Navigating the Complex Landscape of Basic Education in Nigeria

 

Executive Summary

• Nigeria’s economy experienced real GDP growth of 2.9% in 2023, following a GDP real growth rate of 3.3% the previous year.
• Inflation reached a 28-year high of 28.9% in December 2023, driven by rising energy prices and food costs.
• Nigeria’s poverty levels continued to worsen, with 46% of the population living below the poverty line in 2023.

Economic Overview

• Nigeria has a mixed economy with a strong service sector, accounting for 60% of GDP.
• The country has a high-income economy, with a GDP per capita of $50,000.
• Nigeria is a member of the Organization for Economic Cooperation and Development (OECD).
• The country’s economic growth is driven by its strong financial sector and high-tech industry.

Investment Policy and Regulation

• The Nigerian Investment Promotion Commission (NIPC) Act of 1995, amended in 2004, liberalized the ownership structure of business in Nigeria, allowing foreign investors to own and control 100% of the shares in any company.
• The NIPC Act prohibits the nationalization or expropriation of foreign enterprises except in cases of national interest.
• Foreign investors must register with the NIPC after incorporation under the Companies and Allied Matters Act of 2020.

Business Environment

• The Nigerian government has implemented various policies to promote foreign investment and economic growth.
• The country has a diverse economy with a growing middle class and a large population.
• The government has taken steps to improve the business environment, including the establishment of the National Industrial Court and the creation of a one-stop-shop for business registration.

Legal and Judicial Framework

• Nigeria has a complex, three-tiered legal system comprised of English common law, Islamic law, and Nigerian customary law.
• The Supreme Court is the pinnacle of the judicial system and has original and appellate jurisdiction in specific constitutional, civil, and criminal matters.
• The judicial branch remains susceptible to pressure from the executive and legislative branches.

Intellectual Property and Innovation

• Nigeria has a number of intellectual property laws, including the Copyright Act and the Patent and Designs Act.
• The country has also established a number of intellectual property agencies, including the Nigerian Copyright Commission (NCC) and the Patent and Designs Office.
• The government has also implemented a number of intellectual property initiatives, including the National Intellectual Property Policy and the Intellectual Property Rights (IPR) Strategy.

Labor Market and Workforce

• Nigeria’s skilled labor pool has declined over the past decade due to inadequate educational systems and limited employment opportunities.
• The labor movement is active and influential in Nigeria, with several trade union federations representing different sectors.
• The government has implemented a new minimum wage, but some state governments have yet to implement it.

Taxation and Incentives

• The Nigerian government offers various investment incentives, including tax holidays, duty-free imports, and investment guarantees.
• The government has also established several free trade zones and special economic zones to promote investment.
• The country has a number of investment promotion agencies, including the Nigerian Investment Promotion Commission (NIPC) and the Nigerian Export Processing Zones Authority (NEPZA).

Infrastructure and Logistics

• Nigeria has a number of foreign trade zones and free ports, including the Lagos Free Trade Zone and the Kano Free Trade Zone.
• The country has also established a number of trade facilitation mechanisms, including the Nigerian Customs Service and the Nigerian Ports Authority.
• The government has also implemented a number of trade facilitation initiatives, including the National Trade Facilitation Committee and the Trade Facilitation Agreement.

Security and Political Stability

• The investment climate in Nigeria is affected by political, criminal, and insurgent violence.
• Boko Haram and Islamic State – West Africa (ISIS-WA) have waged violent terrorist campaigns in the North.
• The region faces rural violence, kidnappings, and attacks on oil installations.

Climate and Environmental Considerations

• Nigeria has actively worked to improve its strategy and regulations concerning climate change, publishing its Oil and Gas Methane Guidelines and enacting regulations to curb methane emissions in the upstream energy sector.
• The country has adopted multiple policies, strategies, and action plans related to addressing climate change, including the National Climate Change Policy for 2021-2030 and the Energy Transition Plan approved in 2021.
• Environmental programs and ministries are chronically underfunded and underequipped, impacting Nigeria’s success in meeting climate aspirations.

Financial Sector and Capital Markets

• Nigeria has a number of capital markets and portfolio investment laws, including the Securities and Exchange Commission (SEC) Act and the Nigerian Stock Exchange (NSE) Act.
• The country has also established a number of capital markets and portfolio investment agencies, including the SEC and the NSE.
• The government has also implemented a number of capital markets and portfolio investment initiatives, including the National Capital Market Development Plan and the Portfolio Investment Incentive Scheme.

Real Property and Land Ownership

• Nigeria has a number of real property laws, including the Land Use Act and the Property Law.
• The country has also established a number of real property agencies, including the Federal Ministry of Lands, Housing and Urban Development and the Nigerian Institute of Town Planners.
• The government has also implemented a number of real property initiatives, including the National Housing Policy and the Urban Development Policy.

Additional Resources

• Department of State
• Department of the Treasury
• Department of Labor

Contact Information

• Economic and Financial Crimes Commission (EFCC)
• Independent Corrupt Practices and Other Related Offences Commission (ICPC)