Foreign investment is a vital tool for many developing countries to overcome economic hardship and the snowball effects that accompany it. Nigeria, like many developing countries, has mechanisms in place to attract foreign investors. These mechanisms coupled with having Africa's largest economy have helped the Nation make major strides in foreign interest in the economy in recent times. World Bank's **Doing Business Report** for 2020 ranked Nigeria 131st in the world for ease of doing business. This is a leap from the former ranking of 146.

Amongst the legal and regulatory mechanisms put in place by the government to spur foreign interest are:

1) The 1999 constitution: This embeds the right of the foreign investor to enjoy fair and equitable treatment and he or she enjoys the same rights granted by the law to Nigerians under similar conditions and also the 1999 Nigeria constitution gives equal rights and treatment to foreigners and nationals alike.

2) The NIPC Act: The Nigerian Investment Promotion Commission (NIPC) Act 1995, is the principal legislation that seeks to encourage, promote and coordinate investments in the Nigerian economy to facilitate the inflow and promotion of foreign investments in the country.

3) The Companies and Allied Matters (CAMA) Act 1990: CAMA is the apex law for regulating and registering business organisations in Nigeria. Any foreign company that wants to operate in the Nigerian business space must be registered with this body.

Lastly, Nigeria has bilateral investment agreements with 31 countries, of which 15 are in force. Nigeria and the US signed a Trade and Investment Framework Agreement (TIFA). This agreement provides a dialogue on improving and enhancing trade and investment opportunities between the two countries. Little wonder, US investors invest in the Nigerian market especially the tech space.

In ditto, the country is also a founding member of the African Union and the ECOWAS.

To join the ongoing debate, kindly click on the link below:
https://veegil.com/foreign-investment-in-nigeria-612e1c806d31beb92c5a6be5

#investment #economy #business #tech #legal #law