LIBERALIZATION OF FOREIGN PARTICIPATION IN NIGERIAN BUSINESSES: AN EXAMINATION OF THE IMPACT OF COMPANIES ANDALLIED MATTERS ACT (CAMA) 2020 AND OTHER LEGISLATIONS

Abstract

Foreign participation in Nigerian businesses is crucial to economic growth and the attraction of foreign direct investment (FDI). Reforms intended to improve the ease of doing business and create a more favorable corporate climate for investors were introduced by Companies and Allied Matters Act 2020 (CAMA 2020). This article analyzes key provisions affecting foreign participation, incorporation, ownership, corporate governance and regulatory oversight. It argues that while CAMA 2020 modernizes Nigeria’s corporate framework, its success depends on effective implementation and regulatory alignment.

The article relies on primary and secondary research sources. The primary sources include the Companies and Allied Matters Act 2020, legislation such as the Nigerian Investment Promotion Commission (NIPC) Act, Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Investment and Securities Act (ISA) 2025, Immigration Act, National Office for Technology Acquisition and Promotion (NOTAP) Act, Industrial Inspectorate Act, case laws and judicial decisions. The secondary sources are journal articles, periodicals and the internet.

Data collected were subjected to doctrinal analysis.

INTRODUCTION

According to the Central Bank of Nigeria, Foreign Direct Investment in Nigeria rose by 250 million USD in the first quarter of 2025. From 1990 to 2025, Foreign Direct Investment in Nigeria has averaged 781.29 million USD, hitting a peak of 3084.90 million USD in the fourth quarter of 2012 and a record low of -558.45 million USD in the fourth quarter of 2022[1]. These lofty numbers did not come to being by miracles or happenstance, on the contrary, it is the modern day impact of the deregulation and liberalization of the Nigerian economy.

Subsequent to the post Civil War patriotic policy of the military government, which aimed at putting Nigerians as pilots of the Nigerian economy, the Nigerian Enterprises Promotion Decree (Act)[2] was promulgated in 1972 to make it mandatory for Nigerians to own majority shares in companies registered in Nigeria. This position was reinforced by the famous Indigenization Decree of 1977[3] which prescribed indigenous shareholding dominance and required the occupancy of key management positions by Nigerians in such companies.

These decrees were expropriatory in nature hence the resulting effect of an outflow of capital and the reduction of foreign investment in Nigeria. This was salvaged by the policy of guided economic deregulation, which launched in 1987 and sought to re-attract foreign investment to Nigeria through the Nigerian Enterprises Promotion (Issue of Non-Voting Equity Shares) Decree. Followed by another Decree in 1989, it further relaxed restrictions by permitting foreign investors to hold full (100%) ownership of shares in Nigerian enterprises under the Nigerian Enterprises Promotion Decree of 1989[4].

Eventually, the statutory basis for the complete deregulation and liberalization of the Nigerian economy was established in 1995 through the Nigerian Enterprises Promotion Commission Decree[5] (now Act) and the Foreign Exchange (Monitoring & Miscellaneous Provisions) Decree[6] (now Act).

Today, the Nigerian economy operates through a range of sectors, including technology, oil and gas, agriculture, finance, and manufacturing. Thus, it is important to highlight that while there is significant foreign participation in each of these sectors; for foreign entities to engage in economic activities within the country, they must comply with specific legal and regulatory requirements.

This article argues that by refining incorporation, easing ownership restrictions, and modernizing compliance obligations, CAMA 2020 and other laws introduce significant statutory reforms that liberalize the framework for foreign participation in Nigerian enterprises. Nevertheless, consistent implementation and regulatory harmonization are necessary for the legislations’ overall effectiveness in boosting trade and investment.

WHAT IS FOREIGN PARTICIPATION?

Foreign participation is synonymous with alien participation.The interpretation section 868 of Company and Allied Matters Act 2020 (CAMA), defines a foreigner  as “alien” a person or association, whether corporate or unincorporated, other than a Nigerian citizen or association a company, business name or association incorporated or registered in Nigeria[7]” . Therefore, foreign participation is a type of cross-border investment in which a resident of one economy has control, or a significant degree of influence over the management of a resident of another economy[8].

A foreign national is authorized to engage in the establishment of a company by Section 20(4) of CAMA 2020[9] which states that, “subject to the provisions of any enactment regulating the rights and capacity of aliens to participate or undertake in a trade or business, an alien or a foreign company may join in forming of a company”[10].

