Essentially a free enterprise country, Nigeria allows foreigners to own and operate businesses with minimal restriction. Except where eligible for exemption, all foreign investors are required to be incorporated as a separate entity in Nigeria and, until incorporation, shall not have a place for business in Nigeria other than for the receipt of...
The Petroleum Industry Bill (PIB), which is currently before the federal legislature, establishes the legal and regulatory framework, institutions and regulatory authorities for Nigeria’s petroleum industry and stipulates guidelines for operations in the upstream, midstream and downstream sectors.
The Federal Inland Revenue Service (FIRS) has recently introduced a new set of transfer pricing regulations (hereafter known as “the Regulations”) which have an impact on the income tax assessment of related or associated taxable persons in Nigeria. The focus of the Regulations is to standardise, as clearly as possible, the transfer pricing...
As the single most populous nation in Africa, Nigeria recently overtook South Africa as the largest economy on the continent. Natural resources, oil and gas in particular, comprise the country’s single largest revenue-earner but the 170m person economy also has seen significant activity in recent years into the industrial, financial, telecoms and – as of 2013 – power sectors.
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