WAPECC Is Coming Back to West Africa Soon!

The Host Country

Nigeria is Africa’s largest economy, with a nominal GDP of 444.916 billion US dollars, making it rank number 1 in Africa. Nigeria is also the most populous nation in Africa with a population of more than 200 million, the National Bureau of Statistics, reveal that 800 million transactions valued at $112 Billion were recorded on electronic payment channels in Q3 2019 alone. Almost half (and rapidly growing) of the Nigerian population have internet connectivity, supported by high mobile penetration, and as Africa’s largest economy, Nigeria is one of the most prosperous consumer markets in Africa.

The World Bank’s publication, ease of Doing Business 2020, ranks Nigeria in the top 73 nations globally on enforcement of contracts. the law in Nigeria forbids nationalization of a business or assets local or foreign. Nigeria is a member of the International Centre for Settlement of Investment Disputes and the New York Convention of 1958 on the Recognition and Enforcement of Foreign Arbitral Awards (also called the “New York Convention”).

Investors can repatriate 100% of profits and dividends, and that 100% ownership of companies is allowed in all sectors apart from oil & gas. The government has installed investment incentives to stimulate private sector investment from within and outside the country. Pioneer status incentives can be applied for and received which means the business is exempted from corporate income tax for a specific period. Foreign investors receive largely the same treatment as domestic investors in Nigeria, including tax incentives. Nigeria has bilateral investment agreements with Algeria, Austria, Bulgaria, Canada, China, Egypt, Ethiopia, France, Finland, Germany, Italy, Jamaica, the Republic of Korea, Kuwait, Morocco, the Netherlands, Romania, Russia, Serbia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Turkey, Uganda, and the United Kingdom.

Nigeria’s legal, accounting, and regulatory systems comply with international norms and foreign companies operate successfully in any of Nigeria’s service sectors, including telecommunications, accounting, insurance, banking, and advertising.