensure that more people and businesses pay their taxes.

Legal Investment Framework: Laws, Institutions, and Guarantees

Nigeria has developed a comprehensive and investor-friendly legal framework to attract, protect, and regulate both foreign and domestic investments. This framework is anchored on several statutes and regulatory instruments that collectively ensure transparency, legal certainty, and protection for investors across sectors.

Nigerian Investment Promotion Commission (NIPC) Act, 2004

The NIPC Act established the Nigerian Investment Promotion Commission (NIPC) as the apex agency for coordinating and promoting investments in Nigeria. The Act liberalizes the investment landscape and provides broad protections for foreign and local investors.

Key Provisions of the NIPC Act:

• No Ownership Restrictions: Foreign investors may own up to 100% equity in any Nigerian enterprise except those on the negative list (e.g., arms production).

• Free Entry and Exit: Investors may freely invest and repatriate capital, profits, and dividends without restrictions, subject to payment of applicable taxes.

• Modes of Foreign Equity Contribution: Contributions can be made in cash, machinery, spare parts, raw materials, and other business assets without prior foreign exchange disbursement.

• Repatriation Rights: Guarantees the unrestricted transfer of:

  • Dividends or profits (net of taxes)

  • Payments in respect of loan servicing

  • Remittances of salaries to expatriate staff

  • Proceeds from liquidation or sale of the enterprise

• Foreign Loans: Nigerian companies can procure and repay foreign loans (principal and interest) without prior ministerial approval, provided such loans are registered with the Central Bank of Nigeria (CBN).

Investment and Securities Act (ISA), 2007

The Investment and Securities Act 2007 (ISA) governs Nigeria’s capital markets, ensuring orderly, transparent, and fair operations. It is administered by the Securities and Exchange Commission (SEC), which regulates public offerings, private placements, mergers, acquisitions, and takeovers.

Key Features of the ISA:

• Regulation of Securities Market: Covers issuance and trading of securities, collective investment schemes, capital market intermediaries, and securities exchanges.

• Electronic Transactions: Legalizes electronic share transfers and record-keeping to support fintech and digital capital market innovations.

• Investor Protection Mechanisms:

  • Establishment of Investor Protection Funds (IPFs) by exchanges and capital trade points to compensate victims of broker fraud or misconduct.

  • Creation of a National Investor Compensation Scheme for losses not covered by the IPFs.

• Investment and Securities Tribunal (IST):

  • A quasi-judicial body that adjudicates capital market disputes, offering a faster alternative to conventional courts.

  • Appeals from the IST lie directly to the Court of Appeal.

Other Legislations

1. Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995

This Act governs investors' access to the official foreign exchange market.

Key Provisions:

• Legal basis for the Autonomous Foreign Exchange Market (AFEM)

• Guarantees foreign exchange availability for remittances of:

  • Dividends

  • Capital repatriation

  • Loan servicing

  • Royalties and technical fees

2. Companies and Allied Matters Act (CAMA), 2020

CAMA governs business registration, corporate governance, insolvency, and restructuring.

Investor-Focused Innovations:

• Online company registration

• Introduction of Limited Liability Partnerships (LLPs)

• Single-shareholder private companies

• Enhanced protections for minority shareholders

• Provisions supporting business continuity and mergers

3. Banks and Other Financial Institutions Act (BOFIA), 2020

BOFIA provides the regulatory framework for banking and financial institutions in Nigeria, under the supervision of the Central Bank of Nigeria (CBN).

Investor-Relevant Features:

• Facilitates safe entry and operation of foreign financial institutions

• Enhances banking stability, risk management, and corporate governance

• Allows the CBN to issue licensing, supervise fintech operations, and regulate cross-border financial transactions

• Protects depositors and investors in financial services through resolution frameworks

4. Nigerian Minerals and Mining Act, 2007

This law governs the mining and solid minerals sector and is administered by the Ministry of Solid Minerals Development.

Incentives and Legal Guarantees:

• 100% foreign ownership of mining assets permitted

• 3–5 year tax holiday

• Exemption from customs and import duties on approved equipment

• Free transferability of funds and capital

• Land rights: licensees granted exclusive rights to explore and mine within concession areas

• Environment: mandatory Environmental Impact Assessments (EIAs) and Community Development Agreements (CDAs)

5. Electricity Act, 2023

The Electricity Act consolidates and modernizes power sector laws in Nigeria, replacing the Electric Power Sector Reform Act (EPSRA) of 2005.

Opportunities for Investors:

• Enables state governments to legislate and regulate electricity within their territories

• Promotes off-grid and renewable energy development

• Encourages private sector participation across the electricity value chain—generation, transmission, distribution, and supply

• Provides legal backing for:

  • Cost-reflective tariffs

  • Bilateral contracts

  • Embedded and mini-grid systems

The PIA overhauled Nigeria’s oil and gas regulatory landscape, improving transparency, governance, and investment conditions in the petroleum sector.

Key Investment Provisions:

• Establishment of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)

• Conversion of existing oil licenses to new Petroleum Prospecting Licences (PPL) and Petroleum Mining Leases (PML)

• Dual fiscal regime for oil (production sharing and royalties)

• Introduction of hydrocarbon tax {in addition to Companies Income Tax (CIT)}

• Guarantee of cost recovery and competitive returns

• Promotion of host community development via the Host Community Development Trust Fund

• Transparency and accountability through mandatory disclosures and audits

7. Federal Tax Laws and Incentives

Nigeria’s tax regime, administered primarily by the Federal Inland Revenue Service (FIRS), provides clarity, certainty, and several incentives aimed at encouraging investment.

Key Tax Statutes Include:

• Companies Income Tax Act (CITA), Cap C21 LFN 2004 (as amended):

  • Imposes corporate income tax at 30% for large companies, 20% for medium enterprises, and 0% for small businesses

  • Tax incentives under the Pioneer Status Incentive (PSI) for qualifying industries (tax holidays up to 5 years)

• Value Added Tax Act (VATA), Cap V1 LFN 2004 (as amended):

  • VAT is levied at 7.5% on eligible goods and services

  • Exemptions apply to basic food items, medical and pharmaceutical products, and agricultural inputs

• Capital Gains Tax Act, Cap C1 LFN 2004:

  • 10% tax on disposal of chargeable assets (real estate, shares, etc.)

• Stamp Duties Act, Cap S8 LFN 2004:

  • Applicable to instruments like loan agreements, share transfers, and leases

• Personal Income Tax Act (PITA), Cap P8 LFN 2004 (as amended):

  • Applies to individuals, partnerships, and unincorporated businesses

• Tertiary Education Trust Fund Tax and National Information Technology Development Fund Levy (NITDA Levy):

  • Apply to companies in designated sectors (e.g., banking, insurance, telecommunications)

8. Industrial Inspectorate Act, Cap I8 LFN 2004

This Act mandates pre-investment inspection of capital expenditure projects above a stipulated threshold. It ensures:

• Accurate valuation of investment inflows

• Prevention of capital flight through inflated asset declarations

9. Free Zone Legislation: NEPZA & OGFZA Acts

Investors in free zones enjoy fiscal and non-fiscal incentives, including:

• 100% foreign ownership

• Full repatriation of capital and profits

• Tax holidays (up to 100% exemption on all taxes, levies, and rates)

• Duty-free import/export of goods within the zone

• Streamlined administrative processes via NEPZA or OGFZA

10. Nigerian Content Development and Monitoring Board (NCDMB) Act

Applicable to oil and gas investments, the NCDMB law mandates:

• Use of Nigerian labour, materials, and goods

• Capacity development and technology transfer

• Partnerships with indigenous firms

11. Arbitration and Mediation Act, 2023

Aligned with the UNCITRAL Model Law, this new law governs commercial arbitration and mediation in Nigeria.

Key Features:

• Recognises international and domestic arbitration

• Promotes the enforceability of foreign arbitral awards under the New York Convention

• Encourages alternative dispute resolution for investors through institutional and ad hoc arbitration

Investment Protection & Dispute Resolution Mechanisms

Investment Protection

The Nigerian Investment Promotion Commission Act, Chapter N117, Laws of the Federation of Nigeria 2004 (NIPC Act) prohibits the nationalisation or expropriation of businesses or assets, except in cases where the acquisition is deemed to be in the national interest or for a public purpose. In such instances, investors are entitled to fair compensation and the right to legal redress.

Specifically, Section 25 of the Act outlines the following provisions:

1. Nationalisation and Expropriation Restrictions

• No enterprise shall be nationalised or expropriated by the Government of the Federation.
• No person, whether wholly or partly owning the capital of any enterprise, shall be compelled by law to surrender their interest in the capital to any other person.

2. Conditions for Acquisition

Dispute Resolution Mechanisms for Investors in Nigeria

Section 26 of the Nigerian Investment Promotion Commission Act, Chapter N117, Laws of the Federation of Nigeria 2004 (NIPC Act) emphasises the amicable settlement of disputes between investors and the Government of Nigeria. Where such amicable resolution fails, arbitration is recognised as the primary alternative dispute resolution (ADR) mechanism.

1. Arbitration and Conciliation Framework 

The Arbitration and Conciliation Act (ACA), Cap A18, Laws of the Federation of Nigeria (LFN) 2004 provides a comprehensive legal structure for resolving commercial disputes through arbitration and conciliation. Key provisions of the Act include:

• Establishment of a neutral and impartial arbitration process.

• Equal treatment of all parties and full opportunity for each party to present its case.

• Grounds and procedures for challenging arbitrators.

• Recognition and enforcement of arbitral awards, including those made in Nigeria under international commercial arbitration agreements.

• Incorporation of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958), commonly known as the New York Convention, ensures that foreign arbitral awards are enforceable in Nigeria.

The Act thus aligns Nigeria’s arbitration regime with international best practices, enhancing investor confidence in the country's legal system.

2. Recourse to Litigation 

While arbitration remains the preferred option for resolving investor–state and commercial disputes, litigation in Nigerian courts remains a viable alternative. Nigerian civil courts are competent to adjudicate disputes involving:

• Foreign investors and the government.

• Disagreements between foreign investors and Nigerian companies or individuals.

Foreign judgments and arbitral awards can be enforced in Nigeria upon judicial confirmation, provided they meet the conditions of reciprocity, fairness, and due process under Nigerian law.

3. ICSID and Other International Commitments 

Where a dispute arises and the parties cannot agree on a resolution mechanism, Section 26(3) of the NIPC Act mandates that the dispute be referred to arbitration under the International Centre for Settlement of Investment Disputes (ICSID) framework, to which Nigeria is a contracting party. This provides an additional layer of protection for foreign investors.

Nigeria is also a participant in the United Nations Commission on International Trade Law (UNCITRAL) framework, further aligning its dispute resolution processes with global standards.

International Investment and Trade Agreements

Nigeria maintains a comprehensive framework of international agreements designed to promote and protect foreign investments, facilitate cross-border trade, and prevent the double taxation of income. These instruments include Bilateral Investment Treaties (BITs), Investment Promotion and Protection Agreements (IPPAs), and Double Taxation Treaties (DTTs). Nigeria also actively participates in regional, continental, and multilateral frameworks, such as the ECOWAS Trade Liberalisation Scheme (ETLS), the African Continental Free Trade Area (AfCFTA) Investment Protocol, the European Union’s Generalised Scheme of Preferences (EU GSP), and commitments under the International Labour Organization (ILO) and the World Trade Organization (WTO).