Foreigners are also permitted to engage in enterprise in Nigeria by virtue of Section 17 of the Nigerian Investment Promotion Commission[11] (NIPC) providing that “A non-Nigerian, whether company or individual may invest and participate in the operation of any enterprise in Nigeria except those in the negative list”[12]. This negative list includes those sectors of investment prohibited to both foreign and Nigerian investors, that is production of arms, ammunition, etc.[13], production of and dealing in narcotic drugs and psychotropic substances, production of military and paramilitary wears and accoutrement[14], including those of the Police and the Customs, Immigration and Prison Services; and such other items as the Federal Executive Council may, from time to time, determine[15].

MODES OF FOREIGN PARTICIPATION

There are two broad options available to foreigners who desire to participate in business in Nigeria: Foreign Direct Investment (FDI)[16] and Foreign Portfolio Investment (FPI)[17].

1. FDI is a direct investment made by international investors that establish companies in Nigeria. To benefit from incorporation status, this type of foreign participation needs to be registered with the Corporate Affairs Commission.
2. Foreign Portfolio Investment, on the other hand, refers to the influx of capital into a nation where international investors acquire assets in the local stock and bond markets. For instance, when a foreign investor purchases shares in a Nigerian company, whether it is publicly traded or privately held.

With respect to compliance, the Securities and Exchange Commission[18] (SEC) is statutorily required to maintain a register for these two modes.

LEGAL AND REGULATORY FRAMEWORK OF FOREIGN PARTICIPATION IN NIGERIAN BUSINESSES

1. COMPANIES AND ALLIED MATTERS ACT (CAMA) 2020[19]:

On Friday 7th of August 2020 the President of Nigeria signed into law the long awaited Companies and Allied Matters Act (CAMA) 2020, which repeals and replaces the Companies and Allied Matters Act 1990[20]. It is trite law that anyone who seeks to conduct business in Nigeria must register their business with the Corporate Affairs Commission (CAC), which is the regulatory agency responsible for the administration of CAMA 2020. This requirement is applicable to both citizens of Nigeria and foreigners.

Section 78(1) of CAMA 2020[21] provides that a foreign company incorporated outside Nigeria and intending to carry on business in Nigeria shall be incorporated as a separate entity in Nigeria for that purpose (See also section 19 NIPC Act)[22].

However, section 80(1) CAMA 2020[23] provides that a foreign company or entity may apply to the Minister (The Minister of Industry, Trade, and Investment) to be exempted from registration[24] if it belongs to any of the following categories or types of companies: foreign companies invited to Nigeria by or with the approval of the Federal Government to execute any[25] specified individual project, foreign companies, which are in Nigeria for the execution of a specific individual loan project on behalf of the donor country or international organization (UNICEF, WHO, IMF,[26] World Bank), foreign government-owned companies engaged solely in export promotion activities, engineering consultants and technical experts engaged on any individual specialist project under contract with any of the governments in[27] the Federation or any of their agencies or government accredited contractors, company being granted exemption before the commencement of the CAMA 2020 and companies exempted under a treaty which Nigeria is a party to, e.g foreign airlines, shipping companies[28].  S. 80(2)[29] further sets out the requirements for the application to the Minister for exemption.

Despite these provisions for exemption, the status of an exempted company is recognized as that of an incorporated company which must file its reports with the CAC[30]. The effect of this unregistered status is that the company is precluded from the payment of all company taxes, and such company can sue and be sued in Nigeria where liable either in its corporate name or that of its agent, as upheld in the case of Ritz Pumpen Fabrik GMBH & Co.[31] KG v. Techno Continental Engineers Nig. Ltd. & Anor (1999)[32]. Exemption is not indefinite, it is for a limited time with the duration stipulated in the letter of exemption.

Notably, incorporation in Nigeria is serious business and a foreign company cannot conduct operations, establish a business address, or engage in any commercial activities in Nigeria until it is registered[33]. The decision of the Supreme Court in Agip (Nig.) Ltd. v. Agip Petrol International[34] further stamped this law. Once incorporated, the company is also required to acquire a Tax Identification Number (TIN) from the Federal Inland Revenue Service (FIRS) to fulfill its tax responsibilities, which include corporate tax and VAT registration.

In December 2023, the Corporate Affairs Commission (CAC)[35] declared that any company with foreign involvement is required to possess a minimum share capital of ₦100,000,000 (which is one hundred million Naira). Following a lot of criticism and opposition from financial experts and business owners, on December 8, 2023, just three days later, the Commission published a subsequent notice retracting the original notice and indicated that a revised notice will be provided in the near future[36].

