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. This was also highlighted on forbesafrica.com magazine published on April 9 2018, with an headline Focus on Nigeria: Making Nigeria written by Penresa that the revival of Nigeria economy has gained momentum under the guidance of the new government with good prospects.
Nigerian Laws provide one of the best legal protection for foreign investors in the world and the following are the legal framework and laws protecting foreign investment:
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 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:
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
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.
In conclusion 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!
Our firm is a leader in law on foreign direct investment into Nigeria economy, we provide world-class services as the best foreign investment lawyers in Nigeria to consult. We are prepared to assist international & local investors in all aspect of commercial law services relating to compliance and regulations in Nigeria.
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