1. Bilateral Investment Treaties (BITs) and Investment Promotion and Protection Agreements (IPPAs)

Nigeria has signed 31 Bilateral Investment Treaties (BITs), with 15 currently in force. These treaties provide essential legal assurances to foreign investors, including protection against expropriation, fair and equitable treatment, non-discrimination, and access to international arbitration mechanisms.

Nigeria has also concluded several Investment Promotion and Protection Agreements (IPPAs) that further reinforce investor confidence by ensuring reciprocal protections and equitable treatment.

Countries with Enforceable BITs/IPPAs include:

China, Finland, France, Germany, Italy, Republic of Korea, Netherlands, Romania, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan Province of China, and the United Kingdom.

2. Double Taxation Treaties (DTTs)

To reduce tax burdens and stimulate cross-border investments, Nigeria has signed Double Taxation Treaties with the following countries/partners:

Belgium, Canada, China, Czech Republic, France, Italy (limited to air and maritime transport), Netherlands, Pakistan, Philippines, Romania, Singapore, South Africa, South Korea, and the United Kingdom.

These agreements allocate taxing rights between treaty partners, helping avoid the double taxation of income and providing greater certainty and transparency for international investors and businesses.

3. ECOWAS Trade Liberalisation Scheme (ETLS)

Nigeria is a long-standing participant in the ECOWAS Trade Liberalisation Scheme (ETLS), the flagship regional initiative of the Economic Community of West African States (ECOWAS) aimed at eliminating tariffs and quotas on goods originating within member countries. The scheme supports free movement of goods, bolsters regional trade, and enhances economic integration.

Note: As of 2025, three member states; Burkina Faso, Mali, and Niger have exited ECOWAS. Despite these developments, Nigeria remains a committed participant, leveraging the ETLS to access broader regional markets and strengthen economic ties within West Africa.

4. African Continental Free Trade Area (AfCFTA) – Investment Protocol

Nigeria is a member of the African Continental Free Trade Area (AfCFTA), the world’s largest free trade area by number of participating countries. The AfCFTA Investment Protocol, adopted in 2023, establishes a harmonised investment regime across African countries.

Key provisions include:

• Protection of investor rights and obligations

• Promotion of sustainable and inclusive investment

• Dispute resolution mechanisms (including investor-state and state-to-state arbitration)

• Emphasis on Environmental, Social, and Governance (ESG) principles

The protocol aims to foster predictable, transparent, and responsible investment across the continent.

5. European Union Generalised Scheme of Preferences (EU GSP)

Nigeria is a beneficiary of the EU’s Generalised Scheme of Preferences, which allows for preferential access to the European Union market by reducing or eliminating tariffs on eligible exports. This arrangement enhances Nigeria’s export competitiveness and helps stimulate growth in targeted sectors such as agriculture, textiles, and light manufacturing.

6. Plurilateral Commitments 

i. International Labour Organisation (ILO)

As a member of the International Labour Organisation (ILO), Nigeria is committed to upholding international labour standards and promoting decent work through fair labour practices, protection of workers' rights, and employment creation.

ii. World Trade Organisation (WTO)

Nigeria is a member of the World Trade Organisation (WTO). Through its WTO membership, Nigeria subscribes to global trade rules that promote non-discrimination, transparency, and predictability in trade and investment. The country participates in WTO negotiations and trade policy reviews, which help shape global commerce and support national economic development.

Repatriation of Funds

The Nigerian Investment Promotion Commission Act, Chapter N117, Laws of the Federation of Nigeria 2004 (NIPC Act), guarantees foreign investors the unrestricted transferability of proceeds from their investment in Nigeria, as well as capital repatriation in the event of liquidation. This legislation fosters a favourable investment climate by ensuring that investors can easily move funds across borders, contributing to a robust foreign investment environment.

Investments, whether in the form of share capital contributions or loans (including machinery), can be made in foreign currency. These transactions must comply with the provisions of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Chapter F34 LFN 2024, which regulates foreign exchange transactions in Nigeria. FEMPA mandates the registration of capital inflows, ensuring the protection and regulation of foreign exchange movements. Additionally, the Central Bank of Nigeria (CBN) requires that such transactions be reported through authorised channels and must be registered within 24 hours. A Certificate of Capital Importation (CCI) is issued to the investor to facilitate the repatriation of funds, in line with FEMPA and the CBN's Foreign Exchange (FX) Management Manual.

Once an investor obtains the CCI, the following can be repatriated without restriction:

• Dividends, Rent, Royalties, and Profits (net of taxes) attributable to the investment.

• Dividends are subject to a withholding tax of 10% as the final tax (or 7.5% for qualifying recipients in treaty countries).
• Payment of interest and capital on foreign loans, subject to the provision of a tax clearance certificate, which is required for the remittance of dividends and interest payments.
• Proceeds from the sale or liquidation of an enterprise, or any interest attributable to the investment, can be repatriated after fulfilling tax obligations.

There are no restrictions on the amount of profits that can be distributed as dividends, provided that the distribution is made from profits, not from capital. Furthermore, such distributions should not result in the company’s insolvency, and there must be no reasonable grounds to believe that the company would be insolvent after the payment is made.

Intellectual Property

Nigeria’s intellectual property (IP) regulatory environment combines national laws with international obligations to support innovation and protect rights holders. Key domestic statutes include the Patents and Designs Act, Trademarks Act, and Copyright Act, administered by relevant government agencies. Nigeria is also a party to global agreements such as the WTO’s TRIPS Agreement, the Berne and Paris Conventions, and is a member of ARIPO. These commitments reflect the country’s efforts to align with global IP standards and promote a more investment-friendly environment.

National IP Legislations

The Nigerian legal system is committed to protecting intellectual property (IP) through various laws, including the Trade Marks Act, the Patents and Designs Act, the Copyright Act, and the Plant Variety Protection Act. These laws establish a comprehensive framework for safeguarding the rights of creators and innovators, promoting fair trade, and fostering an environment conducive to economic growth.

Trademarks serve as distinctive identifiers for goods or services, enabling consumers to distinguish between products from different businesses. Trademarks are registrable with the Trade Marks Registry in Abuja, and registration grants exclusive rights to the trademark holder for an initial period of seven (7) years, which can be renewed. Remedies for trademark infringement typically include injunctions, award of damages, and the destruction or delivery of infringing goods.

Patents protect inventions that are novel, industrially applicable, or represent an improvement on an existing patent. To be protected, a patent must be registered. A patent lasts for twenty (20) years from the date of registration, after which it expires. Designs, which cover the aesthetic aspects of products, are initially protected for five (5) years and can be renewed for two consecutive five-year periods.

Plant Variety Protection is another significant aspect of intellectual property in Nigeria. The Plant Variety Protection Act provides a legal framework for the protection of new plant varieties. This law is aimed at encouraging the development of new plant varieties, which contribute to agricultural innovation and food security. The Act grants breeders exclusive rights to their new plant varieties, which can be protected for up to twenty (20) years, allowing them to control the sale and reproduction of the protected varieties.

For more information, please contact the Nigerian Industrial Property Office.

Copyright protection arises automatically for original creative works, such as literary, musical, and artistic creations, as well as cinematographic films, sound recordings, and broadcasts, the moment they are created. The duration of copyright protection varies; it lasts for fifty (50) years for broadcasts, sound recordings, and cinematography, and seventy (70) years for literary, musical, and artistic works. This system encourages innovation and creativity by granting creators exclusive rights to their works, thereby promoting fair competition in the market.

For more information on copyright and its enforcement, please contact the Nigerian Copyright Commission.

International IP Agreements

Nigeria is an active member of the World Intellectual Property Organisation (WIPO) and a signatory to a range of significant international intellectual property (IP) treaties. These agreements are crucial in ensuring the protection of IP rights on a global scale and fostering international collaboration in the enforcement of IP laws. Some of the key treaties Nigeria is party to include:

• The Universal Copyright Convention (UCC): This treaty provides a basic framework for the protection of copyright across nations, ensuring that the rights of authors are respected internationally.

• The Berne Convention for the Protection of Literary and Artistic Works: As a signatory, Nigeria recognizes the right of authors to have their literary and artistic works protected in other member countries without needing to go through a formal registration process.

• The Paris Convention for the Protection of Industrial Property (Lisbon Text): This treaty ensures the protection of industrial property rights, including patents, trademarks, and industrial designs, across its member states, simplifying the process of securing protection in multiple countries.

• African Regional Intellectual Property Organisation (ARIPO): A regional body that promotes cooperation among African states in the administration and harmonisation of IP rights. 
  

These international agreements significantly enhance Nigeria's capacity to protect intellectual property and facilitate cross-border trade and innovation.

WIPO Convention

Convention Establishing the World Intellectual Property Organization (1967)

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Relevant documents

WIPO Convention

WIPO - Paris Convention

The Paris Convention for the Protection of Industrial Property (1883) establishes industrial property protection rules regarding patents, marks, industrial designs, trade names, geographical indications and the repression of unfair competition. Its provisions include regulations regarding the national treatment, the right of priority and a number of common rules.

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WIPO Paris Convention

WIPO - Berne Convention

Berne Convention for the Protection of Literary and Artistic Works (1886) establishes minimum standards regarding the national protection of copyrights in signatory countries, and guarantees the application in these countries of the national copyright law to artistic works originating from another signatory country.

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WIPO Berne Convention

WIPO - Lisbon Agreement

Lisbon Agreement for the Protection of Appellations of Origin and their International Registration (1958)

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WIPO Lisbon Agreement

WTO - TRIPS

Established under the World Trade Organization, the TRIPS Agreement plays a critical role in facilitating trade in knowledge and creativity, in resolving trade disputes over intellectual property, and in assuring WTO members the latitude to achieve their domestic objectives. The Agreement is legal recognition of the significance of links between intellectual property and trade.

Competition law

FCCP Offices

The enactment of the Federal Competition and Consumer Protection Act (FCCPA) represents a significant milestone in Nigeria’s economic reform agenda. Signed into law in 2019, the Act established the Federal Competition and Consumer Protection Commission (FCCPC) and the Competition and Consumer Protection Tribunal, laying the foundation for a robust legal and institutional framework to promote fair, transparent, and competitive markets across all sectors of the Nigerian economy.

This landmark legislation aims to eliminate monopolistic practices, foster innovation, and ensure that Nigerian consumers have access to safe products and quality services. It also provides a comprehensive regime for consumer rights protection, with clear provisions for redress and enforcement.

By establishing a nationally coordinated administrative structure, the FCCPA harmonises overlapping mandates, streamlines regulatory oversight, and strengthens cooperation among relevant agencies. Importantly, it introduces a strict liability offence for unfair trade practices—ensuring that businesses are held accountable for deceptive, exploitative, or anti-competitive conduct.

