Investor Presentaiton
The Country and its
institutions
Business Organisation Labour and Social
and Regulation
Security Regulations
The Nigerian Financial
Services Industry
Tax System
Foreign Exchange
Transactions
Investment in Nigeria
Accounting and
Auditing Requirements
Importation of Goods
Exportation of Goods
COVID-19 - Economic
and Fiscal Measures
1.4.30 Nigerian Investment Promotion Commission (NIPC)
The NIPC was established in 1995 by the NIPC Act (now Cap. N115,
LFN, 2004), to serve as an investment promotion agency of the Federal
Government with powers to:
•
•
co-ordinate and monitor investment promotion activities, initiate and
support measures aimed at improving the investment climate in Nigeria;
register and keep records of foreign investments;
• maintain liaison between investors and ministries, Government
departments and agencies, institutional lenders and other authorities
concerned with investments;
•
provide and disseminate up-to-date information on incentives available
to investors; and
● assist incoming and existing investors by providing support services.
Every Nigerian company with foreign participation is required to register
with the NIPC before commencing business.
The NIPC also operates a One-Stop Investment Centre with desk officers
from key government agencies that new investors have to register with, or
obtain approval from, during their start-up.
1.4.31 Standards Organisation of Nigeria (SON)
The SON was established in 1970 by the SON Act (now Cap. S9, LFN,
2004). The organisation establishes standards for, and monitors, the quality
of products manufactured in Nigeria to ensure that such products meet
international standards.
The organisation prescribes the Nigerian Industrial Standards (NIS) issued
to companies engaged in manufacturing activities in Nigeria. The NIS
stipulates the minimum compliance requirements for different types of
manufactured products. In enforcing the standards, the organisation is
empowered to seal up the premises of any defaulting manufacturer. The
SON issues NIS certificate to qualifying manufacturing companies as
evidence of compliance with the prescribed NIS.
1.4.32 National Office for Technology Acquisition and Promotion (NOTAP)
NOTAP is responsible for regulating and monitoring the transfer of foreign
technology to Nigeria. All agreements involving technology transfer into
Nigeria are required to be submitted to NOTAP for approval and registration.
Examples of such contracts are software licensing agreements, trademarks
and patents licensing agreements, technical and management services
and consultancy services agreements. Without NOTAP's certificate of
registration, the fees payable under the related agreement will not qualify
as an eligible transaction for foreign exchange remittance to the beneficiary.
1.4.33 National Pension Commission (PENCOM)
PENCOM was established by the Pension Reform Act, 2004 (which was
repealed and replaced by the Pension Reform Act, 2014) to regulate,
supervise and ensure the effective administration of pension matters in
Nigeria. The PENCOM has powers to:
. request or call for information from any employer or Pension Fund
Administrator (PFA) or Pension Fund Custodian (PFC) or any other
•
person or institution on matters relating to retirement benefits;
formulate, direct and oversee the overall policy on pension matters in
Nigeria;
• impose administrative sanctions or fines on erring employers or pension
fund administrators or custodians; and
order the transfer of management or custody of all pension funds or
assets being managed by a PFA or held by a PFC whose licence has
been revoked under the Pension Reform Act or subject to insolvency
proceedings to another PFA or PFC, as the case may be.
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Investment in Nigeria Guide - 8th Edition
KPMGView entire presentation