ABSTRACT<\/p>\n
What provoked this research is the visibilly wanning national Sovereignty and Jurisdiction of developing Countries to make choice from options in economic, social and cultural policies due to globalization. The need to unravel the challenges the regulatory Legal Frame Work for Foreign investment in Nigeria faces, its impact on our national policies and policy making mechanisms and finding solutions. The methodology employed in this research is the doctrinal research. Primary and secondary materials sourced are analyzed. Foreign investment involves the transfer of a package of resources including capital, technology, management and marketing expertise. This can generally be divided into, Foreign Direct Investment (FDI) and Portfolio Investment (PI) although loans to government (i.e. foreign debts) have also been seen as a third category. The purpose of FDI is to acquire a lasting interest and effective control in the management of an enterprise without necessarily having majority shareholding. Portfolio Investments on the other hand, are directed at earning dividends, interests, capital gains and so on without participating in management.
\nThe Multinational Corporations (MNCs) are major sources of foreign direct investment (FDI).
\nThe regulatory Legal Frame Work is the power of host country through its law and regulatory bodies, authorities, and agencies to control investment activities by providing conditions that affect the behaviour of investors and development of investment to ensure fair and beneficial operations. These agencies including the Nigerian Investment Promotion Commission (NIPC), National Office for Technology Acquisition and Promotion (NOTAP) and Nigeria Oil and Gas Industry Content Development. The regulatory Legal Frame Work for foreign investment in Nigeria is confronted with many issues and challenges which make it impossible to achieve the objectives of government to regulate foreign investment, such as globalization of policy-making which has led to the erosion of national sovereignty, narrowed the ability of governments and people to make choices from options in economic, social and cultural policies; negative influence of the multinational corporations (MNCs) over government policies, lack of commitment on the part of government, non enforcement of penalties and inadequate penalty regimes, ineffective administrative systems and blind adoption of economic terms \u201cdictated\u201d by global markets and international institutions amongst others.
\nConsidering that the regulatory legal frame work plays a crucial role in the economic life of the nation, government should pay adequate attention to it. Consequently, investment policies and regulations should be backed by law to enhance enforcement. The findings indentified in this work show that the penalties in Nigerian Investment Regulatory Frame Work such as Section 55 CAMA and Section 15 (1)(2) NOTAP are inadequate and do not have the force of deterrence. Procedure for exemption of Foreign Company from registration in Nigeria under Section 56 (1)(a)-(d) to the effect that such application should be made to the Council of Ministers through the Secretary to the Government of the Federation. The procedure is unnecessarily cumbersome and time wasting and will discourage donor international organizations and countries willing to undertake specialist projects under contract with any of the Governments in the Federation or their agencies. The National Office for technology Acquirsion and promotion (NOTAP) Act provides for the agency to vet agreements to be submitted to it by Nigerian Companies after negotiating and concluding with the Foreign technical partners and leaves much to be desired in the quest for maximum benefit from technology transfer and Foreign Investment in Nigeria.<\/p>\n
