Nigerian Investment Promotion Commission Update Q2 2017 Summary
The Nigerian Investment Promotion Commission (NIPC) plays a vital role in promoting investments in Nigeria through various activities such as coordinating investment promotion, facilitating investments, and providing policy advocacy. This update includes details on the NIPC's principal functions, investor obligations and protections under the NIPC Act, and an overview of the activities including the upcoming Direct Investors Summit in Nigeria. The NIPC aims to attract investors by highlighting incentives and opportunities across different sectors in the country.
- Nigerian Investment Promotion
- NIPC
- Investor Obligations
- Direct Investors Summit
- Investment Opportunities
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NIGERIAN INVESTMENT PROMOTION COMMISSION UPDATE ON ACTIVITIES, Q2 2017 ADESHINA EMMANUEL DEPUTY DIRECTOR, DEPARTMENT OF POLICY ADVOCACY LAGOS/15 AUGUST 2017 Private and Confidential
Principal functions Nigerian Investment Promotion Commission (NIPC) was established by the NIPC Act 16 of 1995 to encourage, promote and co-ordinate investments in Nigeria Investment Promotion Co-ordinate all investment promotion activities in Nigeria Promote investments through effective promotional means Provide support services to investors and register enterprises in Nigeria Match-make investors with investment opportunities, projects and JV partners Investment Facilitation Initiate and support measures that enhance the investment climate Advise Government on policy matters and investment impact Policy Advocacy Provide information on investment opportunities, capital sources and incentives Project Nigeria as an attractive destination for investment Strategic Communications 1
Investor Obligation and Protections in the NIPC Act Registration Obligation Enterprises in which foreigners can participate are required to register with NIPC before commencing business Ownership Nigerians and foreigners can invest in any sector, except for those on the negative list No restriction on foreign percentage ownership Guarantees Government will not nationalise or expropriate any enterprise Right of access to courts and fair and adequate compensation if acquisition is in national interest/for public purpose No restriction on repatriation by foreigners of investment returns or sale proceeds through an authorised dealer Dispute Resolution Amicable resolution by mutual discussion or arbitration of investor/government disputes Provisions of any Bilateral Treaty with the investor s country will apply Right of recourse to international arbitration under ICSID Rules ICSID = International Centre for Settlement of Investment Disputes 2
Update on activities Direct Investors Summit, Nigeria 2017 A Summit aimed at promoting investment opportunities and match-making investors. Scheduled to hold in [October, 2017.] A compilation of all legally backed incentives, sector by sector, to guide investors operating or intending to operate in the country It is being produced in collaboration with FIRS. Incentives Compendium Administrative ban lifted on the grant of the incentive Schedule reviewed and 27 new activities/products added New guidelines released download information on www.nipc.gov.ng Pioneer Status Incentives Administration Two paged document that provides information about a business project that desires joint ventures Selected profiles to be showcased at the forthcoming DISN to interested investors for matchmaking. Business/Project Profiles National Investment Certification Programme for sale To improve the capacity of states to document, promote and facilitate investment The Pilot States were Lagos, Osun, Ondo, Oyo and Ekiti States. NIPC Team is reviewing the submissions Ogun, Oyo and Osun states for certification. A daily compilation of investment news on Nigeria circulated electronically. Subscribers are currently over 4,000 across the world. NIPC Intelligence Newsletter Meetings with relevant stakeholders to sensitize on NIPC s role and build synergy for effective delivery on its mandate. Sessions held over 3 days in Lagos with professional investment advisers, Bilateral Chambers of Commerce, OPS and Select Industrial groups. Stakeholders Forum 3
NIPC Intelligence: investor interest remains strong Selected Announced Investments, H1 2017 Number of Projects Value $m 6,000 Country Sector States Oil & gas 1Bayelsa United Kingdom China US$4.1b US$ 6b 1 3 Textiles & Garment Manufacturing (Shoes), Aviation & Hospitality Petrochemicals FMCG, Power (hydro & gas), Oil & Gas, Rail, Petrochemicals 3Kano, Abia, Anambra 4,120 3 3 United Kingdom China Denmark USA 1Bayelsa 7Ogun, Kano, Cross River, Delta, Oyo, Kwara, Lagos, Niger, Kaduna, Rivers, Abia, Enugu, Benue, Nasarawa, Plateau, Bauchi, Gombe, Borno, Bayelsa 3,600 2,691 US2.7b US3.6b 7 1 19 1 Denmark USA Belgium France Germany Singapore Agribusiness (Poultry) Turkey FMCG FMCG Renewables Ecommerce, Renewables 1Osun, Anambra, Rivers 1Delta 2Lagos, Plateau 1Kaduna, Kwara 1Ogun 400 280 155 150 100 US0.4b US0.2b 1 2 1 2 Germany Cross Rivers, Nasarawa, Ogun, Kaduna Belgium Others Various 4 116 Number of Projects Number of states Value, US$ H1 total = US$17.61 Billion in 22 projects across 21 states Source: NIPC Intelligence Newsletters 4
Thank you Adeshina Emmanuel adeshina.emmanuel@nipc.gov.ng Tel: +2348037864972 infodesk@nipc.gov.ng osicinfodesk@nipc.gov.ng NIGERIAN INVESTMENT PROMOTION COMMISSION Plot 1181 Aguiyi Ironsi Street Maitama District Abuja www.nipc.gov.ng 29072017 5
