President of Globe Chambers of Commerce, Hon. Nwabueze Buchi Goerge alongside other Africa’s top and influential business executives and strategists will speak at a webinar that will review the role Africa must play to produce the next leader of the World Trade Organization WTO.

The webinar which is put together by Phumza Dyani, founder, Pan African Network for Investment and Development (PANfID), will majorly focus on the implications of an African woman DG of the World Trade Organisation.

According to a LinkedIn post by Phumza Dyani, “This one is a great one for the Continent! We need to rally behind the nominees and make sure the appointment comes to Africa. Join us as we discuss the implications of an African woman DG of the World Trade Organisation”

With three out of the eight candidates for the race dropping for not being able to meet up with the initially required votes for the first round, Africa is left with two candidates who are females.

Nigeria’s Dr. Ngozi Okonjo-Iweala, a globally known trade diplomat and finance expert is on the race alongside Kenyan Amina Chawahir Mohamed Jibril, a lawyer, diplomat and politician, alongside Liam Fox (UK), Yoo Myung-hee ( South Korea), and Mohammad Maziad Al-Tuwaijri ( Saudi Arabia).

Two out of the remaining five candidates are African, and the webinar will look at what the continent must do to win the WTO seat as well as the implications of having an African as the head of the world trade body.

With the topic “The Most Important Turning Point – WTO”, Ida Nganga, Toyin Umesiri, Louis Yaw Afful, Anita Erskine, Patricia Ithau and Nwabueze Buchi George are the speakers selected for the webinar billed for Saturday September 26, 2020 from 14:00 – 15:00 hrs.

LEGAL PROTECTION OF FOREIGN INVESTMENT IN NIGERIA (Nigeria is a safe haven for foreign investment)

LEGAL PROTECTION OF FOREIGN INVESTMENT IN NIGERIA.

Nigerian Laws provide one of the best legal protection for foreign investors in the world.

Nigeria, with a population of 180 million people is a country with the highest GDP in Africa with vast and strong investment potentials in several sectors of the Economy.

It is also projected that the country will be attaining GDP of 690 Billion dollars by 2020 according to trading economics in December 2018.

This implies that Nigeria has the largest Consumer market in Africa and greatest returns on investment which offers one of the most attractive incentives and also the good legal environment to foreign investors in Africa. 

The 1999 Nigeria constitution gives equal rights and treatment to foreigners and nationals alike. The foreign investor has a right to life, a right to respect for the dignity of his person, he or she has right to personal liberty, right to fair hearing, right to private and family life, right to freedom of thought, right to freedom of conscience and religion, right to freedom and expression and the press, right to freedom of movement and the right to acquire and own moveable and immovable property in Nigeria.

The following are the legal framework and laws protecting foreign investment:

The principal law on foreign investment, Cap N117, LFN 2004 section 22 Nigeria Investment Promotion Act allows foreigners to invest and participate in operations of any Nigeria enterprise 100 percent without any restriction.

We can divide the legal protection into three categories:

Nigerian Constitution

Nigerian Domestic laws on foreign investment

Treaties with countries and international bodies.

Legal Protection under Nigerian Constitution

Nigerian constitution guarantees that the foreign investor enjoys fair and equitable treatment and he or she enjoys the same rights granted by the law to Nigerians under similar conditions and also the 1999 Nigeria constitution gives equal rights and treatment to foreigners and nationals alike. The foreign investor has a right to life, a right to respect for the dignity of his person, he or she has right to personal liberty, right to fair hearing, right to private and family life, right to freedom of thought, right to freedom of conscience and religion, right to freedom and expression and the press, right to freedom of movement and the right to acquire and own moveable and immovable property in Nigeria.

Legal protection under domestic laws on foreign investment

Companies and Allies Matters Act Chapter (20) LFN 2004(CAMA): This is the law and principal statutes that protect and govern pre-incorporation, registration, management and winding up of all companies operating in Nigeria. Section 54(1) of the Act provides that every foreign company intending to carry on business in Nigeria must register with Corporate Affairs Commission. It also covers Corporate governance in respect of the management of the company.

Nigeria Investment Promotion Commission Act Chapter (N117) LFN 2004 NIPC Act: it is the principal law on foreign investment and it's laid out rules and protection of foreign investment in Nigeria. The acts established the regulatory body and provided for various investment incentives and include applicable laws to both direct foreign investment and foreign portfolio investment and it is the most liberal and accessible law to Nigeria economy through direct foreign investment.

Immigration Act 2015: this is the law in respect of immigrants or foreign investment rights operating or working in Nigeria. This law provides that foreigners planning to take up work or employment in Nigeria are required to have a Resident Permit, Work Permit and other immigration matters issued by Comptroller General of Immigrations.

Foreign Exchange Monitoring and Miscellaneous Provision Act chapterF34 LFN2004 (FEMM ACT) A foreign investor can bring in capital into the country to finance investment through capital importation and can repatriate back to home country 100 percent he or she earnings or profit without hindrance This act sets out the rules and regulations which govern the operation of the foreign exchange market and provides a framework for remittance of interest, dividends and principal payment in foreign currencies by foreign investors.

Investment and Securities Act No 29 of 2007 (ISA): The law covers all issues in respect of Securities and Exchange Commission also investments in Capital Market generally including acquisitions, mergers, take-overs and collective investment schemes with robust legal protection for foreign investment.

The Industrial Development Act LFN 2004: It is a Tax relief Act for investors on the basis of Pioneer Status for the first period of 3-5 years Tax relief or exemption for Tax to encourage the investors.

Intellectual Property there are adequate laws for the protection of intellectual property rights, trade secret, data protection, technology, creativity and copyright in Nigeria.