TABLE OF CONTENTS PAGE<\/p>\n
Title Page i<\/p>\n
Declaration ii
\nCertification iii
\nDedication iv
\nAcknowledgement v
\nAbstract vi
\nTable of Contents vii
\nTable of Cases xi
\nTable of Statutes xii
\nList of Abbreviations xv
\nCHAPTER ONE 1
\nGENERAL INTRODUCTION
\n1 Background of the Study 1
\nThe Concept and Definition of Foreign
\nInvestment and Regulatory Legal Frame Work 4
\n1.1.1 Regulatory Legal Frame Work 6
\nStatement of the Problem 7
\nJustification\/Significance of the study 7
\nThe Aim and Objectives of the Study 9
\nLimitations\/Scope of Study 9
\nLiterature Review 9
\nMethodology of Research 15
\nOrganizational Layout 16
\nCHAPTER TWO 17
\nHISTORICAL PERSPECTIVE OF REGULATORY LEGAL FRAME WORK FOR FOREIGN INVESTMENT IN NIGERIA
\nIntroduction 17
\nThe Colonial Period 18
\nThe Post Colonial Period 20
\nThe Indigenization Period 23
\nThe Structural Adjustment Programme (SAP) Period Till Date 27
\nCHAPTER THREE 29
\nCONTEMPORARY LAWS ON FOREIGN PARTICIPATION IN BUSINESS IN NIGERIA
\nIntroduction 29
\nCompanies and Allied Matters Act, 2004 31
\nAlliens to Form Companies in Nigeria 32
\nConsequences of Carrying on Business without Registration 32
\nIncorporation of a Foreign Company in Nigeria 33
\nForeign Companies Exempted from Registration in Nigeria 35
\nProcedure for Company Exemption from Registration 36
\nStatus of Exempted Companies 37
\nThe Regulation of Foreign Companies 37
\nThe Nigerian Investment Promotion Commission Act 39
\nRegistration and Obtaining of License 40
\nGuarantee of Investment 40
\nSettlement of Investment Disputes 41
\nImmigration Act 42
\nBasic Permits Required by an Alien to
\nEnter Nigeria (or enter) and work in Nigeria 43
\nEntry Permit\/Visa 44
\nOrdinary Visa \u2013Transit 44
\nOrdinary Visa \u2013 Single Journey Visit 45
\nThe short Visit Visa 45
\nSTR Visa (Subject to Regulation) 45
\nRegistration of Aliens 47
\nTemporary Work permit (T.W.P) 47
\nMultiple Journey Visa 48
\nGratis Courtesy 49
\nExpatriate Quota 49
\nInvestment and Securities Act (ISA) 52
\nForeign Exchange (Monitoring and
\nMiscellaneous Provisions) Act 53
\nIndustrial Inspectorate Act 54
\nNational Office for Technology Acquisition and Promotion Act 55
\nRegistration of Contracts and Agreements 55
\nEffect of Registration of Contracts and Agreements 56
\nIncentives and Reliefs Available to Investors in
\nNigerian Economy 56
\nImport and Export Incentives under Customs and
\nExcise Management Act 56
\nFiscal Reliefs 58
\nThe Time Factor in Incentives 60
\nProtectionism in Regulatory Policies 61
\nArguments for Protectionism 62
\nNigeria Oil and Gas Industry Content Development Act 67
\nFirst consideration for Nigerian Operators 67
\nNigerian Local Content Monitoring Board 68
\nContent Plan 68
\nTechnology Transfer Plan and Support for Technology Transfer in Nigeria 69
\nProfessional Services 69
\nOffences and Penalties 69
\nCHAPTER FOUR
\nISSUES AND CHALLENGES OF GLOBALIZATION
\nIntroduction 71
\nPresent Challenges of Globalization on the 72
\nNigerian Regulatory Legal Frame Work
\nThe Liberalization of Trade, Finance and Investment 72
\nThe Globalization of Policy-making 78
\nRising inequality and the effects of globalization 83
\nWeaknesses of the Developing nations in facing the globalization challenge 87
\nThe Repeal of Indigenisation Laws 90
\nThe introduction of privatization, commercialization,
\nDeregulation (Liberalization) in the Nigerian economy 94
\nFuture Challenges of Globalization on Nigerian Regulatory Legal Frame Work 96
\nJob loss in Nigeria 97
\nImpact of job loss on national Security 97
\nCosts and benefits of Foreign Investment to the Nigerian economy 98
