Africa Singapore Business Forum, 28 - 29 August Country Panel Presentation - Nigeria www.enterprisesg.gov.sg/asbf

1. Private and Confidential
YEWANDE SADIKU
EXECUTIVE SECRETARY / CEO
NIGERIAN INVESTMENT PROMOTION COMMISSION
A STRATEGIC INVESTMENT DESTINATION

2. 2
Nigeria
in context

3. 3
Nigeria in context
Sources: National Bureau of Statistics, http://www.worldometers.info # Global placing

4. 4
Nigeria in context
Smallest land
3,671km2,
12.5m people
Biggest land
72,609 km2,
5.8m people
Sources: National Bureau of Statistics, http://www.worldometers.info
Rwanda 24,670
Singapore 700
Land sizes, km2
Population
Rwanda 12.5m
Singapore 5.8m Luxembourg 2,590

5. 5
Nigeria in context
Least populated state
2.3m people
Most populated state
13m people
Sources: National Bureau of Statistics, http://www.worldometers.info
Population
Botswana 2.3m
Rwanda 12.5m

6. 6
Nigeria in context
Smallest region
28,987km2
Largest region
280,419 km2
Sources: National Bureau of Statistics, http://www.worldometers.info
United
Kingdom
241,930
Belgium 30,280
Rwanda 24,670
Land sizes, km2
80
# Global placing

7. 7
Nigeria in context
Sources: National Bureau of Statistics, http://www.worldometers.info
Most populated region
48.7m people
Least populated region
20.6m people
Population
Spain 46.4m
Sri Lanka 20.9m
30
# Global placing

8. 8
Nigeria in context
Smallest land
3,671km2,
12.5m people
Biggest land
72,609 km2,
5.8m people
Least populated state
2.3m people
Most populated state
13m people
Smallest region
28,987km2
Largest region
280,419 km2
Sources: National Bureau of Statistics, http://www.worldometers.info
United Kingdom 241,930
Belgium 30,280
Rwanda 24,670
Singapore 700
Land sizes, km2
Most populated region
48.7m people
Least populated region
20.6m people
Population
Botswana 2.3m
Rwanda 12.5m
Singapore 5.8m
Spain 46.4m
Sri Lanka 20.9m
30
80
# Global placing
Luxembourg 2,590

9. 9
Improving
Nigeria’s Business
Environment

10. 10
Business case for improving business operating conditions
Strong correlation between economic prosperity and ease of doing business
R² = 0.4918
100
1,000
10,000
100,000
020406080100120140160180200
Income Per Capita (log scale) USD per person per year
# of Objs = 185
Nigeria
Brazil
South Africa
USA
Singapore
Norway
Ease of Doing Business Rank (2017)
Source: World Bank Doing Business

11. 11
Ease of doing business reforms
Launch date
No of announced
reforms
Participating
agencies
No of initiatives Success rate
February 2017 8 22 12 72%
October 2017 11 22 29 52%
February 2018 9 28 26 68%
Presidential Enabling Business
Environment Council (PEBEC)
inaugurated in July 2016
Remove criticalbottlenecks
and bureaucratic constraints
to doing business in Nigeria
24
Up by 24 places in 2018 World
Bank Ease of Doing Business
ranking, now 145/190
NAP 1.0
NAP 3.0
NAP 2.0
EO 1 May 2017 Transparency and improving the business environment
President Muhammadu
Buhari,GCFR
Vice President Yemi Osinbajo
SAN,GCON
Source: Enabling Business Environment Secretariat Reports

12. 12
Starting a Business
Dealing with
Construction Permits
Getting Electricity
Registering Property
Getting Credit
Paying Taxes
Enforcing Contracts
Protecting Minority
Investors
Trading Across
Boarders
Resolving Insolvency
130/ 190
147/ 190
172/ 190
179/ 190
6/ 190
33/ 190
171/ 190
183/ 190
96/ 190
145/ 190
+8
+27
+8
+3
+38
-1
+11
-2
+43
-5
2018
2017
2016
2015
2014
145/ 190
169/ 190
170/ 189
170/ 189
147/ 189
+24
+1
+0
-23
-16
Rank Difference
DB 2018 Ranking
Rank Difference
DB Year
SOURCE: Enabling Business Environment Secretariat
Nigeria has achieved its highest jump in DB rankings… …with progress across several indicators
Email: info@ebes.gov.ng | Website: www.pebec.gov.ng | Twitter: @EBESnigeria | Facebook: www.facebook.com/EBESnigeria

13. 13
Registering Property
▪ Sworn affidavit not needed for title
search at land registry (Lagos)
▪ Digitization of land records and cadastral
mapping (Kano)
Paying Taxes
▪ E-filing of Federal Taxes.
▪ Centralized electronic payment of all
Federal Taxes.
Dealing with Construction Permits
▪ Publicized fees, procedures and laws.
▪ Operationalized the Lagos e-planning
platform.
Trading Across Borders
▪ Reduction of documents for export from 10
to 7 and similarly for import from 14 to 8.
Starting a Business
▪ Online name reservation
▪ Consolidation of incorporation forms
into one form (CAC.1) which can be
completed electronically.
Getting Credit
▪ Borrowers have the right by law to access
their credit reports .
▪ The operationalization of a modern, web-
enabled National Collateral Registry
Getting Electricity
▪ Reduction of procedures for new grid
connections.
Entry & Exit of People
▪ Harmonization of four forms on arrival into
one form by the Nigerian Immigration
Service.
▪ 48 hour visa processing timeline across
missions abroad
SOURCE: Enabling Business Environment Secretariat
Reforms over the past 18 months
Email: info@ebes.gov.ng | Website: www.pebec.gov.ng | Twitter: @EBESnigeria | Facebook: www.facebook.com/EBESnigeria