The FCCPA aligns Nigeria with global best practices in competition law and consumer protection, positioning the country to better attract investment, stimulate inclusive economic growth, and protect the rights and welfare of its citizens in an increasingly complex marketplace.

Enabling Business Evironment

In today's competitive global economy, Nigeria stands at a pivotal juncture, poised to transform its business landscape and unlock unprecedented opportunities for growth. The Presidential Enabling Business Environment Council (PEBEC) was established and enabled as the federal government agent to facilitate a coordinated approach to streamlining business processes and reviewing enabling legislation. 

Established in July 2016, PEBEC is a high-level council chaired by Vice President Kashim Shettima, comprising key ministers, the Head of the Civil Service, the Governor of the Central Bank, and representatives from the National Assembly, Judiciary, and private sector. Our mission is clear: to remove bureaucratic constraints and make Nigeria a progressively easier place to start and grow a business.

Through over 180 targeted reforms, Nigeria's business environment has been significantly improved. Notably, these initiatives have led to Nigeria's recognition among the top 10 most improved economies globally. In 2024, the 90-day Regulatory Reform Accelerator Action Plan was initiated to focus on eight key indicators, including transparency, port operations, agro-export reforms, and service level agreements, resulting in measurable institutionalisation of reforms across 38 priority MDAs.

Subnational Engagement

Recognising the importance of state-level reforms, PEBEC initiated the Subnational Ease of Doing Business project in July 2017. This initiative aims to cascade ease of doing business reforms to all 36 states and the Federal Capital Territory (FCT), promoting competitiveness and improving the business climate across Nigeria.​

Enabling Business Environment Secretariat (EBES)

The EBES serves as the operational arm of PEBEC, coordinating the implementation of reform initiatives and liaising with MDAs to ensure compliance and effectiveness. It also monitors progress and provides support to MDAs in achieving reform objectives.​

For more information and access to PEBEC's reports and updates, please visit www.pebec.gov.ng.

Judiciary System

Nigeria operates a pluralistic legal system that draws from English Common Law, Nigerian Customary Law, and Islamic (Sharia) Law. This diverse legal framework underpins the country’s governance and provides investors with structured legal recourse across a range of economic and commercial matters.

For business and investment transactions, the Common Law system, as modified by Nigerian statutes and judicial interpretations, provides the principal legal foundation. It governs areas critical to investment such as contract enforcement, corporate governance, property rights, and commercial dispute resolution.

Judicial Hierarchy and Investment-Relevant Jurisdictions

Nigeria’s judiciary, as established under the 1999 Constitution (as amended), is structured into superior and inferior courts. For investors, the superior courts are of primary importance due to their authority over investment-related disputes, regulatory interpretation, and enforcement of commercial rights.

1. Supreme Court

• The Supreme Court is Nigeria’s highest court with final appellate jurisdiction.
• It also holds original jurisdiction in disputes involving federal and state governments, important in cases where public policy impacts investment.
• Its rulings are binding and provide legal certainty, which enhances investor confidence.

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2. Court of Appeal

• Acts as the intermediate appellate court for decisions from:

  • Federal and State High Courts
  • National Industrial Court
  • Sharia and Customary Courts of Appeal

• It plays a pivotal role in shaping jurisprudence on taxation, commercial law, labour relations, and foreign investment.

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3. Federal High Court

• This court is especially relevant to foreign and domestic investors as it has exclusive jurisdiction over key areas including:

• Company law and taxation
• Banking and finance
• Admiralty and maritime operations
• Intellectual property rights
• Foreign exchange regulations
• Revenue matters and customs enforcement

• It operates across all 36 states and the FCT, ensuring nationwide legal consistency in federally regulated sectors.

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4. State High Courts

• These courts handle civil and commercial disputes that fall outside the exclusive purview of the Federal High Court.
• They are essential for resolving real estate, commercial contracts, and interpersonal business disputes, particularly at the state level.

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5. National Industrial Court (NICN)

• The NICN has exclusive jurisdiction over labour, employment, industrial relations, and trade union matters.
• This is particularly significant for multinational companies, joint ventures, and public-private partnerships that require clear resolution mechanisms in employer-employee relations.

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6. Sharia and Customary Courts of Appeal

• These courts deal primarily with civil matters involving Islamic and customary law, such as inheritance and family law.
• While they rarely hear direct investment cases, they may influence property rights and estate matters relevant to local or family-owned businesses.

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7. Lower Courts

• Magistrates’ Courts, District Courts, and Customary/Sharia Courts at the lower level handle minor civil and criminal matters.
• Though they are not primary forums for high-value investment disputes, they serve critical roles in maintaining local commercial order.

Legal Reforms and Investor Protection

Nigeria continues to undertake substantial legal and institutional reforms aimed at:

• Improving the business environment
• Reducing delays in legal processes
• Strengthening investor protection

Key developments include:

• Digitisation of court procedures and the introduction of electronic filing systems
• Expansion of Alternative Dispute Resolution (ADR) mechanisms, such as arbitration and mediation, vital tool for resolving cross-border investment disputes efficiently
• Establishment of specialised commercial divisions within courts to handle complex corporate and financial cases
• Ongoing constitutional amendments to enhance judicial independence and streamline jurisdictional overlaps

What Investors Think

Investors are happy about the government’s commitment to reducing the cost of doing business as they believe this is already creating a more enabling environment for existing businesses to thrive, and new ones to emerge, thereby improving competition in the economy.

Some expressed concerns about the regulatory environment. They believe there are too many regulators, resulting in overlaps of their functions. There is need for government to harmonise agendas of these agencies in order to strengthen their oversight functions.

Economy and Domestic Production

According to World Bank data, Nigeria remains the largest economy in Sub-Saharan Africa, with a Gross Domestic Product (GDP) estimated at US$477 billion in 2022. The structure of the Nigerian economy has undergone a notable transformation, most recently highlighted by the 2025 GDP rebasing, which updated the base year from 2010 to 2020. This statistical update provided a more accurate and contemporary picture of Nigeria’s economic activity, capturing the rapid growth in previously underrepresented sectors such as technology-driven services, digital finance, e-commerce, and the creative industries. 

It has affirmed an economy that continues its diversification away from traditional oil dependency with the services sector—including telecommunications, banking, entertainment, and real estate—now serving as the primary driver of GDP, contributing over 55% to total output. The expansion of fintech, mobile banking, digital platforms, and e-commerce ecosystems has not only increased revenue generation but also driven innovation, entrepreneurship, and employment across urban and semi-urban areas.

After contracting by 1.51% in 2016 due to a collapse in global oil prices and domestic production disruptions, the economy rebounded in 2017 with three consecutive quarters of growth. GDP rose by 1.4% in Q3 2017, exceeding the World Bank’s forecast of 1.2%, and the year ended with a growth rate of 0.86%. However, Nigeria slipped into a momentary recession in Q3 2020, triggered by the dual impact of the COVID-19 pandemic and a sharp drop in oil prices. GDP contracted by 6.1% in Q2 2020 and 3.6% in Q3, but again, another quick recovery followed, with the country exiting the recession in Q4 2020 through modest 0.11% growth. By 2021, the economy had rebounded with a 3.6% growth rate, led by the revitalisation of services and sustained public sector investments in infrastructure and health systems.

Nigeria’s financial services sector continues to grow in scope and sophistication, emerging as a critical pillar of regional and continental integration. With a dynamic banking landscape, a thriving fintech ecosystem, and sustained regulatory reforms by the Central Bank of Nigeria (CBN), Nigeria is positioning itself as a continental financial hub. Lagos, the country’s economic nerve centre, has become a launchpad for pan-African digital finance platforms and hosts the regional headquarters of multiple global and African financial institutions. These developments complement Nigeria’s strategic role in Africa-wide initiatives, including the African Continental Free Trade Area (AfCFTA) and the Pan-African Payment and Settlement System (PAPSS), aimed at enabling seamless trade and payments across African borders.

To attract and retain both domestic and foreign investment, Nigeria has developed a comprehensive suite of fiscal and investment incentives. These include:

The Naira (₦) remains the official currency for all domestic transactions. Foreign exchange operations are governed by the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act of 1995, alongside ongoing guidelines issued by the CBN. While cross-border financial flows are permitted, the regulatory environment enforces prudential measures aimed at protecting the stability of the Naira, maintaining healthy external reserves, and ensuring alignment with global best practices on anti-money laundering (AML) and counter-terrorism financing (CTF).

Market Access

Nigeria is a member of the World Trade Organization (WTO) and continues to affirm its commitment to multilateral trade norms by ratifying the WTO Trade Facilitation Agreement (TFA). This milestone underscores Nigeria’s strategic intent to streamline its trade processes and strengthen its role as a gateway economy for West Africa and the driver of the continental economic growth.

The TFA outlines a comprehensive set of reforms aimed at expediting the movement, release, and clearance of goods across borders, while also enhancing transparency, cooperation, and predictability in customs operations. By aligning with global best practices, Nigeria aims to reduce trade costs, improve border efficiency, and boost competitiveness for local businesses—especially for small and medium enterprises (SMEs) seeking regional and global market access.

The implementation of the TFA also aligns with Nigeria’s broader economic diversification agenda and supports the objectives of the African Continental Free Trade Area (AfCFTA) by promoting seamless intra-African trade and investment flows.

Continental and Regional Market Development

As Africa’s largest economy, Nigeria plays a pivotal role in regional, continental, and global market development. Nigeria’s active participation in several key organisations underscores its commitment to promoting trade integration, economic cooperation, and sustainable development. The following organisations and agreements are integral to shaping Nigeria’s market development strategy, offering significant opportunities for investors.

African Union (AU)

Nigeria is a member of the African Union (AU), an organisation that aims to promote economic integration, unity, and political cooperation across Africa. The African Continental Free Trade Area (AfCFTA), a key initiative of the AU, aims to establish a single continental market for goods and services, facilitate industrialisation, and reduce trade barriers between African countries. By harmonising customs procedures, eliminating tariffs on many products, and creating a more predictable business environment, AfCFTA promotes intra-Africa trade and offers private investors access to a market of over 1.3 billion people with a combined GDP of over US$3 trillion.

Benefits to Private Investors:

• Market Expansion: AfCFTA provides investors with access to a larger, more integrated market across Africa, increasing the potential customer base.
• Reduction of Tariffs and Trade Barriers: Investors can benefit from the elimination of tariffs on goods traded within the continent, lowering costs and boosting competitiveness.
• Improved Business Environment: Harmonised customs procedures and common trade policies across African countries reduce bureaucratic red tape and encourage investment in the region.

Visit AfCFTA Website

Visit AU Website

Economic Community of West African States (ECOWAS)

Nigeria is a member of the Economic Community of West African States (ECOWAS), which was established to promote trade liberalization, economic integration, and regional market development in West Africa. ECOWAS aims to create a single regional market through initiatives such as the Trade Liberalisation Scheme (TLS) and the Common External Tariff (CET), designed to eliminate trade barriers and foster intra-regional trade.