\nUse of Multilateral Framework for Foreign Investment 103
\nGeneral View 103
\nLack of Realization of Anticipated Benefits for Developing Countries
\nfrom the Uruguay Round 105
\nImplementation challenges Faced by Developing Countries from
\nthe Uruguay Round 108
\nMoves for New Issues in WTO 115
\nThe Approach Needed 116
\nCHAPTER FIVE 119<\/p>\n
SUMMARY, CONCLUSION AND RECOMMENDATIONS
\n5.1 Summary 119
\n5.2 Conclusion 122
\n5.3 Recommendations 124
\nBibliography 126<\/p>\n
TABLE OF CASES PAGE<\/p>\n
E.I.I.A. V C.I.E Ltd (2006) 4 NWLR 114 at 127
\n33<\/p>\n
Kehinde V Registrar of Companies (1979) 3LRN 213 at 220 \u2013 221
\n25<\/p>\n
Oil Field Supply Centre Ltd V Johnson No. 2 (1987) 2LWLR 625
\n49<\/p>\n
Unipetrol Nigeria PLC V Agip Nigeria PLC (2002) 4 NWLR 312 at 330 \u2013 331
\n32,33<\/p>\n
TABLE OF STATUTES PAGE<\/p>\n
Aid to Pioneer Industries Ordinance 1952 19
\nBanking Act 1969 24
\nCompanies Act 1968 24, 31
\nCompanies Act Cap. 37 LFN 1958 31
\nCompany and Allied Matters Decree (No 1) 1990 32
\nCompany and Allied Matters Act Cap. C. 20 LFN 32,40
\nS. 20 (4) 32,40
\nS. 54 (1) 32,33
\nS.55 33,38
\nS. 56 (1) 33
\nS. 56 (2) 37
\nS. 56 (3) 37
\nS. 58 37
\nS. 60 (a) 37
\nS. 57 (a) 37
\nCompanies Ordinance 1922 31
\nCustoms and Excise Management Act Cap. C. 45 LFN 2004. 56
\nS. 56 56
\nS. 57 57
\nCustoms Duties (Dumping and Subsidized Goods) Act 1958 19
\nCustom Drawback Regulations Act 1959 19
\nCompanies Income Tax Act Cap. C. 21 LFN 2004 59
\nS. 29 59
\nS. 33 59
\nSS. 34 \u2013 35 59
\nS. 9 (1) 59
\nS. 9 (7) 59
\nS. 28 (c) (3) 59
\nS. 22 (3) 59
\nS. 28 (b) 59<\/p>\n
Copy Right Act 1970 24
\nExchange Control Act 1962 22
\nS. 7 22
\nExport (Incentives and Miscellaneous Provisions Act Cap. E. 19 30
\nLaws of the Federal Republic of Nigeria 2004
\nForeign Exchange (Monitoring and Miscellaneous Provisions)
\nAct Cap. F.34 Laws of the Federal Republic of Nigeria, 2004 53
\nS. 15 (1) 53
\nS. 15 (2) 53
\nS. 15 (4) 53
\nS. 17 (1) 54
\nS. 12 54
\nS. 13 54
\nForeign Exchange (Monitoring and Miscellaneous Act 1995
\nS. 26 (1) 91
\nS. 15 (1) 22
\nImmigration Act 1963 53
\nImmigration Act Cap. I.I Laws of the Federal Republic of Nigeria 2004
\nS. 8 (1) (a) (b) 42,45
\nS. 8 (2) (a) (b) 43
\nS. 10 (2) (a) (b) 43
\nS. 33 46
\nIncome Tax (Amendment) Ordinance 1952 19
\nIncome Tax (Amendment) Act 1959 19
\nIndustrial Development (Import Duties Relief) Act 1957 19
\nIndustrial Development (Income Tax Relief) Act 1958 19,20
\nIndustrial Development (Income Tax Relief) Act Cap. 1.7 Laws of the Federal Republic of Nigeria 2004
\n59
\nS. 10 59
\nIndustrial Development Coordinating Committee Act No. 36 of 1988 39
\nIndustrial Inspectorate Act Cap. 1.8 Laws of the Federal Republic of Nigeria 2004 54
\nS.3 54<\/p>\n
S. 3 (3) 54
\nInvestments and Securities Act 2007 No. 29 52
\nS. 13 (L) 52
\nMinerals Act Cap. M. 12 Laws of the Federal Republic of Nigeria, 2004 59
\nNational Office for Technology Acquisition and Promotion Act Cap. N. 62 55
\nLaws of the Federal Republic of Nigeria 2004 55
\nS. 4 (d) 55
\nS. 5 (1) \u2013 (3) 55
\nS. 7 56
\nNigerian Enterprises Promotion Acts, 1972 and 1977 24
\nNigerian Enterprises Promotion (Issues of Non-Voting Equity Shares) Act 1987 24
\nNigerian Investment Promotion Commission Act Cap. N 1. 17 Laws
\nof the Federal Republic of Nigeria 2004 39
\nS. 17 39
\nS. 18 39
\nS. 31 39
\nS. 20 40
\nS. 24 (1) (2) (3) 40, 54
\nS. 26 (1) (2) (3) 42
\nNigerian Investment Promotion Commission Act No. 16 of 1995 39
\nNigerian Liquified Natural Gas (Fiscal Incentives Guarantees and
\nAssurances) Act Cap. N. 87 Laws of the Federal Republic of Nigeria 2004 60
\nS. 2
\nPatents and Designs Act, 1990 24
\nPetroleum Act 1969 24
\nPetroleum Profits Tax Act Cap.P. 13 Laws of
