Abuja Investment Opportunities
There are bountiful incentives offered by Government in the Federal Capital Territory (FCT) to facilitate investment and commercial activities
Nigeria’s status as a democratic nation has heralded the influx of foreign interest the government through its introduction of policies of rule of law and liberalization has opened up the economy to the private sector.
The government is focused on a new social and economic order to promote sustainable development, accountability and transparency which should foster a better business environment for both local and foreign investment.
To this end, there are bountiful incentives offered by government in the Federal Capital Territory (FCT) to facilitate investment and commercial activities. The main thrust of these incentives is to ‘provide an enabling environment that is conducive to the growth and development of industries, inflow of Foreign Direct Investment (FDI), shield existing investment from unfair competition, and stimulate the expansion of domestic production capacity.’ Government recognizes the private sector as the ‘engine of growth and creator of wealth’ and so is the main focus of these reforms. These incentives are complimentary to those offered by the federal government and are directed towards:
- Provision of infrastructure
- Access to land
- Tax Incentives like the Pioneer status, “Local Value added” Enterprises, Local raw materials utilization, Labour intensive production, etc.
- New Visa Policy which enables foreign visitors procure an entry visa within 48 hours of submission
- The Nigeria Export Processing Zone Authority (NEPZA) is developing additional exports processing zones in different parts of the country
- Nigeria is a signatory of the Multilateral Investment Guarantee Agency MIGA of the World Bank which issues guarantees against non commercial risks
- Expatriate quota requirement which is to be replaced by a work permit for Foreign Nationals
- Very successful privatization programme
- Considerably large Economic Community of West African States (ECOWAS) market. (250 million people).
- Non oil sector export incentives like the Export Expansion Grant and the ECOWAS Trade liberalization scheme
- Competitive labour costs
- Export promotion of locally made goods
- Foreign currency facility for international trade
- Repeal of Exchange Control Act
Click to Download Government White Paper on Investment Incentives (PDF; 28kb)