Afrika Magazin

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tolerance on corruption, Public Private Partnership
(PPP) initiatives, Government is committed
to creating enabling Business Environment.
Recent developments indicate that the macroeconomic
framework of Nigeria is improving
as a result of past successful reforms and government
is responding positively to improving
external business environment.
4. Within the framework of doing business
in Nigeria, government is committed to
expanding the scope of trade and investment
relations. In this regard, a number of Austrian
companies are active in Nigeria, while a few
others have participated in trade mission to Nigeria
on yearly basis. Government is also seeking
cooperation and collaboration with other
states in Europe. Nigeria continues to enter into
bilateral Investment Promotion and Protection
Agreement (IPPA) with countries that desire to
do business with her. So far Nigeria has signed
the IPPA with the following countries namely,
Austria, France, United Kingdom, Kingdom of
Netherlands, North Korea, Republic of Korea,
Romania, Spain, Turkey, Germany, Bulgaria,
Egypt, Italy, Switzerland, China, Algeria, Niger,
Uganda, Serbia, Jamaica, Finland, the Russian
Federation and State of Kuwait.
5. Government policy thrust on Investment
is in the areas of promotion and attraction
of value-added industrialization; Target
and attract FDI into key priority sectors- Power,
Infrastructure, Agriculture, Solid Minerals, &
Non-extractive Oil & Gas activities; Commitment
to Privatisation, Commercialisation and
Liberalisation Programme as well as Promotion
of export oriented activities . Nigeria’s business
climate is not without some challenges, these
challenges notwithstanding, opportunities for
economic cooperation exist in all sectors of the
economy, especially in Infrastructure Power
– Generation, Transmission & Distribution,
Transportation – Rail, Air, Road, Agriculture
& Agro Allied Services, Telecommunication,
Postal Services, Health Care Service, Banking &
Financial services, Tourism/Hospitality, Education,
Waste Management & Treatment, Mineral
Mining, Manufacturing, Pharmaceuticals, Textiles
& Garments, Automobiles, Iron & Steel,
Oil & Gas (up-and down-stream operations)
6. As part of an additional effort at fostering
confidence in the Nigerian economy and as
a conscious attempt at creating a legally predictable
investment climate, all business enterprises
must be registered with the Corporate Affairs
Commission and 24 hrs delivery is assured;
Investments with foreign equity must obtain a
business permit from Nigerian Investment Promotion
Commission to operate and 24 hrs delivery
is also assured. All capitals imported for
investment purposes must be declared to obtain
Certificate of Capital Importation for repatriation
purposes; Companies in manufacturing
activities must obtain SONCAP certification for
its products from the Standards Organization
of Nigeria (SON). Prevailing Corporate Income
Tax is 30% per annum; Engagement of foreign
professionals requires expatriate quota slots
from relevant authorities, facilitated at the One
Stop Investment Centre (OSIC).
7. Nigeria, Africa’s largest Economy with
over $432 billion GDP has great potentials for
meaningful private sector driven business and
investment relations. The positive political
environments in Nigeria as well as the reforms
in the banking and financial sectors provide
opportunity for the promotion of the country
as the most viable investment destination of
choice in Africa for any country’s private sector.
Finally, a new democratically elected Government
under the leadership of President Muhammadu
Buhari, a man that has the pedigree
of the fight against corruption has made three
priorities of his administration, to fight insecurity;
to fight corruption; to diversify the Economy
and create jobs for the youths.
AFRIKA MAGAZIN ISSUE 01.2015