Benefits to Private Investors:

• Access to a Larger Regional Market: ECOWAS promotes the free movement of goods, services, and people across West Africa, providing businesses with access to multiple countries in the region under common trade policies.
• Predictable Regulatory Framework: The ECOWAS CET ensures that businesses have a consistent framework for trading across member states, reducing uncertainties in cross-border transactions.

View ECOWAS CET Factsheet

International Market Development

BRICS

Nigeria was recently admitted as a member of the BRICS grouping, which includes Brazil, Russia, India, China, and South Africa. The organisation focuses on promoting market development in emerging economies. Nigeria’s involvement in BRICS initiatives is aimed at enhancing trade opportunities, investment flows, and economic collaboration, benefiting from the market access and cooperation offered by the group.

Benefits to Private Investors:

• Increased Investment Opportunities: BRICS cooperation fosters investment flows and business partnerships between member states, providing Nigerian businesses with access to markets in major emerging economies.
• Cross-Border Trade Facilitation: The collaboration within BRICS facilitates smoother trade relations and deeper economic ties between Nigeria and other member countries.

Organisation of Islamic Cooperation (OIC)

Nigeria is a member of the Organisation of Islamic Cooperation (OIC), which fosters economic collaboration among Muslim-majority countries, including market development in trade and commerce. The OIC promotes economic integration and the development of trade relationships between member countries, creating more robust and diversified markets within the Islamic world.

Benefits to Private Investors:

• Access to Islamic Markets: OIC membership opens doors for Nigerian businesses to tap into trade opportunities within the Islamic world, a region that includes many fast-growing economies.
• Collaborative Trade Initiatives: The OIC encourages joint ventures and partnerships between member countries, enhancing the scope for Nigeria’s private sector to expand internationally.

Visit OIC Website

African Growth and Opportunity Act (AGOA)

Nigeria benefits from the African Growth and Opportunity Act (AGOA), a preferential trade agreement between the United States and eligible sub-Saharan African countries. AGOA provides Nigerian businesses with duty-free access to the U.S. market for over 6,000 products, including agricultural goods, textiles, and handicrafts. This agreement encourages trade expansion and enhances Nigeria's position in the U.S. market, contributing to the diversification of Nigeria’s export base.

Benefits to Private Investors:

• Duty-Free Access to U.S. Markets: Nigerian businesses enjoy preferential market access to one of the world’s largest consumer markets, providing significant competitive advantages.
• Promotion of Export-Based Growth: AGOA encourages private sector players to focus on export diversification, fostering growth in sectors like agriculture, manufacturing, and textiles.

Visit AGOA Website

Preferential Access to the EU Market

Nigeria also enjoys preferential access to the European Union (EU) market under the Economic Partnership Agreement (EPA), which grants Nigerian exports reduced tariffs or duty-free access to EU markets. This access benefits sectors such as agriculture, manufacturing, and natural resources, further enhancing Nigeria’s trade relationships with the EU and driving market development within the country.

Benefits to Private Investors:

• Reduced Tariffs and Duty-Free Access: Nigerian exporters benefit from lower costs in accessing the EU market, enhancing the competitiveness of Nigerian goods and services in Europe.
• Enhanced Trade Relations with Europe: The preferential market access strengthens Nigeria’s trade relations with the EU, creating new opportunities for Nigerian businesses to expand and diversify their exports.

Agriculture

Rice plantation in Anambra State

Nigeria possesses some of the most abundant natural resources for agricultural production in the world. With over 80 million hectares of arable land, only about 40% is currently under cultivation, presenting vast untapped opportunities for agribusiness and commercial farming. The country also boasts an estimated 230 billion cubic meters of renewable water resources, coupled with abundant and dependable rainfall across more than two-thirds of its landmass, creating favourable agro-climatic conditions for year-round farming.

Nigeria is a global agricultural powerhouse in several key commodities. It is the world’s largest producer of cassava, yams, and cowpeas (beans), the fourth-largest producer of groundnuts and cocoa, and the leading producer of tomatoes in Africa. In addition, the country grows a wide range of other crops, including maize, millet, sorghum, rice, palm oil, sesame seeds, and horticultural products. These outputs support both domestic consumption and growing export potential.

Nigeria’s agricultural sector remains a cornerstone of the economy, contributing significantly to GDP, employment (engaging over 60% of the labour force), and food security. With increasing investment in mechanisation, agro-processing, irrigation infrastructure, and digital farming solutions, the sector is poised to drive inclusive growth, reduce rural poverty, and enhance the country’s position in regional and global agri-food markets.

Key Investment Drivers in Nigeria's Agriculture Sector

Agriculture remains the largest and most resilient sector in Nigeria’s economy, contributing approximately 22% to the national GDP and providing livelihoods for nearly 90% of the rural population. As the largest employer in the country, agriculture is central to inclusive economic development, rural transformation, and food security.

Even during Nigeria’s recent economic downturns, the agricultural sector demonstrated strong resilience. It maintained positive growth momentum despite recessionary pressures and the oil price shock, ultimately playing a critical role in lifting the country out of recession. With minimal exposure to global oil price volatility and exchange rate constraints, agriculture continues to serve as a stable foundation for economic diversification and long-term growth.

• Vast Arable Land and Crop Diversity: Nigeria has over 80 million hectares of arable land spread across its 36 states, yet only 40% is currently cultivated. Each region offers comparative agricultural advantages, presenting unique opportunities for commercial farming, commodity processing, and export-oriented agribusinesses.

• Significant Import Substitution Opportunity: Nigeria’s food import bill exceeds US$50 billion annually, with an estimated US$7.76 billion in immediate import substitution potential, equivalent to around 15% of total imports. This creates lucrative entry points for domestic production and local value chains.

• Strategic Agricultural Policy Support: The Agricultural Promotion Policy (APP), also known as the “Green Alternative,” emphasizes the development of agribusiness by improving access to land, finance, markets, and technology. The policy encourages private sector participation and focuses on improving productivity, food sufficiency, and export competitiveness.

• Agro-Processing Potential: There is strong demand and processing potential for a range of crops, including tomatoes, cassava, cocoa, maize, rice, vegetables, and fruits. Investment in agro-processing offers value-addition, job creation, and enhanced shelf-life for both domestic and export markets.

• Forestry and Green Economy Opportunities: Over 10 million hectares of land are suitable for commercial forestry and plantation agriculture, offering scalable opportunities for timber, wood products, and carbon offset initiatives.

• Youthful and Dynamic Workforce: Nigeria boasts one of the youngest populations globally, with a growing number of tech-savvy, entrepreneurial youth engaging in modern farming, agri-tech, and supply chain innovation.

• Geostrategic Trade Location: Situated in the Gulf of Guinea, Nigeria provides direct maritime access to North and South America and Europe, markets with a combined GDP of over $43 trillion. Its central location within West Africa also makes it a vital trade gateway, with extensive road and rail linkages to neighbouring ECOWAS countries.

• Access to Continental and Global Markets: Nigeria’s membership in trade-enhancing frameworks such as the African Continental Free Trade Area (AfCFTA), AGOA (U.S. Africa Growth and Opportunity Act), and preferential access to the EU market provides agricultural exporters with competitive access to over 1.5 billion consumers globally.

Mining

Nigeria is richly endowed with a vast array of solid mineral resources spread across all 36 states and the Federal Capital Territory. These include precious metals, base metals, industrial minerals, and energy minerals that hold immense economic potential for diversification, industrialization, and job creation.

Over 40 commercially viable solid minerals have been identified, such as:

• Precious and base metals: Gold, silver, lead, zinc, iron ore, lithium, tantalite/columbite
• Industrial minerals: Limestone, gypsum, barite, marble, granite, talc, bentonite
• Energy minerals: Coal, bitumen

Despite this wealth, the sector remains largely underexplored and underdeveloped. To reposition mining as a key driver of economic growth, the Ministry of Mines and Steel Development (MMSD) has prioritized the development of seven strategic minerals due to their proven reserves and high economic potential:

• Coal
• Bitumen
• Limestone
• Iron Ore
• Barites
• Gold
• Lead/Zinc

These minerals have been identified not only for their export and industrial uses, but also for their potential to power value-adding industries such as cement manufacturing, steel production, construction, and energy generation.

Key Investment Drivers in Nigeria’s Mineral Mining Industry

Nigeria’s mining sector is emerging as one of the most promising frontiers for investment in Africa. Driven by government policy, geological potential, and market demand, the following factors make Nigeria an increasingly attractive destination for mining and mineral-based investments:

1. Abundant and Diverse Mineral Endowment

• Over 40 solid mineral types have been identified across the country, including high-demand minerals such as gold, lithium, barite, coal, bitumen, limestone, and iron ore.
• Nigeria is still largely underexplored, offering vast greenfield opportunities for mineral discovery and development.

2. Strategic Government Policy and Roadmap

• The Ministry of Mines and Steel Development (MMSD) has a well-articulated Mining Sector Roadmap, which outlines a clear strategy for industry growth, governance reforms, and infrastructure development.
• Mining is a priority sector under Nigeria’s national economic diversification agenda.

3. Legal and Regulatory Framework

• A transparent and investor-friendly legal regime is governed by the Nigerian Minerals and Mining Act, 2007.
• Introduction of digital cadastre systems for efficient licensing and tenure security.
• Mining is constitutionally on the exclusive legislative list, enabling centralised regulation and oversight.

4. Institutional Support and Capacity Building

• Establishment of the Solid Minerals Development Fund (SMDF) to finance exploration, research, and artisanal-to-formal mining transitions.
• Strengthening of institutions such as the Nigerian Geological Survey Agency (NGSA) for enhanced geoscientific data.
• Ongoing partnerships with international geological organisations and donor agencies.

5. Improved Access to Infrastructure

• Government-backed investment in railway rehabilitation and concessioning to facilitate mineral evacuation.
• Plans for the development of mineral processing zones and logistics corridors near mining belts and export terminals.

6. Regional Market Access

• Nigeria’s participation in regional and global trade agreements such as:
• AfCFTA – facilitating duty-free access to over 50 African markets.
• ECOWAS Trade Liberalisation Scheme (ETLS), opening the West African market.
• Preferential access to US (AGOA) and EU markets.
• Proximity to global shipping lanes via Atlantic ports enables the efficient export of raw and processed minerals.

7. Rising Global Demand for Critical Minerals

• Nigeria is well-positioned to supply critical and green energy minerals such as lithium, columbite, and rare earths, essential for electric vehicles, batteries, and digital technologies.
• Demand for industrial minerals like limestone, gypsum, and barite is increasing due to infrastructure and construction booms across Africa.

8. Labour and Demographic Advantage

• A young, trainable workforce with growing technical capacity.
• A strong pool of unskilled and semi-skilled labour, reducing operational costs.
• Increasing number of technical training programs and partnerships for skills development in mining and geology.

9. Commitment to ESG and Sustainable Mining

• The government has committed to integrating Environmental, Social, and Governance (ESG) standards in mineral exploration and extraction.
• Artisanal and small-scale miners are being integrated into the formal economy to ensure inclusive growth and community benefits.

Business Process Outsourcing (BPO)

As Africa’s largest economy with a youthful, tech-savvy population and a rapidly growing digital ecosystem, Nigeria offers a compelling investment destination for global and regional players in Information and Communication Technology (ICT) and Business Process Outsourcing (BPO).

