THE LEGAL PROVISIONS RELATING TO FOREIGN INVESTMENTS IN NIGERIA WITHIN THE CONTEXTS OF NEPAD AND AGOA
THE LEGAL PROVISIONS RELATING TO FOREIGN INVESTMENTS IN NIGERIA WITHIN THE CONTEXTS OF NEPAD AND AGOA
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Date
2006-06
Authors
OMUGHELE, JOHN MUDIAGA A
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Abstract
Any country’s economic score sheet is influenced by the events within and from
abroad. The reality of globalization has come to mean that the former speaks
louder now than in the days past when domestic measures dictated matters. The
passion being expressed by the Nigerian government for foreign investments
needs to be examined in the context of the two tendencies broadly shown by a
nationalistic approach in which nationalization, indigenization and control are key
factors and by liberalization in which deregulation and privatization are notable.
Nigeria indeed practised the first hoping to achieve growth, development and selfsufficiency
that way before courting, gently at first, the second.
This study begins where the former stopped. It examines the high points of the
national approach which relied so much on domestic measures and legislation, in
this case exchange control and indigenization laws. It then considers the crisis
stage when Nigeria was torn between the two: this is shown for instance in her not
totally repealing the indigenization laws but conceding some participation without
voting (control) rights to foreign investors and admitting some liberality into
foreign exchange holding and administration until, finally, in 1995 when by the
Nigerian Investment Promotion Commission Act, Act No. 16 of 1995 and the
Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Act No. 17 of
1995 the existing structures were dismantled to allow unrestrained foreign
investments in Nigeria.
The place of external influences is examined in relation to certain trends, some
legal, other not, which affect foreign investments. This work accepts the reality of
such influences, even to the extent of testing the host countries’ economic
sovereignty. Questions of regional integration and co-operation in Africa are
considered in terms of their potential to affect domestic measures, and it is in this
sense that NEPAD is considered and related with them. AGOA, as a life – line, is
also considered as offering potentials which could enhance investments
particularly in the agricultural and agri-business sectors. Those being the case,
laws on these sectors are examined to test their harmony with AGOA. All of these
offered an opportunity to see what appear to be those areas in Nigerian law where
changes are necessary in order to produce good results.
Description
A THESIS SUBMITTED TO THE POSTGRADUATE SCHOOL
AHMADU BELLO UNIVERSITY, ZARIA
IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF
THE DEGREE OF MASTER OF LAWS
DEPARTMENT OF COMMERCIAL LAW
FACULTY OF LAW
JUNE 2006
Keywords
LEGAL PROVISIONS,, RELATING,, FOREIGN INVESTMENTS,, NIGERIA, CONTEXTS,, NEPAD,, AGOA.