A look into Nigeria Economy

Nigeria economy is one in the West African sub-region that have consistently attracted the interest of local and foreign impact investors. Analysis of the distributions of impact investments in the country between 2005 and 2019 showed that, based on the nature of the business landscape, the country appeared to be a location for impact investors.

 As Africa’s largest economy-measured in terms of the GDP, there are so many advantages and privileges that Nigeria enjoys. Nigeria is the most populous country in the entire black world, the biggest market, and very rich in natural endowments.  Little wonder why the nation prides itself as the giant of Africa.

Nigeria - Japan 2020/2021

Various Nigeria companies and investors began to enjoy benefits from Nigeria – Asia Joint Trade Mission which entered in force 2019, and we are seeing a considerable increase of bilateral trade exchange.  

But yet many Investors, particularly small and medium-scaled enterprises (SMEs) perceive access to Asia market difficult because of unfamiliar trade and business practices.

Trade Nigeria presents Japan – Nigeria Economic Forum the latest market platform available in 2020. Investments Now widely available to companies and investors.

Why We’re putting up Korea – Africa World Economic and Investment Summit – Buchi George

In another move to reposition Africa’s economy in the Covid-19 pandemic era as well as the post-Covid19 era, Globe Chambers of Commerce and Industry is putting up the Korea – Africa World Economic And Investment Summit for 2021.

With the Nigerian version of the event failing to hold early 2020 due to Covid-19 restrictions, the organization is stepping it up in a bid that other African countries will benefit from its dividends.

Korea – Africa World Economic And Investment Summit will be a networking point for Korean and African investors as Globe Chambers of Commerce and Industry is proposing that the best way out of the global economic crisis is multiple and strategic collaborations.

Hon. Nwabueze Buchi George, the president of Globe Chambers of Commerce and Industry, in an announcement about the event, said strategic partnership is key to global development at the moment.

“Covid-19 has shown us few things. We have learnt a few lessons that the most important thing is humanity and every sustainable plan that will make us live well in a good environment. I feel we’ve also come to understand during the lockdown that we’re all patches of islands, but together, we are the world”

“No nation has everything, so we all need to get other things in a way that will be mutually beneficial to all of us”, he said.

He revealed that in Asia as well as the global economy, Korea has always been a key player whom Africa can learn a lot from in terms of industrialization, human capital development and strategic planning.

Hon. Buchi George said that Globe Chambers of Commerce and Industry has strategically looked into what Africa and Korea can mutually offer each other and there is a whole lot in various sectors.

“There is a reason we expanded this programme to Africa. We understand that the economy of one’s neighbours can affect his own, so we believe that if we look beyond Nigeria to develop the entire African content, we will be getting it right”

“Economically, Africa needs to be great again and while the Covid-19 pandemic is still on, we need to put down viable recovery plans that can be kicking off any time. 2021 is a good time for us and we believe by then, everywhere will open up for us and other organizations working hard to make the world a better place” Hon. Nwabueze Buchi George said.

Globe Chambers of Commerce and Industry Set 2021 Date For Japan – Africa Economic Forum

As part of economic recovery plans for the continent, Globe Chambers of Commerce and Industry has scheduled Japan – Africa Economic Forum to hold from April 25 to 30, 2021.

The event according to the organization will Fastrack a large volume of bilateral trade between African countries and Japan, one way they are working towards seeing Africa bounce back to greatness after the devastating effects of covid-19 pandemic on global trade especially.

With the event fixed for April 2021, the president of Globe Chambers of Commerce and Industry, Hon. Nwabueze Buchi George, believes that the proposed date will be a great time to have the event, adding that he believes that by then there would have been a medical breakthrough that will ensure participants are not put n any form of danger.

“We need to open the world up with ideas”, Hon. Buchi George said, while speaking from Abuja Nigeria. He further stated that one of those ideas is to find ways nations and continents can partner to achieve a greater common good.

“Japan is a great nation and can offer us a lot, while we can do same for them. We’re working on a union that will encourage trade, investments and economic development in both ways and working with appropriate authorities in several African countries is one thing we are doing at the moment and we’ll be announcing a lot of participating nations before the time of the event”

Japan – Africa Economic Forum is one of the programs lined up by Globe Chambers of Commerce and Industry as the organization look to also connecting with other nations of the western world where they believe Africa can network for economic development.

Korea – Africa World Economic and Investment Summit 2021 Seoul, Korea 2021

Korea – Africa World Economic and Investment Summit 2021 Seoul, Korea 2021 will present range of investment opportunities as an innovative investment marketplace for attracting Investors.

The summit Provide a good introduction for companies seriously considering investment in Africa.

“It is impressive to realize how much Korea, through its private sector, has been contributing to the transformation of Africa. The Korea – Africa World Economic and Investment Summit provides a good opportunity for companies to promote their work and meet with the right people and further their involvement”.

The Korea – Africa World Economic and Investment Summit a pointer event of Globe Chamber of Commerce and Industry, is dedicated to advancing projects throughout Africa and accelerating the financial closure of deals.

This unique platform offers the following groundbreaking pillars to fast-track African investment: it matches investors and public infrastructure projects; 

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!