14. 14
Compendium of Investment Incentives in Nigeria
 Compilation of fiscal incentives in Nigerian tax laws and
duly approved sector-specific incentives
 6 principal sections
– Investment policies and protections
– General tax-based incentives
– Sector-specific incentives
– Tariff-based incentives
– Export incentives
– Special Economic Zones
 First step in understanding impact of incentives in
achieving Government’s economic objectives and
considering incentive reforms
 Available at www.nipc.gov.ng

15. 15UNECA – United Nations Economic Commission for Africa
UNCTAD – United Nations Conference on Trade and Development
iGuide Nigeria
 An easy-to-use online investment guide that provides
investors with up-to-date and pertinent information on
the processes, procedures and basic costs of doing
business in Nigeria
 It provides information on Starting Business, Labour,
Production Factors, Land, Taxes, Investor Rights,
Growth Sectors and Opportunities
 The information will enable investors to make better
informed decisions on Nigeria as a preferred
investment destination
 Available at:
– www.theiguides.org/nigeria
– www.nipc.gov.ng

16. 16
181
411
5.5 6.6
2015 2020 2025 2030 2035 2040 2045 2050
Nigeria Singapore
0.4%
Nigeria – Singapore
NIGERIA SINGAPORE
Capital Abuja Singapore
Official language English English
Land area 910,770 km² 709 km²
People (2017)
Population (m) 191 5.6
Pop. growth rate (%) 2.6 3.6
Median age 18.4 40.5
Economically active pop. (15-64) 98 4.1
Economy (2017)
GDP nominal ($’ bn) 375.8 323.9
Agriculture (% GDP) 24.5 0
Industries (% GDP) 22 26
Services (% GDP) 53.6 74
GDP growth rate (%) 0.8 3.6
Inflation (%) 15.7 (0.5)
Labour (2017)
Labour force m, (% of pop) 59 (31) 3.1 (55)
Trade (2017)
Import $’bn, (% of GDP) 30.7 (8.2) 327.7 (101)
Export $’bn, (% of GDP) 44.5 (11.8) 373.3 (115)
Trade balance (% of GDP) 13.8 (3.6) 45.6 (14)
Investment Climate (2017)
EoDB 145 2
GCI 125 3
Comparative statistics
Population (m)
GDP ($’bn)
515
568
481
404
376
306 312 304 310 324
2013 2014 2015 2016 2017
Nigeria Singapore
Sources: United Nations World Population Prospects; World Development Indicators, World Bank Doing
Business (EoDB) Report 2017; Global Competitiveness Index (GCI) 2017-2018; www.countryeconomy.com
Age 15-64
61%
55%

17. 17
About NIPC

18. 18
Nigerian Investment Promotion Commission (NIPC) was established by the NIPC Act 16 of 1995
to encourage, promote and co-ordinate investments in Nigeria
• Promote Nigeria as an attractive investment destination
• Provide information on investment opportunities and capital sources
Project Attractive
Investment Image
• Promote investments in Nigeria, by Nigerians and non-Nigerians
• Co-ordinate all investment promotion activities in Nigeria
Investment
Promotion
• Provide support services to investors and register enterprises in Nigeria
• Match-make investors with specific projects and advise on partners for JVs
• Provide information on investment incentives and approve Pioneer Status
Incentive applications
Investment
Facilitation
• Initiate and support measures that enhance the investment climate
• Evaluate the impact of investments and incentives in Nigeria and make appropriate
recommendations
• Advise Government on policy matters to promote Nigeria’s economic development
Policy Advocacy
NIPC’s principal functions

19. 19
Investor Obligation and Protections in the NIPC Act
ICSID = International Centre for Settlement of Investment Disputes
Registration
Obligation
•Enterprises in which
foreigners can
participate are
required to register
with NIPC before
commencing
business
Ownership
•Nigerians and
foreigners can invest
in any sector, except
for those on the
negative list
•No restriction on
foreign percentage
ownership
Guarantees
•Government will not
nationalize or
expropriate any
enterprise
•Right of access to
courts and fair and
adequate
compensation if
acquisition is in
national interest/for
public purpose
•No restriction on
repatriation by
foreigners of
investment returns
or sale proceeds
through an
authorized dealer
Dispute Resolution
•Amicable resolution
by mutual discussion
or arbitration of
investor/government
disputes
•Provisions of any
Bilateral Treaty with
the investor’s
country will apply
•Right of recourse to
international
arbitration under
ICSID Rules

20. 20
One-Stop Investment Centre (OSIC) at NIPC
 Houses 27 agencies to facilitate investments and reduce time required to process regulatory approvals and permits
 Provides assistance with information and requirements from incorporation to expansion
 Also supports with business visa facilitation
Sample
business
entry
scenarios
Software
development and
creative industry
Drug Manufacturing
for export
Type of Business Generic Agencies Specific/Sector Agencies
Power
Generation

21. 21
Yewande Sadiku
Executive Secretary/CEO
infodesk@nipc.gov.ng
osicinfodesk@nipc.gov.ng
NIGERIAN INVESTMENT PROMOTION COMMISSION
Plot 1181 Aguiyi Ironsi Street
Maitama District
Abuja
www.nipc.gov.ng
For further details, please contact us