\nthe Federal Republic of Nigeria 2004 58
\nAfrican Growth and Opportunities Act (AGOA), 2000
\nS. 106 60
\nS. 114 60<\/p>\n
LIST OF ABBREVIATIONS<\/p>\n
ABU – Ahmadu Bello University AGOA – African Growth Opportunity Act
\nAHFE – Association of Head of Federal Establishments BPO – Business Process Outsourcing
\nCAC – Corporate Affairs Commission CAMA – Companies and Allied Matters Act CAP – Common Agricultural Policy CBN – Central Bank of Nigeria
\nC of O – Certificate of Occupancy
\nECOWAS – Economic Community of West African States EPZ – Export Processing Zone
\nFAO – Food and Agricultural Organization
\nFEMMA – Foreign Exchange (Monitoring and Miscellaneous) Act FDI – Foreign Direct Investment
\nFPI – Foreign Private Investment
\nGATT – General Agreement Tariffs and Trade GDP – Gross Domestic Product
\nHDP – Human Development Report
\nIDDC – Industrial Development Coordination Committee IMM – Immigration
\nIMF – International Monetary Fund
\nIPRs – Intellectual Property Rights
\nIR – Immigration Responsibility
\nISA – Investments and Securities Act
\nJCA – Justice of the Court of Appeal LDCs – Least Developing Countries LRN – Law Report of Nigeria
\nMIA – Multilateral Investment Agreement MNCs – Multinational Corporations<\/p>\n
MPJFIL – Modern Practice Journal of Finance and Investment Law NEP – Nigerian Enterprises Promotion
\nNEPB – Nigerian Enterprises Promotion Board NGOS – Non \u2013 Governmental Organizations NEPC – Nigerian Enterprises Promotion Act
\nNIPC – Nigeria Investment Promotion Commission NIPCA – Nigerian Investment Promotion Commission Act NWLR – Nigeria Weekly Law Report
\nNOTAP – National Office for Technology Acquisition and Promotion OECD – Organization for Economic Cooperation and Development
\nP.I. – Portfolio Investment
\nPUR – Permanent Until Reviewed
\nSAP – Structural Adjustment Programme STR – Subject to Regularization
\nTDR – Trade and Development Report
\nTRIPS – Trade \u2013 Related Aspects of Intellectual Property Rights TRIMS – Trade \u2013 Related Investment Measures
\nTNCs – Transnational Corporations TWP – Temporary Work Permit
\nUNCTAD – United Nations Conference on Trade and Development USA – United States of America
\nWTO – World Trade Organization<\/p>\n","protected":false},"excerpt":{"rendered":"
ABSTRACT What provoked this research is the visibilly wanning national Sovereignty and Jurisdiction of developing Countries to make choice from options in economic, social and cultural policies due to globalization. The need to unravel the challenges the regulatory Legal Frame Work for Foreign investment in Nigeria faces, its impact on our national policies and policy […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/lawstudentprojectpdf.projectstore.com.ng\/wp-json\/wp\/v2\/posts\/1942"}],"collection":[{"href":"https:\/\/lawstudentprojectpdf.projectstore.com.ng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lawstudentprojectpdf.projectstore.com.ng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lawstudentprojectpdf.projectstore.com.ng\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/lawstudentprojectpdf.projectstore.com.ng\/wp-json\/wp\/v2\/comments?post=1942"}],"version-history":[{"count":0,"href":"https:\/\/lawstudentprojectpdf.projectstore.com.ng\/wp-json\/wp\/v2\/posts\/1942\/revisions"}],"wp:attachment":[{"href":"https:\/\/lawstudentprojectpdf.projectstore.com.ng\/wp-json\/wp\/v2\/media?parent=1942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lawstudentprojectpdf.projectstore.com.ng\/wp-json\/wp\/v2\/categories?post=1942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lawstudentprojectpdf.projectstore.com.ng\/wp-json\/wp\/v2\/tags?post=1942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}