Nigeria’s journey toward becoming a digital-first economy is underpinned by two robust policy frameworks:

Both policies prioritize the creation of a conducive environment for global outsourcing firms to operate, invest, and scale.

Key Investment Drivers in Nigeria’s BPO Industry

Nigeria is fast becoming a competitive destination for Business Process Outsourcing (BPO), offering a dynamic blend of human capital, digital infrastructure, policy support, and market access. Below are the core drivers that make Nigeria a top choice for global BPO investment:

1. Demographic Advantage

• A vibrant population of over 200 million, with 70% under the age of 30, provides a vast and energetic workforce.
• A large pool of English-speaking, digitally skilled graduates, ideal for customer service, technical support, and remote back-office operations.
• Competitive labour costs and high adaptability to digital work environments position Nigeria as a cost-effective alternative to traditional BPO markets.

2. Expanding Digital Infrastructure

3. Thriving Domestic Tech Ecosystem

• Nigeria hosts Africa’s largest tech startup ecosystem, with global unicorns such as Flutterwave, Andela, and Paystack emerging from its soil.
• Lagos is evolving into a regional innovation hub for software engineering, fintech solutions, and tech-enabled business services.
• Access to deep local talent across coding, UX/UI design, data analytics, and AI opens up new verticals within BPO and Knowledge Process Outsourcing (KPO).

4. Strategic Location & Time Zone Advantage

• Positioned on the Gulf of Guinea, with direct shipping lanes to Europe, North & South America, and key global ports.
• Operating in GMT+1, Nigeria shares significant time zone overlap with Europe, the Middle East, and parts of Asia, making it ideal for real-time communication and offshore support services.

Power

Electricity Generation Plant

Nigeria, as Africa's largest economy and one of the continent's most vibrant energy markets, offers significant opportunities in its power sector. Despite abundant natural resources and a growing economy, Nigeria faces an energy deficit that limits economic growth and industrial development. However, this gap presents a promising investment opportunity for those ready to engage in the country's evolving energy landscape. With government reforms, substantial resources, and a commitment to private sector participation, Nigeria’s power industry is poised for transformative growth.

Nigeria's power sector is at the forefront of economic development. With a population of over 200 million people, electricity demand is rapidly increasing. Yet, the country’s current electricity generation capacity of approximately 13,000 MW falls significantly short of meeting national demand. The Nigerian government has set an ambitious target to expand its generation capacity to 20,000 MW by 2026, opening a wide array of opportunities for private sector investment in power generation, transmission, and distribution.

Energy Infrastructure

Power Transmission

Generation 

• Thermal Generation

The Nigerian power mix is heavily reliant on gas-fired generation, which accounts for 75% of total electricity production. The country is blessed with over 200 trillion cubic feet of proven natural gas reserves; ranked 7th largest globally. However, less than 1% of these reserves are utilised for domestic power generation, signalling a vast untapped potential in gas-to-power projects.

• Hydropower Generation

Additionally, hydropower remains an essential source of energy, though its potential is underdeveloped. With an estimated 3,500 MW of hydropower capacity potential, the country has the opportunity to harness this resource to not only meet its growing electricity demand but also to diversify its energy mix, reduce dependence on fossil fuels, and support sustainable economic development. Nigeria’s hydropower potential is concentrated across two major river basins: the Niger River and the Benue River, as well as smaller rivers across the country. The government and various stakeholders have identified several key locations for both large-scale and small-scale hydropower projects.

• Renewable Energy Sources

The Nigerian government is proactively exploring and advancing the use of renewable energy sources, including solar, wind, and biomass, as part of a broader strategy to diversify the country’s energy mix and promote sustainable, low-carbon energy solutions. By harnessing the vast solar potential in the northern regions, the significant wind resources along the coastal areas, and the abundant biomass from agricultural waste, Nigeria aims to reduce its reliance on fossil fuels, improve energy access, and contribute to global environmental sustainability goals. These renewable energy initiatives are aligned with Nigeria’s long-term commitment to a green energy transition, creating investment opportunities in clean, renewable technologies, job creation, and enhanced energy security for the nation.

Transmission 

The national transmission grid is managed by the Transmission Company of Nigeria (TCN), which is responsible for the high-voltage transmission of electricity across the country. As of March 2025, Nigeria's transmission capacity stands at 8,500 MW, with plans to increase it to 10,000 MW by 2026. However, due to infrastructure limitations, the grid currently distributes only about 4,000 MW, which is insufficient for the nation's population exceeding 200 million. This presents a significant opportunity for investment in upgrading and expanding the grid to meet the growing demand for electricity.

Distribution 

The distribution of electricity is managed by 11 private Distribution Companies (DisCos). These companies are responsible for delivering power to consumers across the country. While Nigeria's Distribution Companies (DisCos) face numerous challenges, including ageing infrastructure, power theft, and inefficiencies in customer service, the government is actively pushing for reforms and investment to modernise the country's transmission and distribution infrastructure. These efforts are aimed at improving the efficiency, reliability, and coverage of the power sector.

Key Investment Drivers in Nigeria's Power Sector

1. Energy Deficit and Growing Demand

   • Nigeria has one of the largest energy deficits in Africa, with demand for electricity far outpacing supply. The country’s growing population, projected to reach over 400 million by 2050, and rapid industrialisation contribute to an increasing need for power, creating a substantial opportunity for investment in power generation, transmission, and distribution.

2. Government Reforms and Policies

   • The Nigerian government has undertaken significant reforms in the power sector, particularly through the Electric Power Sector Reform Act (EPSRA), as revised by the Electricity Act 2023, which has facilitated the unbundling of the industry, privatisation of key assets and decentralisation of electricity market regulation. Government-backed initiatives, such as the National Renewable Energy and Energy Efficiency Policy (NREEEP), and the Energy Policy of Nigeria, promote investments in both renewable and non-renewable energy sources.

3. Privatization and Market Liberalization

   • The privatisation of the power sector has attracted private investors to own and manage power generation, transmission, and distribution assets. The market liberalisation provides private-sector players with the opportunity to improve efficiency, optimise operations, and increase electricity access. This creates attractive opportunities for local and foreign investors.

4. Renewable Energy Potential

   • Nigeria’s vast renewable energy potential, especially in solar, wind, and biomass, presents a rapidly growing segment for investment. Nigeria enjoys abundant sunshine, particularly in the northern regions, with solar energy providing a reliable alternative to conventional power generation methods. The government has prioritised renewable energy, providing incentives for investment in these sectors.

5. International Support and Partnerships

   • Nigeria’s power sector has received support from international financial institutions such as the World Bank, International Finance Corporation (IFC), and Multilateral Investment Guarantee Agency (MIGA). These organisations provide guarantees, loans, and credit enhancements to facilitate large-scale infrastructure projects and encourage private-sector participation.

6. Access to Financing

   • With initiatives such as the Nigerian Electricity Market Stabilisation Fund and the Nigeria Electrification Project (NEP), there are growing opportunities for financing in the sector. These government-supported funding mechanisms provide critical capital for power generation, transmission, and distribution projects.

7. Strategic Geographic Location

   • Nigeria’s location in the Gulf of Guinea provides a strategic advantage for the importation and exportation of energy resources. The country’s energy infrastructure offers potential for export-oriented power generation and regional electricity supply to neighbouring countries, enhancing market growth prospects.

8. Rising Global and Regional Energy Demand

   • As Africa’s largest economy, Nigeria is at the heart of the continent’s power demand, with regional energy markets dependent on Nigerian power generation capacity. This growing demand offers the potential for cross-border electricity trade and further expansion into regional power markets such as the West African Power Pool (WAPP).

Manufacturing

Anchored in light manufacturing and agro-processing, Nigeria’s manufacturing sector offers one of the most compelling investment opportunities on the African continent. With a domestic market of over 220 million people and preferential access to an additional 1.3 billion consumers across Africa through the African Continental Free Trade Area (AfCFTA), Nigeria serves as a powerful gateway to regional and continental value chains.

Nigeria’s approach to industrial development is anchored on sustainable economic diversification, local value addition, and private sector-led growth. The country’s main framework for industrialization is the National Industrial Revolution Plan (NIRP), which aligns with broader national development strategies such as National Integrated Infrastructure Masterplan (NIIMP).

Despite infrastructural and regulatory challenges, the manufacturing sector has demonstrated resilience, contributing nearly 9% to GDP, supporting millions of jobs, and generating significant foreign exchange through rising non-oil exports.

To unlock and scale this potential, the government implements the NIRP, a transformative policy framework focused on boosting industrial productivity, enhancing local value addition, and driving export-led growth. The NIRP strategically targets key subsectors where Nigeria holds comparative and competitive advantage, including:

• Agro-processing

• Solid minerals beneficiation

• Petrochemicals

• Steel and metals

• Cement

• Textiles and garments

• Light manufacturing

With focused reforms, expanding industrial infrastructure, and a wide range of investor-friendly incentives, Nigeria’s manufacturing sector is positioned for sustained growth and value creation, making the country an ideal hub for industrial production, regional supply chains, and export diversification in Africa.

Cross-Cutting Policy Strategies

Lekki Free Trade Zone, Lagos

NIRP sets the foundation for driving the country’s industrialisation, offering an integrated approach to growth, investment, and export-led economic development. The NIRP is complemented by targeted sectoral policies, legal frameworks, and robust initiatives that offer investors a clear path to growth.

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1. Industrial Clustering & Special Economic Zones (SEZs)

• Policy Focus: Development of SEZs and Free Trade Zones in strategic locations to promote economies of scale, attract FDI, and reduce the cost of doing business.

• Legal Framework:

  • Nigerian Export Processing Zone Authority (NEPZA) Act, Cap N107 LFN 2004
  • Oil & Gas Free Zone Authority (OGFZA) Act, Cap O5 LFN 2004

• Key Sites: 

• Non-oil Industrial Zones: Lekki FTZ, Calabar EPZ, Kano SEZ, Ogun-Guangdong FTZ
• Oil & Gas Zones: Onne Oil & Gas Zone

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2. Ease of Doing Business Reforms

• Policy Focus: Simplification of regulatory procedures and automation of business processes to improve Nigeria's global competitiveness.

• Legal Framework:

• Business Facilitation (Miscellaneous Provisions) Act, 2023
• Companies and Allied Matters Act (CAMA), 2020

• Key Achievements: 

• Single-window trade platform
• 48-hour business registration
• Digitized tax and customs procedures

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3. Infrastructure Development

• Policy Focus: Investments in power, logistics, and digital infrastructure to enable industrial productivity and regional trade.

• Legal Framework:

• Infrastructure Concession Regulatory Commission Act, 2005
• Electricity Act 2023
• National Broadband Plan (2020–2025)

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4. Access to Finance

• Policy Focus: Targeted funding and credit support to de-risk industrial investments.

