Introduction
“Trade & Investments in Nigeria: Legal & Regulatory Aspects provides an insight into many legal and regulatory issues in business, such as legislative requirements for doing business in Nigeria, tax management and efficiency, immigration, labour relations, banking and financial services, corporate governance, oil and gas, maritime and incentives for doing business in Nigeria. The reader is provided with an insight into the regulatory issues which a prospective investor must take into cognisance before embarking upon a commercial venture. I sincerely recommend this book to captains of industry, business executives, intending foreign and local investors, members of the Bar and Bench, all persons in the corporate world and indeed, the general public. It is a “must read”. Olusegun Olutoyin Aganga Minister of Industry, Trade and Investment
Preface
This is an era of emphasis on production and export of non-oil and gas products that will lead to wealth and job creation, poverty reduction and enhanced service delivery. This is expected to stimulate the growth of the domestic economy for self-reliance and export, and lead to a better integration of the Nigerian economy into the global market. It is therefore necessary to continually bring to light the legal aspects of doing trade and investing in the Nigerian market. This book, Trade & Investments in Nigeria: Legal & Regulatory Aspects, contains procedures and directions on investments in various industries in Nigeria. Some chapters contain discussions of the laws and regulatory bodies guiding various sectors. It is organised in parts headed according to the subject treated in each part.
There are 12 (twelve parts – A- L) and from the 22 (twenty two) chapters of the first edition, the book is now made up of 25 (twenty five) chapters.
Additional chapters include: Enforcement of Contracts; Applicability of the International Financial Reporting Standards (IFRS); Oil and Gas Business in Nigeria; Power and Solid Minerals; Maritime Industry; Cabotage Act: Compliance Issues; Work Visas, Permits and Tax Registration; Law and Procedure in Real Property Transactions; Capital Market and Securities in Nigeria; Legal Framework for the Establishment of Schools in Nigeria; Legal Education and the Legal Profession; Establishment of Banks and Other Financial Institutions in Nigeria; Manufacturing in Nigeria: Challenges and Prospects for National Development; Health Care in Nigeria; Legal and Policy Developments; Commerce in Developing Countries: A Nigerian Perspective. These topics have been carefully chosen from a long list of contributions by members of the firm.
Their choice is informed by the fact that they are considered as having high likelihood of being of practical value to users of the book. If this occurs, then the objective for collating and publishing these contributions would have been achieved. The contributors are the authors of their respective chapters and are responsible for any imperfection. Dr Fabian Ajogwu, SANKenna Partners, Lagos,May 12, 2015
Foreword
I am pleased to be invited to write a foreword to this insightful piece written by the law firm of Kenna Partners. Having been at helm of the Ministry of Industry, Trade and Investment (MITI) for the past four years, I understand the challenges of many foreign and local investors who have either invested in Nigeria or are intending to invest in Nigeria. Over the years, Nigeria has put in place several incentives for local and foreign investors. We realize that there is a need to always clarify the legal requirements to enjoy these incentives, so as to further encourage investments. Nigeria is among the top ten fastest growing economies in the world and the underpinning objective that runs through the pages of this work, I believe, is the consolidation of Nigeria’s position as a nation and indeed surpassing our previous achievements.
This is more so in view of the fact that the world has become a global community. One of the challenges of this obvious reality is that there is a paradigm shift from the traditional approach to commerce as we used to know. Global commerce, as amplified by information technology leaves no one in doubt of the need for a rich guide-book of this nature in Nigeria. The need to position Africa as a business-friendly continent so as to maximize the benefits of Foreign Direct Investments (FDI) is a collective responsibility.
This book, Trade & Investments In Nigeria: Legal & Regulatory Aspects, provides an insight into many legal and regulatory issues in business such as legislative requirements for doing business in Nigeria, tax management and efficiency, immigration, labour relations, banking and financial services, corporate governance, oil and gas, maritime and incentives for doing business in Nigeria. The reader is provided with an insight into the regulatory issues which a prospective investor must take into cognizance before embarking upon a commercial venture. This work which covers many areas of the technical aspect of business law has been written in a logical manner, using simple language, thus making it easily understandable even for non-legal minds.
It has outlined solutions to the many challenges associated with legal and regulatory frameworks in the field of commerce and investing in the Nigerian economy. It is in the light of the above that the importance of this piece written by Kenna Partners cannot be overstated. Kenna Partners, as one of the long standing and top-ranking commercial law firms in Nigeria, has brought its wide experience to bear on this book. The Book speaks eloquently of the sheer breadth of the informed understanding of Nigeria’s business terrain by the authors. It is filled with proactive and reliable legal reference materials in the field of commerce. I salute the industry and ingenuity of Kenna Partners in giving us this master piece.
I sincerely recommend this book to captains of industry, business executives, intending foreign and local investors, members of the Bar and Bench, all persons in the corporate world and indeed, the general public. It is a “must read”. Olusegun Olutoyin AgangaMinister of Industry, Trade and Investment,Federal Republic of NigeriaMay, 2015
