The shipbuilding industry in Nigeria is open to foreign participation and investment. there are no restrictions on foreign participation and investment in the industry. Foreign investors are guaranteed unrestricted return on investment capital and proceeds in any convertible currency, provided such capital was imported into Nigeria under a Certificate of Capital Importation issued by a Nigerian bank. (See the Nigerian Investment Promotion Commission Act, Chapter N117, Laws of the Federation of Nigeria 2004 and Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Chapter F34, Laws of the Federation of Nigeria 2004.)
Reproduced with permission from Law Business Research Ltd. Getting the Deal Through: Shipbuilding 2019, (published in May 2019; contributing editors: Arnold J van Steenderen, Van Steenderen MainportLawyers BV) For further information please visit gettingthedealthrough.com
