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Africa Singapore Business Forum 2018 | Nigeria

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Africa Singapore Business Forum, 28 - 29 August
Country Panel Presentation - Nigeria

www.enterprisesg.gov.sg/asbf

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Africa Singapore Business Forum 2018 | Nigeria

  1. 1. Private and Confidential YEWANDE SADIKU EXECUTIVE SECRETARY / CEO NIGERIAN INVESTMENT PROMOTION COMMISSION A STRATEGIC INVESTMENT DESTINATION
  2. 2. 2 Nigeria in context
  3. 3. 3 Nigeria in context Sources: National Bureau of Statistics, http://www.worldometers.info # Global placing
  4. 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. 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. 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. 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. 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. 9 Improving Nigeria’s Business Environment
  10. 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. 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. 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. 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. 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. 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. 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. 17 About NIPC
  18. 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. 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. 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. 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

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