• Legal Framework:

• Bank of Industry Act, Cap B3 LFN 2004
• Central Bank of Nigeria Act, 2007
• Development Bank of Nigeria Act, 2014

• Key Programs: 

• Real Sector Support Facility
• MSMEDF
• 100 for 100 PPP
• Export Stimulation Facility

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5. Trade and Export Promotion

• Policy Focus: Integration into global value chains through preferential trade agreements.

• Legal Framework:

• Export Promotion Council Act, Cap E22 LFN 2004
• Customs and Excise Management Act, Cap C45 LFN 2004

• Agreements Leveraged: 

• African Continental Free Trade Agreement (AfCFTA)
• African Growth and Opportunity Act (AGOA) - U.S.
• European Union Economic Partnership Agreement (EU-EPA)

Sub-Sector-Specific Policies

Nigeria’s National Industrial Revolution Plan (NIRP) is reinforced by targeted, sector-specific policies designed to unlock the country’s industrial potential, deepen value chains, reduce imports, and expand non-oil exports. These policies are aligned with national priorities and global competitiveness goals, offering tailored incentives and support mechanisms to attract private investment.

1. Tomato Sector Policy

Objective:
Reduce the $400 million annual import bill and boost domestic processing.

Strategies:

• Import ban on triple-concentrate tomato paste
• CBN Anchor Borrowers Programme for tomato farmers
• Support for greenhouses, processing facilities, and cold-chain logistics

Incentives:

• Pioneer Status Incentive 
• Zero duty on equipment
• Access to intervention funds

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2. Cotton, Textile & Garment (CTG) Revival Policy

Objective:
Revive the textile industry and create jobs across the cotton-to-garment value chain.

Strategies:

• CBN CTG Fund (₦100 billion) at single-digit interest
• Ban on smuggled textile imports
• Support for ginneries, weaving mills, and garment clusters

Incentives:

• Preferential access to funding
• Export support and cluster-based infrastructure

3. Cement & Building Materials Policy

Objective:
Achieve national self-sufficiency and drive regional exports.

Strategies:

• Tariff protections on cement imports
• Industrial clusters (e.g., Kogi Belt) to harness local limestone
• Backward integration support

Incentives:

• Pioneer Status Incentive
• Duty waivers on equipment
• Strategic access to domestic and ECOWAS markets

4. Petrochemicals & Fertilisers Policy

Objective:
Use Nigeria’s gas reserves as feedstock for the petrochemical and fertiliser industries.

Strategies:

• Preferential gas pricing and long-term supply contracts
• Support for integrated complexes (e.g., Dangote Petrochemical Complex)
• Export-oriented industrial parks

• Pioneer Status Incentive
• Zero import duty on plant and machinery
• Access to Export Expansion Grant (EEG)

5. Solid Minerals Beneficiation Policy

Objective:

• Promote domestic refining and local processing of Nigeria’s mineral resources.
• Promote domestic refining and local processing of Nigeria’s mineral resources.

Strategies:

• Link processing hubs to SEZs and mining corridors
• Support for refining plants in gold, barite, lead/zinc, and lithium
• Strengthened mineral certification and trade facilitation

Incentives:

• Pioneer Status Incentive
• Solid Minerals Development Fund (SMDF)
• Duty waivers on processing equipment

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6. Sugar Sector Policy (Nigeria Sugar Master Plan - NSMP)

Objective:
Reduce Nigeria’s $600 million annual sugar import bill and attain self-sufficiency by 2030.

Strategies:

• Implementation of the Nigeria Sugar Master Plan (NSMP)
• Mandatory Backward Integration Programme (BIP) for sugar refining companies
• Incentivized investment in sugarcane plantations and processing mills

Incentives:

• Tariff differentials favouring local refining
• Pioneer Status Incentive for BIP-compliant investors
• Access to infrastructure support and land acquisition facilitation

Key Investment Drivers of Nigeria's Manufacturing Sector

1. Large and Growing Domestic Market

• Over 220 million people — the largest consumer market in Africa.
• Rising urbanisation and a growing middle-class drive sustained demand for processed goods, packaging, pharmaceuticals, construction materials, and fast-moving consumer goods (FMCGs).

2. Strategic Access to Continental and Global Markets

• Duty-free access to 1.3 billion consumers under the African Continental Free Trade Area (AfCFTA).
• Member of ECOWAS, enabling market entry into 15 West African countries.
• Preferential trade arrangements such as AGOA (US market) and EU EPA (European market).

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3. Abundant Raw Materials and Natural Resources

• Strong local supply of key industrial inputs: cassava, oil palm, cotton, limestone, gypsum, petrochemicals, gas, and solid minerals.
• Reduces dependence on imported raw materials and supports backward integration strategies.

4. Supportive Policy Environment

• Implementation of the National Industrial Revolution Plan (NIRP) to drive industrialisation.
• Sector-specific policies in agro-processing, textiles, cement, sugar, and petrochemicals.
• Active government commitment to import substitution and export-led growth.

5. Industrial Clusters and Special Economic Zones

• Development of Special Economic Zones (SEZs) and Industrial Parks in locations such as Lekki, Kano, Calabar, and Ogun-Guangdong.
• Access to shared infrastructure, tax incentives, and trade facilitation services.

6. Competitive Labour Market

• Large pool of young, trainable, and cost-effective workforce.
• Over 600,000 graduates enter the labour market annually, with many in science, engineering, and technology fields.

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7. Infrastructure Investments

• Government focus on industrial corridors, rail logistics, port modernization, and digital infrastructure.
• Ongoing reforms in electricity access through renewable energy, off-grid solutions, and privatization of the power sector.

8. Robust Financial and Institutional Support

• Access to targeted funding through the Bank of Industry (BoI), Development Bank of Nigeria (DBN), and CBN intervention programs.
• Credit guarantees and financing windows for local and foreign manufacturers.

Oil & Gas

Nigeria is Africa’s leading crude oil producer, with an installed production capacity of 2.5 million barrels per day, ranking 6th globally among oil-producing nations. The country also holds over 200 trillion cubic feet (TCF) of proven natural gas reserves—the largest in Africa and 7th in the world—positioning Nigeria as a strategic hub for global energy investments.

These abundant hydrocarbon reserves are not only the backbone of the Nigerian economy but also present diverse and high-yield opportunities across the entire oil and gas value chain; from upstream exploration and production to midstream infrastructure, and downstream refining, petrochemicals, and gas-based industries.

Once challenged by high gas flaring rates, Nigeria is now undergoing a major energy transition. The country currently produces 2,000 Billion Standard Cubic Feet (BSCF) of natural gas annually, with 70% utilization for domestic supply, LNG export, and power generation. The remaining 30%—previously flared—is now the focus of intensive gas commercialization efforts, supported by public-private partnerships, infrastructure rollouts, and decarbonization strategies.

The sector is driven by the presence of top-tier international oil companies (IOCs). Alongside these global players is a rapidly expanding cadre of indigenous firms, empowered by the Nigerian Oil and Gas Industry Content Development Act and policies that localize value creation.

A transformative milestone for the sector was the passage of the Petroleum Industry Act (PIA) in 2021. The PIA establishes a transparent, market-driven framework for governance, licensing, royalties, and revenue-sharing—designed to de-risk investments, streamline operations, and make Nigeria’s oil and gas sector globally competitive.

Oil & Gas Infrastructure Development in Nigeria

Nigeria’s oil and gas sector is undergoing a transformative shift, with targeted investments in infrastructure aimed at enhancing value addition, boosting energy security, and attracting new capital across the upstream, midstream, and downstream segments. The government and private sector are driving large-scale projects to reposition Nigeria as a fully integrated energy hub.

1. Refining and Petrochemical Infrastructure in Nigeria

Nigeria is making bold strides to strengthen its refining and petrochemical base, aiming to reduce dependency on imported petroleum products, enhance energy security, and drive industrialization through local value addition. The refining landscape comprises a mix of large-scale private sector investments, modular refineries, and state-owned facilities, alongside a growing petrochemical footprint.

a. Dangote Refinery (Private Sector-Led Mega Project)

• Location: Lekki Free Trade Zone, Lagos

• Capacity: 650,000 barrels per day (bpd) — the largest single-train refinery in the world

• Integration: Co-located with a world-class petrochemical complex and urea fertilizer plant

• Impact: Expected to meet all domestic fuel needs and create a surplus for export, significantly saving foreign exchange

b. Government-Owned Refineries (NNPCL Refineries)

Operated by the Nigerian National Petroleum Company Limited (NNPCL), these refineries are currently undergoing comprehensive rehabilitation through public-private partnerships to restore them to optimal capacity:

• Port Harcourt Refinery Complex

  • Capacity: 210,000 bpd (two plants: 150,000 and 60,000 bpd)

  • Rehabilitation is completed and operational

• Warri Refinery

  • Capacity: 125,000 bpd

  • Undergoing revamp to resume phased operations

• Kaduna Refinery

  • Capacity: 110,000 bpd

  • Plans are underway for a complete overhaul and modernisation

c. Modular Refineries Initiative

• Designed to expand decentralised refining across oil-producing regions

• Over 20 licensed modular refineries

• Government support through policy incentives and crude supply agreements

d. Eleme Petrochemicals Company Limited (EPCL)

• Location: Eleme, Rivers State (near Port Harcourt Refinery)

• Ownership: Subsidiary of Indorama Corporation (Privatised from NNPC)

• Capacity: Produces polyethylene, polypropylene, and other petrochemical inputs

• Significance: Key supplier to Nigerian manufacturing, plastics, and packaging industries; export-focused with global standards.

2. Gas Infrastructure

• Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline

  • 614 km natural gas pipeline under the Trans-Nigeria Gas Pipeline project.

  • Designed to transport 3,500 million cubic feet of gas daily for domestic power, industries, and exports.

• Obiafu–Obrikom–Oben (OB3) Pipeline

  • Key east-west pipeline to improve gas supply integration across Nigeria.

• Nigeria-Morocco Gas Pipeline (Proposed)

  • Ambitious trans-regional pipeline connecting Nigerian gas to North Africa and Europe via 13 West African countries.

3. Liquefied Natural Gas (LNG) Expansion

• NLNG Train 7 Project

  • Expansion of Nigeria LNG’s capacity from 22 MTPA to 30 MTPA.

  • Estimated $7 billion investment; creates thousands of jobs and boosts export revenues.

• Promotion of LPG and CNG Infrastructure

  • Development of gas storage terminals, distribution hubs, and fueling stations.

  • Backed by the National Gas Expansion Programme (NGEP) and the Decade of Gas Initiative.

4. Storage, Transportation & Export Terminals

• Crude Oil Terminals: Bonny, Forcados, Qua Iboe, and Escravos serve as export points to global markets.

• Strategic Petroleum Storage

  • Investments in depots and tank farms to improve energy supply resilience.

• Seaports and Jetties

  • Expansion of deep-sea ports (e.g., Lekki Deep Sea Port) to handle petrochemical and energy cargo.

5. Digital and Monitoring Systems

• National Oil and Gas Excellence Centre (NOGEC)

  • Launched by the DPR (now NUPRC) to drive real-time monitoring, operational excellence, and safety compliance.

• Integrated Data Centres

  • Investment in exploration data and digital platforms to de-risk oil and gas investments.

