THE NIGERIA INVESTMENT PROMOTION DECREE
The Nigeria Enterprises promotion Decree 1989 has been repealed since the 1st of January 1995 and replace with the Nigeria Investment Promotion Commission Decree No.16 of 1995. Excerpts of the new decree as contained in the Federal Republic of Nigeria Official Gazette No. 14, Vol. 82published in Lagos on 21stJuly, 1995 as follows;
FUNCTIONS AND POWER OF THE INVESTMENT PROMOTION COMMISSION
Functions of the Commission
The Commission shall encourage, promote and coordinate investment in Nigerian economy and accordingly, shall,
a) Be the agency of the Federal Government to co-ordinate and monitor all investment promotion activities to which this decree applies;
b) Initiate and support measures which shall enhance the investment climate in Nigeria for both Nigeria and non-Nigerian investors;
c) Promote investments in and outside Nigeria through effective promotional means.
d) Collect, collate, analyses and disseminate information about investment opportunities and source of investment capital and advise on request the availability, choice or suitability of partners in joint venture projects;
e) Register and keep records of all enterprises to which this Decree applies;
f) Identify specific projects and invite interested investors for participation in those projects;
g) Initiate, organize and participate in promotional activities, such as, exhibitions, conferences and seminars for stimulation of investment;
h) Maintain liaison between investors and Ministries, Government departments and agencies, institutional lenders and other authorities concerned with investments;
i) Provide and disseminate up-to-date information on incentives available to investors:
j) Assist incoming and existing investors by providing support services:
k) Evaluate the impact of the Commission in investment in Nigeria and recommend appropriate recommendation: and
l) Advise the Federal Government on policy matter, including fiscal measures designed to promote the industrialization of Nigeria on the general development of the economy.
m) Perform such other functions as are supplementary or incidental to the attainment of the objectives of this Decree.
Power of the Commission
The Commission shall have power to:
a) Do all things which by this Decree or any other enactment are required or permitted to be done by the Commission; and
b) Do such other things as are necessary or expedient for the performance of its function under this Decree.
Provision Relating to Investment
Enterprises Eligible for Participation
*Except as provided in section 18 of this Decree and subject to this Decree a non-Nigeria may invest and participate in the operation of any enterprise in Nigeria.