Overview

The Nigerian Investment Promotion Commission Act (Chapter N117, Decree No 16 of 1995) establishes the Nigerian Investment Promotion Commission (NIPC) to encourage and promote investment in Nigeria. The Act is divided into six parts. Part I establishes the Commission as a body corporate with perpetual succession and a common seal, and creates a Governing Council responsible for its functions. The Council comprises a chairman, representatives from seven federal ministries (Industry, Commerce, Internal Affairs, Finance, Foreign Affairs, Culture and Tourism, Petroleum Resources), a representative from the National Planning Commission, the Governor of the Central Bank of Nigeria, six private sector appointees, and the Secretary. Members serve four-year terms, renewable once, and may be removed by the President. Part II outlines the Commission's functions, which include promoting investments, providing information and assistance to investors, registering enterprises, and advising the government on investment policies. Its powers encompass entering contracts, acquiring property, and cooperating with other agencies. Part III covers staffing, including the Secretary and other employees, staff regulations, conditions of service, pensions, and departmental structuring. Part IV addresses financial provisions: the Commission's fund, acceptance of gifts, borrowing powers, annual estimates, accounts, audit, and annual reports. Part V contains investment provisions: enterprises eligible for participation (any enterprise except those on a negative list), application of the Act to foreign enterprises, establishment procedures, registration with the Commission, purchase of shares by foreign companies, incentives for special investments, priority areas, guarantees against expropriation and unrestricted transfer of capital/profits/dividends, dispute settlement procedures (including international arbitration), and assistance to enterprises. Transitional provisions repeal the previous Industrial Development Coordination Committee Act (Cap. 178) and existing incentives legislation. The Act also includes interpretation definitions and a short title. The schedule provides supplementary rules for Council proceedings, including meeting frequency (at least four times a year), quorum (eight members, including the chairman or deputy), voting procedures, and committee formation. The Act was passed on January 16, 1995.

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