Transportation

The Nigeria's transportation network is one of the best in Africa; featuring an extensive system of paved highways, railroads, airports, waterways and seaports. The sector contributes about 3% to the gross domestic product (GDP) annually. 

Towards facilitating private sector participation in infrastructure development and management in the economy, government established the Infrastructure Concession and Regulatory Commission (ICRC) to manage the selection, development, procurement, implementation and monitoring of Private Public Partnership (PPP) projects.

Road

Nigeria’s road network is unarguable the largest in West Africa and the second largest south of the Sahara; the national road network is currently estimated to be 194,200km of which 34,120km (17.6%) are federal roads, 30,500km (15.7%) state roads and 129,580km (66.7%) local and rural roads. However a huge proportion of this network is buckling under the strain of carrying up to 80% of passenger and freight traffic. 

Investment opportunities include:

• construction and maintenance of paved roads through concessionary or any of the PPP models;
  
• building of tolls infrastructure and collection of tolls for the use of the service facilities provided to help sustain the system;
  
• provision of mass urban and rural transportation services – freight and passenger services;
  
• service facilities at the terminals on both the highways and destinations;
  
• central terminals in various urban and rural locations in the country with service facilities. 
  

Rail

The Nigerian railway network covers an approximate distance of 3,500km of narrow gauge lines connecting the south-western part of the country (Lagos) with the Northwest (Kano) and Northeast (Maiduguri). The network has been extended by a narrow gauge line between Onne and the Enugu-Port Harcourt line and a standard gauge line from Ajaokuta to Warri.

The Nigerian Railway Corporation (NRC) owns and operates country’s rail and rolling stock. There is on-going reform to allow private sector participation in virtually all activities in the industry.

Investment Opportunities in the activity include

• construction and maintenance of standard gauge rail lines through concession or any of the PPP models;
  
• provision of train transportation services - freight and passenger services.
  

Waterways

Nigeria’s sea ports handle 68% of West Africa’s maritime trade. The main seaports in Nigeria are at Calabar, Port Harcourt, Lagos, Sapele, Onne, and Warri. The Nigerian Port Authority (NPA) regulates activities in the Ports. A number of activities have been slated for privatisation or while some are already under concession.

The country has an inland navigable waterway of about 3000km which transverse 20 of the 36 states presenting huge investment potential. The coastline is about 852 km. The Nigerian Inland Waterways Authority (NIWA) serves as the regulator of the activity. The Nigerian Coastal and Inland Shipping (Cabotage) Act of 2003 facilitate private participation in coastal and inland waterway transport services, and the construction and management of infrastructure to support the industry. 

Investment Opportunities:

• port services management and operation;
  
• liner services – foreign shipping companies can engage in the provision of Liner Services through joint sailing agreement with Nigerian shipping companies;
  
• tramp services;
  
• coastal and inland water transportation under cabotage law- government encourages joint venture in the ownership and operation of light vessels between ports, which must be fully registered in Nigeria;
  
• terminal and jetty development;
  
• ship acquisition and ship building fund/lifting of crude oil and gas;
  
• towage and pilot services
  

Aviation

Airports and air navigational facilities constitute major infrastructure of the country’s transport sector; the country has a total of 19 airports and 62 airstrips distributed all over the country. Lagos, Abuja, Kano and Port Harcourt Airports are the four international airports and combined, they account for up to 90% of all passenger movements and aircraft movements.

The operation and management of most of the airport facilities are presently done through the Federal Airports Authority of Nigeria (FAAN). The National Airspace Management Agency (NAMA) is responsible for regulation, licensing, traffic control and navigational aids for aircrafts.

The active participation of the private sector in the industry as licensed operators, concessionaire or in PPP arrangement for the delivery and management of infrastructure and services continues to have huge impact in the transformation of the industry. A new National Aviation Policy has been approved to address safety issues in the industry.

Nigeria has developed an integrated master plan to transform the country’s aviation industry into air service hub of the West African region and creating agricultural products cargo terminals

Investment Opportunities: With the growing traffic numbers, significant investment is needed in:

• the aviation infrastructure – maintenance hangers, communications and safety infrastructures,  airports and landing strips
  
• air catering services
  
• airline operations
  
• establishment of modern aircraft training facilities
  

National Integrated Infrastructure Masterplan

NIIMP identifies investment required to bring infrastructure in Nigeria to desirable state. NIIMP’s key objective is to ensure coordinated approach to infrastructure development in Nigeria and help to integrate diverse infrastructure plans and projects across all sectors and regions in Nigeria.

In order to bridge the current infrastructure gap and reach desired optimal investment, NIIMP states that Nigeria must increase core infrastructure stock from 35-40% of GDP in 2012 to 70% by 2043. The NIIMP document indicates that about $127 billion is required over the next 5 years translating to an average of $25 billion per annum from 2014-2018 (“the 1st Operational Plan Period”).

Budgetary resources alone, currently standing at $9 -10 billion for capital expenditure per year, will be inadequate to meet Nigeria’s infrastructure requirements. At the Federal and States level, financing of infrastructure will also require private sector participation. During the 1st Operational Plan Period, Private sector investment requirement is projected to increase from 46% to 48% and Public Sector investment projected at 52% out of which only about 15% of public sector funding is projected to be from the government treasury leaving the balance of 85% to be sourced through the debt capital markets as well as the traditional lending market. 

What Investors Think

Investors are eager to see the government’s Economic Recovery and Growth Plan in action. They recognise the position of Nigeria as Africa’s largest market, and say that despite the challenges in the environment, Nigeria is still worth investing in, particularly because of its population, geographical location, and proximity to international markets.  However, they stressed the need for significant infrastructural improvement, which they consider as critical to the success of sectors prioritized for investment. 

Nigeria: An Investment Destination of Choice

Nigeria is endowed with immense economic potential and is projected to be one of the world’s largest economies by 2050. As a key emerging market, Nigeria is a member of the MINT (Mexico, Indonesia, Nigeria, and Turkey) group of fast-growing economies and, in 2024, was accepted as a partner country of the BRICS bloc (Brazil, Russia, India, China, and South Africa). This partnership underscores Nigeria’s growing influence in global economic affairs and its strategic importance among emerging markets.

With one of the largest internal markets in the world, Nigeria presents significant opportunities for market-seeking investments. Boasting a rapidly growing population of over 200 million, the country offers a vast consumer base, particularly for retail, manufacturing, and service-oriented industries. The retail sector is a significant contributor to Nigeria's economy, ranking as the second-largest contributor to GDP. The sector has experienced substantial growth, driven by urbanization, economic expansion, and a burgeoning middle class. By 2025, E-commerce, an emerging industrial activity, is projected to grow to about $29 billion in size.

Strategic Economic Initiatives

To harness this potential, Nigeria is implementing integrated strategic economic initiatives aimed at achieving sustainable and inclusive economic growth:

1. National Development Plan (NDP) 2021–2025: The NDP serves as Nigeria’s primary economic blueprint, focusing on economic diversification, infrastructure development, macroeconomic stability, investment climate enhancement, and social development. The plan aims to create 21 million full-time jobs and lift 35 million people out of poverty by 2025.

2. National Industrial Revolution Plan (NIRP): This initiative seeks to diversify Nigeria's economy by strengthening the manufacturing sector and reducing reliance on oil exports. It focuses on agro-processing, metals and solid minerals, oil and gas-related industries, and construction to transform Nigeria into a leading industrial nation.

3. Special Economic Zones (SEZs): Nigeria has established SEZs to promote industrialization, attract foreign direct investment, and enhance export competitiveness. These zones offer tax incentives, streamlined regulatory processes, and infrastructure support to boost manufacturing and value-added production. Key SEZs include the Lekki Free Trade Zone, Ogun-Guangdong Free Trade Zone, and the Kano Free Trade Zone, all of which are crucial in driving industrial growth and employment creation.

4. African Continental Free Trade Area (AfCFTA): Nigeria’s participation in AfCFTA presents significant opportunities for economic expansion. The agreement facilitates a single market for goods and services across Africa, boosting investment inflows and positioning Nigeria as a regional digital trade hub. By leveraging AfCFTA, Nigeria aims to unlock new markets and solidify its regional and global trade position.

Enhancing a Competitive Business Environment

Nigeria has been consistent in its drive to improve the prevailing business environment. The government has implemented economic reforms such as unifying exchange rates, streamlining business entry procedures and tax administration regimes, eliminating fuel subsidies, enhancing transport intermodal connectivity and promoting compressed natural gas (CNG) as an alternative energy source to reduce transportation costs and enhance logistic efficiency. These measures aim to stabilize the economy, attract foreign direct investment, and create a more resilient financial system. The administration remains focused on achieving higher economic growth rates beyond the current 3.5% to accelerate poverty reduction and improve living standards. 

With strong market fundamentals, abundant natural and human resources, and a government committed to reforms, Nigeria is not just open for business — Nigeria is ready for business!

Why Invest in Nigeria?

Nigeria’s Investment Climate: Open and High-Yielding Opportunities

• Nigeria operates an open business environment under the Nigerian Investment Promotion Act 16 of 1995, which allows investors to participate in all economic sectors except those classified under the Negative List and those restricted under the Cabotage Act. The Act guarantees the free transferability of capital, profits, and dividends while providing robust safeguards against expropriation.
• As Africa’s largest economy, Nigeria offers one of the highest returns on investment globally, driven by its large consumer market, abundant natural resources, and improving business reforms. The country is strategically located along the Gulf of Guinea, serving as a gateway to key markets in Africa, Europe, Asia and the Americas. 
• The Nigerian government continues to implement reforms aimed at enhancing the ease of doing business, such as company registration digitization, investment protection frameworks, and public-private investment initiatives. These efforts make Nigeria a compelling destination for foreign direct investment.

Country data

Country map

Socio-economic and political map

Map of Nigeria showing the 36 States, the FCT and international transportation infrastructure

Abia State Profile

“Abia” is an acronym formed from the initial letters of four groups of people, namely: Aba, Bende, Isuikwuato and Afikpo. These constituted the major groups in the state at its creation. At the country’s independence in 1960, Abia was part of the then Eastern Region. From 27th May 1967, it became a part of the East Central State, created by the then Head of State of the Federal Military Government, General Yakubu Gowon. On 3rd February 1967, the Federal Military Government headed by General Murtala Mohammed split East Central State into two states -Anambra and Imo.

On 27th August 1991, the Federal Military Government under General Ibrahim Babangida carved out Abia State from Imo State.

Basic Information

Investment Opportunities

Opportunities for investment exist in:

• Agribusiness
• Auto components
• Light Manufacturing
• Healthcare
• Tourism
• Energy
• Mining

Key Contacts

Obioma Ogbonna 

Honorable Commissioner 

Ministry of Tourism, Arts & Culture 

Umuahia

Abia State 

Email: abiatourism@abiastate.gov.ng

Website: abiastate.gov.ng

Adamawa State Profile

Adamawa State is located in the North East  Geopolitical zone of Nigeria. The State was created in August 1991 from the defunct Gongola State.

River Benue is the biggest river in the state and has a number of tributaries draining into it. The state is a mountainous land dissected by the valleys of River Benue, Gongola and Yedzaram.

