AN ANALYSIS OF THE REGULATORY LEGAL FRAME WORK FOR FOREIGN INVESTMENT IN NIGERIA: ISSUES AND CHALLENGES


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TABLE OF CONTENTS

Title Page
Abstract
Table of Contents
Table of Cases
Table of Statutes
List of Abbreviations

CHAPTER ONE
GENERAL INTRODUCTION
1          Background of the Study
1.1       The Concept and Definition of Foreign Investment and Regulatory Legal Frame Work
1.1.1    Regulatory Legal Frame Work
1.2       Statement of the Problem
1.3       Justification/Significance of the study
1.4       The Aim and Objectives of the Study
1.5       Limitations/Scope of Study
1.6       Literature Review
1.7       Methodology of Research
1.8       Organizational Layout

CHAPTER TWO
HISTORICAL PERSPECTIVE OF REGULATORY LEGAL FRAME WORK FOR FOREIGN INVESTMENT IN NIGERIA
2.1       Introduction
2.2       The Colonial Period
2.3       The Post Colonial Period
2.4       The Indigenization Period
2.5       The Structural Adjustment Programme (SAP) Period Till Date

CHAPTER THREE
CONTEMPORARY LAWS ON FOREIGN PARTICIPATION IN BUSINESS IN NIGERIA
3.1       Introduction
3.2       Companies and Allied Matters Act, 2004
3.2.1    Alliens to Form Companies in Nigeria
3.2.2    Consequences of Carrying on Business without Registration
3.2.3    Incorporation of a Foreign Company in Nigeria
3.2.4    Foreign Companies Exempted from Registration in Nigeria
3.2.5    Procedure for Company Exemption from Registration
3.2.6    Status of Exempted Companies
3.2.7    The Regulation of Foreign Companies
3.3       The Nigerian Investment Promotion Commission Act
3.3.1    Registration and Obtaining of License
3.3.2    Guarantee of Investment
3.3.3    Settlement of Investment Disputes
3.4       Immigration Act
3.4.1    Basic Permits Required by an Alien to Enter Nigeria (or enter) and work in Nigeria
3.4.2    Entry Permit/Visa
3.4.2.1 Ordinary Visa –Transit
3.4.2.2 Ordinary Visa – Single Journey Visit
3.4.2.3 The short Visit Visa
3.4.2.4 STR Visa (Subject to Regulation)
3.4.2.5 Registration of Aliens
3.4.2.6 Temporary Work permit (T.W.P)
3.4.2.7 Multiple Journey Visa
3.4.2.8 Gratis Courtesy
3.4.3    Expatriate Quota
3.5       Investment and Securities Act (ISA)
3.6       Foreign Exchange (Monitoring and Miscellaneous Provisions) Act
3.7       Industrial Inspectorate Act
3.8       National Office for Technology Acquisition and Promotion Act
3.8.1    Registration of Contracts and Agreements
3.8.2    Effect of Registration of Contracts and Agreements
3.9       Incentives and Reliefs Available to Investors in Nigerian Economy
3.9.1    Import and Export Incentives under Customs and Excise Management Act
3.9.2    Fiscal Reliefs
3.9.3    The Time Factor in Incentives
3.10     Protectionism in Regulatory Policies
3.10.1  Arguments for Protectionism
3.11     Nigeria Oil and Gas Industry Content Development Act
3.11.1  First consideration for Nigerian Operators
3.11.2  Nigerian Local Content Monitoring Board
3.11.3  Content Plan
3.11.4  Technology Transfer Plan and Support for Technology Transfer in Nigeria
3.11.5  Professional Services
3.11.6  Offences and Penalties

CHAPTER FOUR
ISSUES AND CHALLENGES OF GLOBALIZATION
4.1       Introduction
4.2       Present Challenges of Globalization on the Nigerian Regulatory Legal Frame Work
4.2.1    The Liberalization of Trade, Finance and Investment
4.2.2    The Globalization of Policy-making
4.3       Rising inequality and the effects of globalization
4.4       Weaknesses of the Developing nations in facing the globalization challenge
4.4.1    The Repeal of Indigenisation Laws
4.4.2    The introduction of privatization, commercialization, Deregulation (Liberalization) in the Nigerian economy
4.5       Future Challenges of Globalization on Nigerian Regulatory Legal Frame Work
4.5.1    Job loss in Nigeria
4.5.2    Impact of job loss on national Security
4.6       Costs and benefits of Foreign Investment to the Nigerian economy
4.7       Use of Multilateral Framework for Foreign Investment
4.7.1    General View
4.7.2    Lack of Realization of Anticipated Benefits for Developing Countries from the Uruguay Round
4.8       Implementation challenges Faced by Developing Countries from the Uruguay Round
4.9       Moves for New Issues in WTO
4.10     The Approach Needed

CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1       Summary
5.2       Conclusion
5.3       Recommendations
            Bibliography



ABSTRACT


What provoked this research is the visibilly wanning national Sovereignty and Jurisdiction of developing Countries to make choice from options in economic, social and cultural policies due to globalization. The need to unravel the challenges the regulatory Legal Frame Work for Foreign investment in Nigeria faces, its impact on our national policies and policy making mechanisms and finding solutions. The methodology employed in this research is the doctrinal research. Primary and secondary materials sourced are analyzed. Foreign investment involves the transfer of a package of resources including capital, technology, management and marketing expertise. This can generally be divided into, Foreign Direct Investment (FDI) and Portfolio Investment (PI) although loans to government (i.e. foreign debts) have also been seen as a third category. The purpose of FDI is to acquire a lasting interest and effective control in the management of an enterprise without necessarily having majority shareholding. Portfolio Investments on the other hand, are directed at earning dividends, interests, capital gains and so on without participating in management.

The Multinational Corporations (MNCs) are major sources of foreign direct investment (FDI).

The regulatory Legal Frame Work is the power of host country through its law and regulatory bodies, authorities, and agencies to control investment activities by providing conditions that affect the behaviour of investors and development of investment to ensure fair and beneficial operations. These agencies including the Nigerian Investment Promotion Commission (NIPC), National Office for Technology Acquisition and Promotion (NOTAP) and Nigeria Oil and Gas Industry Content Development. The regulatory Legal Frame Work for foreign investment in Nigeria is confronted with many issues and challenges which make it impossible to achieve the objectives of government to regulate foreign investment, such as globalization of policy-making which has led to the erosion of national sovereignty, narrowed the ability of governments and people to make choices from options in economic, social and cultural policies; negative influence of the multinational corporations (MNCs) over government policies, lack of commitment on the part of government, non enforcement of penalties and inadequate penalty regimes, ineffective administrative systems and blind adoption of economic terms “dictated” by global markets and international institutions amongst others.

Considering that the regulatory legal frame work plays a crucial role in the economic life of the nation, government should pay adequate attention to it. Consequently, investment policies and regulations should be backed by law to enhance enforcement. The findings indentified in this work show that the penalties in Nigerian Investment Regulatory Frame Work such as Section 55 CAMA and Section 15 (1)(2) NOTAP are inadequate and do not have the force of deterrence. Procedure for exemption of Foreign Company from registration in Nigeria under Section 56 (1)(a)-(d) to the effect that such application should be made to the Council of Ministers through the Secretary to the Government of the Federation. The procedure is unnecessarily cumbersome and time wasting and will discourage donor international organizations and countries willing to undertake specialist projects under contract with any of the Governments in the Federation or their agencies. The National Office for technology Acquirsion and promotion (NOTAP) Act provides for the agency to vet agreements to be submitted to it by Nigerian Companies after negotiating and concluding with the Foreign technical partners and leaves much to be desired in the quest for maximum benefit from technology transfer and Foreign Investment in Nigeria.




CHAPTER ONE

GENERAL INTRODUCTION

1               BACKGROUND OF THE STUDY

In the course of an indept consideration of this research topic “An

Analysis of The Regulatory Legal Frame Work for Foreign Investment in Nigeria: Issues and Challenges,” the researcher‟s mind flashed on what Martin1 Khor referred to as “globalization” of national policies and policy making mechanisms. National policies that until recently were under the jurisdiction of states and people within a nation have increasingly come under the influence of international agencies and processes or of big private corporations and economic/financial players.

This has led to the erosion of national sovereignty and narrowed the ability of governments to make choices from options in economic, social and cultural policies. Martin Khor observed that most developing countries‟ independent policy making capacity had been eroded while they now have to adopt policies made by other entities, which might be detrimental to them. While on the other hand the developed countries, where the major economic players reside which also control the processes and policies of international economic agencies, are better able to maintain control over their own national policies as well as determine the policies and practices of international institutions and the global system......

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