The effort of the administration of president Goodluck Jonathan GCFR to attract foreign investment was recently given a boost when Nigerian Investment Promotion Commission signed a Memorandum of Understanding with PPS Peak Professional Services for the joint publication of Nigerian Business Guide.
Nigerian Investment Promotion Commission is a Statutory Agency of the Federal Government of Nigeria established for the promotion of investments into Nigeria and Peak Professional Services is a Firm of Tax, Finance & Management.
The publication is in line with the president’s promise of providing transformational and accelerated economic and social progress which entails growth, diversification and job creation that is anchored on the Private Sector which must attract unprecedented inflows of investment.
The publication will be distributed to all the foreign embassies in Nigeria, all the Nigerian embassies in the world and foreign trade missions to the country as well as Nigeria trade missions outside the country.
It is a comprehensive compendium of the incentives available under the existing laws of Nigeria to investors. It describes the special incentives for the various sectors of: power, telecommunications, solid minerals, oil and gas, agriculture and manufacturing. It also describes the provisions for Free Trade/Export Processing Zones.
In its section on Taxation, there is a list of the taxes payable to three tiers of government in addition to the countries which Nigeria has concluded Double Taxation Agreements. A section of the Guide deals with the laws and regulations which define the context under which existing and newly formed companies have to operate in addition to corporate governance matters.
Commenting on the need for the Business Guide, Mr. Andrew Uviase, the Managing Partner of Peak Professional Services who is a seasoned Chartered Accountant and Tax Practitioner stated that it is a reliable compass for investors as it will greatly assist the many individuals and institutions wishing to participate profitably in one of the world’s most attractive emerging markets.
Currently, the Nigeria economy remains one of the most profitable in the world. This is so because of its vast areas of arable land, oil and gas, solid minerals (including iron ore), renewable energy, limestone, gemstones etc, and a relatively young population of over 150 million people.
This is in addition to an improvement in the enabling environment that has been emerging over the last decade, such as the introduction of various reforms and a massive privatization programme which has been undertaken. More reforms to improve service delivery in the bureaucracy and regulatory agencies are in progress- all in order to improve international competiveness as a destination for investment.
In his preview, Chief Philip Asiodu a former petroleum Secretary and chief economic adviser to the President, as well as an industrialist stated that the book is welcome and timely at this time because it coincides with the implementation of the Fifth National Development Plan (2010- 2013) which is the first of the three Implementation Plans for the realization of Vision 20:2020.
According to the terms of the agreement, the book is expected to be distributed to the guests that will grace the Nation’s 51st Independence anniversary on October 1st 2011. There after copies will be distributed to all Nigeria embassies abroad, and foreign embassies in Nigeria. Copies would also be made available to State Investment and Tourism Boards all over the country in order to assist their drive for investors.