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Introduction
A new watershed to resuscitate Nigeria's ailing economy commenced on May 29th 1999 with the advent of the democratic government of President Olusegun Obasanjo. The President had pronounced "Job creation and creation of conducive environment for investment as one of the priority issues which his administration set to tackle - to turn the economy around.
The response by the international community to the democratic change in Nigeria has been positive and cheery. Further more, Nigeria has become the focus for foreign investment information enquiries. The country's potentials in terms of her huge natural resources, large and agile population further elevates her to a prominent position - an attractive haven for investment. The Nigeria economic policy thrust had shifted decisively towards liberalisation and globalization, principally to encourage increased private sector investment in the economy. A commercialisation and privatisation programme of public enterprises had been instituted. A broad invitation had been extended to domestic and foreign investors in the areas of telecommunications, electricity generation, exploration of petroleum refineries, coal and bitumen exploration, hotel and tourism. Subsequently, all laws inhibiting competition in these sectors of the economy have been repealed. The Administration swiftly embraced and fine tuned these policies to ensure the speedy realisation of the developmental aspirations of the Nigerian people.
With the aforementioned developments, there has been a deluge of investment enquiries.
Scores of economic missions and delegations from South Africa, The United States of America, Japan, China, Canada, Venezuela and others have visited Nigeria.
The thrust of the Umaru Musa Yar’ Adua administration is in the same direction, as he has underlined the central place of the economy to his overall policy direction.
Investment Opportunities
There are over 2000 industrial establishments in the country. Among these are a giant oil industry, Iron complexes, steel rolling mills, pharmaceutical industries, food processing, car assembling and the up-coming Export Processing Zone (EPZ). Government economic policy favours and places priority on greater investment in agricultural production and manufacturing and exports of production, abundantly skilled and versatile human resources and access to a vast local market of over 140 million people and beyond in the sub-region
Priority Areas of Investment
There are four Industrial Sectors which are considered priority areas of development because of their linkage effects on the other sectors and potential catalytic role in the overall growth of the industrial sectors. These priority areas which are most favoured in the administration of government industrial incentives are:
i. Metallurgical/Engineering Industries.
ii. Agriculture (Forest-based and agro-allied activities).
iii. Chemical/Petrochemical Sector.
iv. Construction Sector.
Specifically the industrial projects desired from these sectors are:
i. Foundries and Forges;
ii. Metal Fabrication/Machine Tools;
iii. Pharmaceuticals;
iv. Rubber and Plastic;
v. Leather and Leather products;
vi. Textiles and Weaving apparels;
vii. Cement;
viii. Other non-metallic material building materials; bricks, ceramic glass;
ix. Food Processing;
x. Sugar, Confectioneries and Beverages
xi. Cereal and Grain Milling;
xii. Fruits, Vegetables, Vegetable Oils, Oil Seeds, Roots and Tubers.
Investment Requirements
• Industries must be guaranteed to be environmentally friendly
• At least 75% of total product to be exported.
• Maximum of 25% of product can be exported to the customs territory on payment of appropriate levies and duties
• Minimum investment capital outlay is 500 000 US Dollar or its Naira equivalent.
Types of Industries Permissible in Nigeria Export Zones
• Electrical and Electronic Products
• Textile Products
• Leather Products
• Plastic Products
• Petroleum Products
• Rubber Products
• Cosmetics
• Garments
• Chemical Products
• Metal Products
• Educational Materials and Equipment
• Communication Equipment and Materials
• Sports Equipment and Materials
• Machinery
• Handicraft
• Optical instruments and Appliances
• Medical Kits and Instruments
• Biscuits and Confectioneries
• Printed Materials, Office Equipment and Appliances
• Paper Materials
• Food Processing
• Pharmaceutical Products
Investment Opportunities in Tourism Sector
The Federal Government of Nigeria in its determined efforts to develop and promote tourism into an economically viable industry had in 1991 evolved a tourism policy. The main thrust of the policy is to make Nigeria a prominent tourism destination in Africa, generate foreign exchange, encourage even development, promote tourism-based rural enterprises, generate employment, accelerate rural-urban integration and foster socio-cultural unity among the various regions of the country through the promotion of domestic and international tourism.. It also aims at encouraging active private sector participation in tourism development.
The following special investment potentials exist within the country:
• Overland Safaris
• National Parks
• Game and Gorilla viewing
• Deep Sea Recreational Fishing
• Lake and River Fishing
• Archaeological Tours
• Beach Resorts and Hotels
• Transportation –water, land and sea
• Surfing and snorkeling
• Theme Parks and Exposition Centres
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