The Federal Government has approved the downward review of the cost of business registration at the Nigerian Investment Promotion Commission (NIPC) from N50, 000 to N15, 000.
The Minister of Trade and Investment, Olusegun Aganga said the review was designed to make Nigeria highly competitive in line with international best practices.
The NIPC’s Assistant Director/ Head, Media and Publicity, Joel Attah said the downward review is in line with the desire of the federal government to improve the country’s competitiveness rating in doing business.
“It is also a very bold attempt at lowering the cost of doing business in Nigeria. This is expected to substantially enhance the country’s national competitiveness as a foreign direct investment destination,” he said.
The NIPC was established by Act No. 16 of 1995 to promote, encourage and coordinate investment in Nigeria and Section 4 (a) of the Act mandates the commission to register and keep records of all enterprises with foreign equity participation.
Mr Attah said: “In the light of this development, both new and existing investors are enjoined to take advantage of this gesture to ensure that they are dully registered with the commission in line with Section 20 (1) and (2) of the NIPC Act.
Failure to do so is a violation of the law. “The section states that an enterprise in which foreign participation is permitted under section 17 of this Act shall, before commencing business apply to the commission for registration and the commission shall within 14 days from the date of the receipt of completed registration forms, register the enterprise if it is satisfied that all relevant documents have been duly completed and submitted or otherwise advise the applicant accordingly.”