Investor Presentaiton

The Country and its institutions Business Organisation and Regulation Labour and Social Security Regulations The Nigerian Financial Tax System Services Industry Foreign Exchange Transactions Investment in Nigeria Accounting and Importation of Goods Exportation of Goods Auditing Requirements COVID-19 Economic and Fiscal Measures 1.1 Area and Population 1.2 International Affiliations Nigeria became independent in 1960, having been under British colonial rule since 1861. The country is situated on the West Coast of Africa, some 649 km north of the Equator, and has a total land area of approximately 923,768 sq. km'. It is bordered to the north by Niger, to the east by Chad and Cameroon, to the south by the Gulf of Guinea and to the west by the Republic of Benin. The last census conducted in March 2006 estimated the country's population to be One Hundred and Forty Million, Three Thousand, Five Hundred and Forty-Two (140,003,542)². The population of Nigeria has been growing at about 2.53% per annum and is projected to reach two hundred and nineteen million, four hundred and sixty-three thousand, eight hundred and sixty-two (219,463,862) by July 20213. Nigeria is affiliated to the following international organisations: 1.2.1 1.2.2 African Union Nigeria is one of the founding members of the African Union (AU), formerly Organisation of African Unity, which was established in May 1963. Nigeria supports the AU and has been an active member in this primary African political group. The creation of the AU brings the dream of a common African currency, foreign policy, defence structure and economic programme closer to reality. While some of the official bodies of AU (such as Pan-African Parliament, African Central Bank, Regional Economic Communities, and African Court of Justice) are not yet fully operational, AU has successfully launched the Africa Continental Free Trade Agreement to break down the barriers to intra-Africa trade. Nigeria became a signatory to the Agreement on 7 July 2019 after it came into force on 30 May 2019. Economic Community of West African States (ECOWAS) Nigeria is one of the founding members of ECOWAS, an economic group of 15 West African States established in May 1975 to facilitate trade between the States in the region and to promote regional joint development efforts. ECOWAS is one of the eight Regional Economic Communities of the AU. In January 1990, ECOWAS commenced a Trade Liberalisation Scheme (TLS) aimed at the total elimination of customs duties and taxes of equivalent effect, removal of non-tariff barriers and the establishment of a common Customs External Tariff (CET) to protect goods produced in Member States. Nigeria and other ECOWAS Member States adopted the CET in 2015. Aside from the TLS, six ECOWAS Member States (The Gambia, Ghana, Guinea, Nigeria, Liberia and Sierra Leone) intend to adopt a common currency called the ECO, which was scheduled to be launched in 2020. However, the introduction of the ECO has been extended by three to five years due to the impact of the COVID-19 pandemic on the Member States' economies 4. 1 https://www.cia.gov/library/publications/the-world-factbook/geos/ni.html 2 http://www.nigerianstat.gov.ng/ 3 https://www.cia.gov/the-world-factbook/countries/nigeria/#:~:text=Demographic%20profile, world's%20fourth%20most%20populous%20 country KPMG 4 In September 2020, it was announced at the 57th ordinary session of the Conference of Heads of State and Government of ECOWAS that the ECO is scheduled for implementation "within three to five years." The implementation of the ECO has been delayed due to the impact of the coronavirus pandemic on member countries. (https://www.cnbc.com/2020/09/29/west-africas-new-currency-could-now-be-delayed-by- five-years.html) Investment in Nigeria Guide - 8th Edition 8

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