The Legal Provisions Relating to Foreign Investments in Nigeria Within the Contexts of NEPAD and AGOA

ABSTRACT

The events within and from abroad influence any country’s economic score sheet. The reality of globalization has come to mean that the former speaks louder now than in the past when domestic measures dictated matters. The passion being expressed by the Nigerian government for foreign investments needs to be examined in the context of the two tendencies broadly shown by a nationalistic approach in which nationalization, indigenization and control are key factors and by liberalization in which deregulation and privatization are notable. Nigeria indeed practised the first hoping to achieve growth, development and self-sufficiency that way before courting, gently at first, the second.

This study begins where the former stopped. It examines the high points of the national approach, which relied so much on domestic measures and legislation, in this case, exchange control and indigenization laws. It then considers the crisis stage when Nigeria was torn between the two: this is shown, for instance, in her not totally repealing the indigenization laws but conceding some participation without voting (control) rights to foreign investors and admitting some liberality into foreign exchange holding and administration until, finally, in 1995 when by the Nigerian Investment Promotion Commission Act, Act No. 16 of 1995 and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Act No. 17 of 1995 the existing structures were dismantled to allow unrestrained foreign investments in Nigeria.

The place of external influences is examined in relation to certain trends, some legal, others not, which affect foreign investments. This work accepts the reality of such influences, even to the extent of testing the host countries’ economic sovereignty. Questions of regional integration and cooperation in Africa are considered in terms of their potential to affect domestic measures, and it is in this sense that NEPAD is considered and related to them. AGOA, as a lifeline, is also considered to offer the potential to enhance investments, particularly in the agricultural and agri-business sectors. Those being the case, laws in these sectors are examined to test their harmony with AGOA. All of these offered an opportunity to see what appear to be those areas in Nigerian law where changes are necessary in order to produce good results.

References

Adelusi–Adeluyi, J. ‘The New Partnership for Africa’s Development’. Paper presented at the International Bar Association Regional Conference, Lagos, 7 April 2004

Adewopo, A ‘Deregulation of the Nigerian Telecommunication Industry’ 1999, MPJFIL, Vol. 3, No. 1, p. 119

Akanle, O ‘Regulation of Trade and Investments in Nigerian’ in Ajomo, M. A. et al. (ed) Regulation of Trade and Investments in an Era of Structural Adjustment: The African Experience, 1995, NIALS, Lagos, p. 42

The Legal Provisions Relating to Foreign Investments in Nigeria Within the Contexts of NEPAD and AGOA

The Framework of Economic...

The Framework of Economic and Human Rights Under the...

The Defence of Mistake...

ABSTRACT The importance of Criminal Law as a vehicle for...

Corporate Capacity and the...

ABSTRACT Any act of a company outside the Memorandum and...

Appraisal of the Impediments...

CHAPTER ONE APPRAISAL OF THE IMPEDIMENTS TO INHERITANCE UNDER ISLAMIC...

Strategic Management in the...

ABSTRACT The article defines the constructive role of strategic management...

The Defence of Provocation...

Abstract The aim of the thesis is to make a...

The Framework of Economic and Human Rights Under the ECOWAS Treaty

The Framework of Economic and Human Rights Under the ECOWAS Treaty: A Case Study of Implementation in Nigeria ABSTRACT The 1975 ECOWAS Treaty made by the...

The Defence of Mistake in Nigerian Law

ABSTRACT The importance of Criminal Law as a vehicle for the advancement of humanity cannot be overemphasized. "This is the law on which men place their...

Corporate Capacity and the Ultra Vires Rule Under Nigerian Law

ABSTRACT Any act of a company outside the Memorandum and Articles of Association of the company or the statute(s) creating the company is Ultra Vires....

Appraisal of the Impediments to Inheritance Under Islamic Law

CHAPTER ONE APPRAISAL OF THE IMPEDIMENTS TO INHERITANCE UNDER ISLAMIC LAW 1.1 GENERAL BACKGROUND Some obstacles and impediments prevent an inheritor from benefiting from the assets left...

Strategic Management in the Formation of the Company Personnel

ABSTRACT The article defines the constructive role of strategic management in forming and developing company personnel. The original model of work with company staff is...

The Defence of Provocation in Nigeria and Sudan – A Comparative Study

Abstract The aim of the thesis is to make a comparative study of the defence of provocation in Nigeria and Sudan. Provocation as a defence...

Appellate Jurisdiction of Nigerian Courts in Civil Matters

Abstract The majority of appellants and some appellate courts are ignorant or oblivious to the proper rules of appeal, resulting in a lot of injustices...

Assessment of Petroleum Profit Tax Under the Nigerian Tax Laws

CHAPTER ONE 1.0 GENERAL INTRODUCTION 1.1 Introduction Petroleum Profit Tax Act provides that: Assessment of tax shall be made in such form and in such manner as the...

A Study of Customary Land Law and Tenure Practices of Six Communities of the Lower Benue River Valley of Nigeria

ABSTRACT This study is aimed at studying the customary land laws and tenurial practices of the communities of the Nigerian Lower Benue River valley. These...