Investor Presentaiton
The Country and its
institutions
Business Organisation Labour and Social
and Regulation
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
KPMG
1.4.22 National Petroleum Investment Management Services (NAPIMS)
NAPIMS is the arm of the Nigerian National Petroleum Corporation that
oversees the Federal Government's investments in the Joint Ventures
with international oil companies (IOCs) and interests in Production Sharing
Contracts (PSCs) and Service Contracts.
The functions of NAPIMS are to:
•
•
maximise Petroleum Profits Tax and guarantee a high rate of return
through efficient cost reduction mechanisms;
ensure that a reserve base is maintained and that reserve targets are
met;
•
ensure that production targets are also met;
•
encourage gas utilisation and commercialisation;
. promote transfer of managerial skills and technology;
diversify the country's revenue base in the hydrocarbon sector through
development of gas initiatives;
•
•
ensure zero gas flare-out;
•
negotiate and manage all third-party operating agreements; and
•
promote maximum co-operation in communities of oil and gas
producing areas and ensure that environmental protection standards are
strictly maintained.
1.4.23 Nigerian Export Promotion Council (NEPC)
The NEPC was established by the NEPC Act, Cap N108, LFN, 2004 to:
.
•
promote the development and diversification of Nigeria's export trade;
co-ordinate, monitor and promote the development of export-oriented
industries in Nigeria;
• collect and disseminate information on products available for export;
•
maintain adequate and effective representation to other countries and
provide services to trade delegations in export-related matters; and
• administer grants and other benefits related to export promotion and
development.
All companies engaged in export-related activities are required to register
with the NEPC prior to exporting goods out of Nigeria.
1.4.24 National Agency for Food and Drug Administration and Control
(NAFDAC)
NAFDAC, established by the NAFDAC Act of 1993 (now Cap N1, LFN,
2004), has wide-ranging responsibilities in the area of food, drug
administration and control.
It formulates policies and issues guidelines on product specification and
quality control for all foods, drugs, cosmetics, medical devices, bottled
water, raw materials used in production processes, manufactured in,
exported out of, or imported into, Nigeria.
The NAFDAC also carries out inspections and tests on these products
to ensure compliance with its stipulated standards and guidelines, and
the raw materials and the production processes in factories and other
establishments.
All foods, drugs, cosmetics, etc., produced, distributed or to be imported
into Nigeria must be registered with the NAFDAC, which in turn issues out
licences to evidence such registration. The NAFDAC also issues quality
certification of foods, drugs, cosmetics, etc. intended for export.
1.4.25 Nigeria Customs Service Board (NCSB)
The NCSB, originally named the Board of Customs and Excise, was
established by the Nigerian Customs Service Board Act, No. 45 of 1992
(now Cap N100, LFN, 2004). The NCSB is controlled by the Federal
Ministry of Finance and is responsible for the:
•
administration of the Customs and Excise Management Act, Cap C45,
LFN, 2004. In practice, this is carried out through the Nigeria Customs
Service (NCS);
•
formulation of general policy guidelines for the NCS; and
. collection of the customs and excise revenue in Nigeria;
•
control and management of the administration of all areas designated as
customs ports, airports, borders and customs stations; and
inspection of all exports and imports passing through the above areas
and, in the case of imports, assess and collect import duty payable
thereon.
Investment in Nigeria Guide - 8th Edition 16View entire presentation