Nigerian Investment Promotion Commission Act, 1995
In forceNigerian Investment Promotion Commission Act, 1995 (No. 16 of 1995)
Effective 1995-01-16 · Applies to both
The Nigerian Investment Promotion Commission Act, 1995 establishes the Nigerian Investment Promotion Commission to encourage, promote, and coordinate investment in the Nigerian economy, without naming information technology or data infrastructure as a distinct priority sector. Section 22 empowers the Commission, for the purpose of promoting identified strategic or major investment, to negotiate specific incentive packages in consultation with appropriate Government agencies.
Section 23 lets the Commission issue guidelines and procedures specifying priority areas of investment and the incentives and benefits applicable to them, in conformity with Government policy. Section 24 guarantees an investor's unconditional transfer, through an authorised dealer in freely convertible currency, of dividends or profits net of taxes, loan-servicing payments on a foreign loan, and the net proceeds of a sale or liquidation of the enterprise.
Section 25 guarantees that no enterprise to which the Act applies shall be nationalised or expropriated by any Government of the Federation, and that no person shall be compelled by law to surrender an interest in an enterprise's capital, subject to exceptions the Act separately provides.
Source: Full text of law