Central Bank of Nigeria Act No 7 of 2007 (CBN ACT): With several reforms introduced by Nigerian Central Bank, it has become very easy for the importation of capital through the new Electronic Capital Importation Certificate and other Cyber Security measures innovated for maximum security protection of foreign investor capital investment in the Nigerian economy. It is the apex regulatory body for banks and financial institutions, also management of monetary, foreign exchange and foreign currency reserve of Nigeria.

Legal Protection Under Treaties

Nigeria is a signatory and party to many multilateral treaties, conventions, trade agreements dealing with disputes between foreign investors and host countries. The 1999 constitution adopted the United Nations Commission on International trade laws. The Arbitration and Conciliation Act. Nigeria laws recognize all treaties, conventions, trade agreements, and respect all signed and adopted international trade rules in respect of foreign investment rights protection.

Therefore, in view of the above, Nigeria is a safe haven for foreign investment. The country's domestic laws guarantee good protection to foreign investment. Nigeria being a signatory to most International Conventions on Foreign Investment present so many business investment opportunities to foreign investors in the largest consumer market in Africa.

considering the liberal legal environment and sound legal framework in Nigeria, also taking note of good investment environment with adequate protection of investment by all the laws above; the opportunities to invest in Nigeria are limitless and legal protection guaranteed!

Train Nigeria - Learn Nigeria, A Training, Development and Empowerment exchange program  that focused on Train for Trade, Employment, Entrepreneurship and Man power Development to encourage indigenous contents and professionals by Training. 

Educating, Developing and Empowering Indigenous Start-ups and professionals on advanced technologies and Engineering in world class institutions.

The desire to be efficient and to be effective in meeting the needs of the apprentice, Trade Nigeria in partnership with Globe Chamber of Commerce and Industry has lay down plan with Nissan and Toyota to train and develop experts who will meet the demands of industries.

The training will necessitate review of the project on a continuous basis to ensure that current needs of industry and apprentice are being satisfied. Through a process of accreditation, regular input from the industry advisory committees, as well as input from company's involved in the  delivery of the training. We are confident that participant in this project who will pursue an apprentice occupation as a career choice will receive high quality training and thus will be prepared to compete for jobs worldwide.

NIGERIA - CZECH BILATERAL TRADE MISSION

The Trade Mission brings together the public and private sector from around the world, with the aim of strengthening the private sector in Africa, promoting sustainable development, stimulating local production as well as the access to international markets, expanding partnership and business.

Asia Technology meets Nigeria Textile and Leather Industries

Asia Technology meets Nigeria Textile and Leather Industries. The project seek to further deepen and broaden Investment base within the state and as well upgrade, stimulate growth and create productive employment in the state.

Provide enabling business environment to Local Traders, Investors and Manufacturers within the state through the bilateral trade mission and Business Delegation to Vietnam 2020/2021. 

Foreign direct investment (FDI) in Nigeria

Nigeria is the third host economy for FDI in Africa, behind Egypt and Ethiopia. The country is among the most promising poles of growth in Africa and attracts numerous investors in the sector of hydrocarbon, energy, buildings etc. The country undergoes the effects of the oil counter-shock. According to the UNCTAD 2020 World Investment Report, FDI flows to Nigeria totaled to USD 3,3 billion in 2019, showing a 48,5% decrease compared to the previous year (USD 6,4 billion in 2018) under the effects of austerity measures. The total stock of FDI was estimated at USD 98,6 billion in 2019. Some of the main investing countries in Nigeria include the USA, China, United Kingdom, the Netherlands and France.

Nigeria intends to diversify its economy away from oil by building a competitive manufacturing sector, which should facilitate integration into global value chains and boost productivity. The recent merging of trade, industry and investment under the ambit of the Federal Ministry of Industry, Trade and Investment reflects Nigeria's intention to effectively coordinate between these three key areas to improve its trading and investment environment. Some of the country's main advantages are a partially privatized economy, an advantageous taxation system, significant natural resources and a low cost of labor.

The country has improved in many subcategories: Starting a business, Dealing with construction permits, Getting electricity, Registering property, Trading across borders, and Enforcing contracts. Nigeria appears as one of the top-10 improvers for the second time. (Doing Business). Nigeria has been attracting strong inflows from foreign countries.

China has also been investing considerably in the country, mainly in the textile, automotive and aerospace industries.

Football and Business Fora: How Globe Chamber of Commerce and Industry will connect businesses to Nigeria

The prudent of Globe Chamber of Commerce and Industry, Hon. Nwabueze Buchi George has revealed that their post-covid-19 era plans to bring business to Nigeria will take both conventional and unconventional approaches.

With most countries suffering economic setbacks, Hon. Buchi George said, the world is in a situation where even the helpers are looking for help, adding that one thing that will be a game changer at the moment will be unconventional meaSures.

Having lined up global joint partnership programmes with India, China, some other European and Asian counties and a pan-African network for trade and development, Hon. Buchi George said his organization is doing more.

“It is important that we do more because making Nigeria a good business destination is something that will favour all of us as individuals and as a Nation” 

“We know how tough things are everywhere in the world at the moment and we are hoping to take drastic measures that will yield instant results for both the investors and Nigeria”

Speaking further, he said that Globe Chamber of Commerce and Industry is planning a friendly football match between Nigeria and Australia as part of the proceedings for Nigeria Australia Economic Forum, adding further that the football match will be chaired by Nigeria’s foremost business mogul, Engr. Author Eze.

“We now live in an unconventional time and nothing is normal again. Every strategy that works is good because Covid-19 has put the world behind schedule”

“We have to do everything good for Nigeria and we also have to make sure they are beneficial to our partners. Globe Chamber of Commerce and Industry is committed to a lot of things and as it stands now globally, all hands must be on deck to move the world away from the shackles of covid19”