Basic Information

Investment Opportunities

Opportunities for investment exist in:

• Agribusiness
• Healthcare
• Tourism
• Energy
• Mining

Key Contacts

Abba Fufore

Managing Director

Adamawa Investment Company

Email: abbas_fufore@yahoo.co.uk 

Telephone: 08039358136

Akwa Ibom State Profile

Akwa Ibom State was created on September 23, 1987 from the former Cross River State, South South Geo-political Region of Nigeria.

The Atlantic coastline stretches 129km from Oron in the East to Ikot Abasi in the West. The State comprises several related sub-ethnic groups. They include Ibibio, Annang, Oron, Eket, Ibeno, Mbo, Okobo and the Andonis. They share a common ancestry and are reputed to be the first settlers in present day South Eastern Nigeria.

Basic Information

Investment Opportunities

Opportunities for investment exist in:

• Agribusiness
• Light Manufacturing
• Healthcare
• Tourism
• Energy
• Mining

Key Contacts

Dr Elijah Akpan 

The Executive Chairman

APICO Investment House (3rd Floor),

Plot 143 Olusegun Obasanjo Avenue

Uyo, Akwa Ibom State

Email: elijah-a@hotmail.com

Telephone: 0802 584 9973

Website: www.akicorpng.com

Anambra State Profile

The state is located in the South East Geo-Political Zone of Nigeria. It was created on 27 August 1991 out of the old Anambra State. The state capital is Awka and its major commercial cities are Onitsha and Nnewi.

Some important tourist attractions are; the Ogbunike Cave, Agulu Lake/Gully, Odinani Museum and Igbo Ukwu Archaeological Escavations.

Basic Information

Investment Opportunities

Opportunities for investment exist in:

• Agribusiness
• Auto components
• Light Manufacturing
• Healthcare
• Tourism
• Energy
• Mining

Key Contacts

Dr. Ifediora Amobi

Executive Director

Anambra State Investment Promotion Agency

ANSIPPA Millenium Plaza

B Block, Enugu-Onitsha Express Road

Awka, Anambra State

Email: ifediora.amobi@anambrastate.gov.ng 

Telephone: 08037221674

Bauchi State Profile

Bauchi, usually referred to as Bauchi State to distinguish it from the city of Bauchi, is a state in Northern Nigeria.

Its capital is the city of Bauchi. The state was formed in 1976 when the former North-Eastern State was broken up. In 1996, the present day Gombe state was carved out of Bauchi State.

Basic Information

Investment Opportunities

Opportunities for investment exist in:

• Agribusiness
• Light Manufacturing
• Healthcare
• Tourism
• Energy
• Mining

Key Contacts

Director General

Bauchi Investment Promotion Agency

Investment House

No.37 Abdulkadir Ahmed Road,

Bauchi, Bauchi State

Email: aminumusa9@gmail.com

Telephone: +234 8037420081

Bayelsa State Profile

Bayelsa State was created on October 1, 1996 out of the old Rivers State. The name, Bayelsa, is an acronym of three former Local Government areas – Brass, Yenagoa and Sagbama – in the then Rivers State, which had earlier on comprised the entire area now constituting Bayelsa State. It has interstate boundaries with Rivers State to the west and northwest and Delta State to the east and southeast. The Gulf of Guinea lies to its south.

Basic Information

Investment Opportunities

Opportunities for investment exist in:

• Agribusiness
• Light Manufacturing
• Healthcare
• Tourism
• Energy
• Mining
• Transportation

Key Contacts

Director General

Bayelsa State Investment Promotion Agency

1st Floor, State Secretariat Annex,

No. 6. Onopa, Yenagoa,

Bayelsa State

Email: patience.abah@bayelsa.gov.ng, poeabah@gmail.com, duate.iyabi@gmail.com

Telephone: +234 8065889047

Website: www.investbayelsa.ng

Benue State Profile

Benue state was created on February 3, 1976. It was one of the seven new states created by the military administration headed by late General Murtala Muhammed, which increased the number of states in the federation from twelve to nineteen. The state derives its name from the River Benue, which is the second largest river in the country.

Basic Information

Investment Opportunities

Opportunities for investment exist in:

• Agribusiness
• Light Manufacturing
• Healthcare
• Tourism
• Energy
• Mining

Key Contacts

Princ. Manager Invest.

Benue Investment & Property Dev. Company

Km5, Gboko Road,

Makurdi

Telephone: +234 8036161165

Email: simonkpelai@gmail.com

Borno State Profile

Borno State, known as the Home of Peace, is located in the northeastern corner of Nigeria. It is the largest state in the Federation in terms of landmass. The State occupies the greatest part of the Chad Basin and shares borders with the Republics of Niger to the North, Chad to the Northeast and Cameroon to the East. Within the country, its neighbors are Adamawa to the South, Yobe to the West and Gombe to the Southwest.

Basic Information

Investment Opportunities

Opportunities for investment exist in:

• Agribusiness
• Manufacturing
• Real Estate
• Healthcare
• Tourism
• Energy
• Mining

Key Contacts

Managing Director

Borno Investment Company Limited

No 10, Nguru Road, Maiduguri

Email: mmzarma@gmail.com

Telephone: +234 8064041440; +234 8066713498

Cross River State Profile

Cross River State was created on May 27, 1967 from the former Eastern Region, Nigeria by the General Yakubu Gowon regime. Its name was changed to Cross River State in the 1976 state creation exercise by the then General Murtala Mohammed regime from South Eastern State. The present day Akwa Ibom State was excised from it in the state creation exercise of September 1987 by the then regime of General Ibrahim Babangida.

Basic Information

Investment Opportunities

Opportunities for investment exist in:

• Agribusiness
• Light Manufacturing
• Healthcare
• Real Estate
• Tourism
• Energy
• Mining

Key Contacts

Director General/CEO

Cross River State Investment Promotion Bureau

3rd Floor, Prof. Eyo Ita House, Marian Road, Calabar

Email: johnetimbassey@gmail.com, mefoniulofu@gmail.com

Telephone: +234 8181430000

Delta State Profile

Delta State is in the South-South geo-political zone of Nigeria and its state capital is the bustling city of Asaba. It is also home to Warri, which is the most populous of its cities and is its economic nerve centre. Delta State is an oil-producing state, and is one of the nine Niger-Delta states in Nigeria. The River Ethiope which is reputed to be the deepest inland waterway in Africa is sourced in and flows through Delta State. Delta State also has a thriving fishing industry.

Basic Information

Investment Opportunities

Opportunities for investment exist in:

• Agribusiness
• Light Manufacturing
• Healthcare
• Tourism
• Energy
• Mining

Key Contacts

Director General/CEO

Delta State Investment Development Agency

Governor's Office, 14 BRO Izegbu Street, GRA, Asaba Delta

Email: loomoru@gmail.com

Telephone: +234 8033042792

Ebonyi State Profile

Ebonyi State is a state in Nigeria, in the south of the Eastern region. It is inhabited and populated primarily by Igbo. Its capital and largest city is Abakaliki. It is one of the six states created in 1996 by the Abacha government. Ebonyi was created from parts of both Enugu State and Abia State.

Basic Information

Investment Opportunities

Opportunities for investment exist in:

• Agribusiness
• Light Manufacturing
• Healthcare
• Energy
• Mining

Key Contacts

Ag. General Manger

Ebonyi State Government

Ebonyi State Investment & Property Co.Ltd

1 Onwe Road, Abakaliki, Ebonyi state

Email: ebinpro14@gmail.com; ebonyissg@gmail.com

Telephone: +234 8033412715

Edo State Profile

Edo State is referred to as the “heartbeat of Nigeria” and is located in the South-South geo-political zone of Nigeria. Edo State is an oil-producing state, and is one of the nine Niger-Delta states in Nigeria. It has a rich rainforest vegetation interspersed with hills as well as a rich cultural heritage that makes it a tourist destination. Edo State is also endowed with a wide variety of mineral resources and arable land for cash crops.

Basic Information

Investment Opportunities

Opportunities for investment exist in:

• Agribusiness
• Light Manufacturing
• Healthcare
• Tourism
• Energy
• Mining

Key Contacts

SSA Investment Promotion

Government House, Edo

Dennis Osadebey Avenue,

Benin City, Edo

Email: kelvin.uwaibi@googlemail.com, taiwo_akerele@yahoo.com, taiwoakerele@edostate.gov.ng

Telephone: +234 8055354490

Website: www.edostate.gov.ng

Ekiti State Profile

Ekiti is a state in the south-western region of Nigeria. Its name came about as a result of the large number of hills it possesses, around which much of its population resides. It is also notable for its achievement of producing the highest number of professors in Nigeria. It has a number of major rivers and is naturally endowed with mineral deposits and agricultural resources. The state is also home to some tourist sites, such as the Ikogosi Warm Springs and the Ipole-Iloro Water Falls.

Basic Information

Investment Opportunities

Opportunities for investment exist in:

• Agribusiness
• Light Manufacturing
• Healthcare
• Energy
• Mining
• Tourism

Enugu State Profile

Enugu state, South-East of Nigeria, is one of the thirty-six States constituting the Nigerian Federation. It came into being on August 27, 1991 when the administration of President Ibrahim Babangida finally acquiesced to the long agitations of Waawa people for a State they could truly call their own. Enugu State derives its name from the capital city, Enugu (top of the hill), which is regarded as the oldest urban area in the Igbo speaking area of Southeast Nigeria. The city owes its geopolitical significance to the discovery of coal in 1909 by a team of British geologists. The state shares borders with Abia State and Imo State to the south, Ebonyi State to the east, Benue State to the Northeast, Kogi State to the northwest and Anambra State to the west.

Basic Information

Investment Opportunities

Opportunities for investment exist in:

• Agribusiness
• Light Manufacturing
• Healthcare
• Tourism
• Energy
• Mining

Key Contacts

Honourable Commissioner

Ministry of Commerce and Industry

State Secretariat, Enugu

Email: suogbu.commerce@enugustate.gov.ng; suogbu@gmail.com, okaforchibuzorssa@yahoo.com

Telephone: +234 7033770130

Website: www.enugustate.gov.ng

Gombe State Profile

Gombe State came into existence on October 1, 1996 during the regime of the late General Sanni Abacha, carved out of the old Bauchi State. Gombe state shares boundaries with Yobe state to the north, Borno and Adamawa states to the east and Bauchi state to the west and Taraba State to the south. The Climate of the state is warm not exceeding 30°C during hottest months (March – May) with an annual average rainfall of 850mm.

Basic Information

Investment Opportunities

Opportunities for investment exist in:

• Agribusiness
• Light Manufacturing
• Healthcare
• Tourism
• Energy
• Mining

Key Contacts

Managing Director

Gombe State Investment& Property Development Company Ltd.

Old CBN Office,

opposite Deputy Governors Office,

PMB 111 Gombe,

Gombe State

jaloahmedganga@gmail.com  md@gombeinvestment.com.ng 

Email: jaloahmedganga@gmail.com, md@gombeinvestment.com.ng,

Telephone: +234 8064265555