Regardless, in order for a company with foreign participation to register with the Corporate Affairs Commission, it must meet the new minimum share capital requirement of NGN100,000,000 (one hundred million Naira), which was raised by the Ministry of Interior in its updated Handbook on Expatriate Quota Administration 2022 (the “Handbook”)[37]. In the event of non-compliance, CAC shall commence proceedings for the compulsory winding-up of the companies as stated under Section 571(e) of the CAMA 2020[38].

The registration of foreign companies in Nigeria involves three main steps. Firstly, a name availability search is conducted and reserved with the CAC, usually with a preferred and alternative name, valid for 60 days. Then, the registration application is filed, including company type, address, business nature, share capital, and details of shareholders and directors, along with applicable fees and stamp duty. Finally, CAC reviews the documents and issues a certificate of registration, status report, and stamped memorandum and articles of association, completing the incorporation process.

2. NIGERIAN INVESTMENT AND PROMOTION COMMISSION (NIPC) ACT 1995[39]:

NIPC is an agency of the Nigerian government tasked with the coordination and supervision of all investment promotion initiatives. It features a One Stop Investment Centre (OSIC) that serves as a liaison hub, facilitating interactions between foreign nationals or businesses and twenty-seven (27) different government bodies, including the Immigration Service, Corporate Affairs Commission (CAC), and the Securities and Exchange Commission (SEC). In addition to the incorporation of a Nigerian company under CAMA, section 20(1) of the NIPC Act stipulates that any foreign investor wishing to operate in Nigeria must apply for registration with the NIPC in the prescribed form prior to starting business activities[40].

Sections 22-27 of the NIPC Act[41] subsequently offer assurances to foreign investors including tax reliefs, business advisory services, OSIC, guarantees against the nationalization or expropriation of foreign companies by the Federal Government unless the acquisition is in the national interest or for public purpose, amicable mechanisms of resolution of disputes between  an investor and any Government of the Federation, as well as procedures for arbitration as specified in the Arbitration and Mediation Act, also in line with international ADR standards.

3. FOREIGN EXCHANGE (MONITORING AND MISCELLANEOUS PROVISIONS) ACT[42]:

In a bid to increase access to foreign currency for trade and investment purposes and liberalize Nigeria’s foreign exchange market, FEMMP Act was enacted.

As a result, its main goal was to create an independent foreign exchange system that would guarantee investors the flexibility to repatriate capital, profits, and dividends in convertible currency without excessive limitations, thereby promoting inflows of foreign capital[43].  The Act aimed to establish a transparent and investor-friendly environment that would enhance Nigeria’s inclusion into the international financial system by providing a legal framework for the operation of monitoring mechanisms and authorized dealers .i.e.commercial banks approved by the Central Bank of Nigeria (CBN), which also acts as its regulatory agency.

4. INVESTMENT AND SECURITIES ACT 2025:

The Investments and Securities Act 2025 (ISA 2025)[44] seeks to update Nigeria’s capital markets by improving regulatory supervision, reinforcing investor protection, increasing transparency, and ensuring that local securities legislation aligns with international standards. It repeals the old ISA 2007[45], broadens the regulatory authority of the Securities and Exchange Commission’s (SEC) to encompass digital and virtual assets, promotes openness in financial transactions and aligns Nigeria’s investment regulations with global standards to draw in increased foreign and domestic investment. Additionally, the Act intends to address fraudulent schemes such as Ponzi schemes, facilitate better access to capital for a wider array of issuers (including sub-national entities), enforce better reporting and safeguards against insolvency, while introducing  Legal Entity Identifiers (LEIs), a unique code that functions to promote market integrity and confidence among stakeholders.

5. IMMIGRATION ACT 2015:

 The Nigeria Immigration Service, in conjunction with the Nigerian Ministry of Interior regulates the immigration requirements of foreigners as prescribed by the act[46].

Foreign investors and offshore businesses looking to operate or set up in Nigeria are required to secure an Expatriate Quota[47] from the Minister of Interior as part of the regulatory framework. Immigrant employees and country nationals that are required to, must acquire visa and residence permits[48] that authorize them to work in Nigeria and, when necessary, send their earnings abroad. Also, a foreign national who fully owns a business in Nigeria must obtain a Business Permit to legally conduct operations in the country. Its main aim is to oversee migration patterns while allowing for the lawful entry of expatriates essential for investment, trade, and specialized services. The Combined Expatriate Resident Permit and Aliens Card (CERPAC), commonly referred to as a green card, is a document that permits a non-Nigerian to live and work in Nigeria. This eliminates the requirement for both a residence permit and a work permit; however, the holder must still acquire a visa. Citizens from ECOWAS are exempt from this requirement.

Hence, by instituting permit and visa stipulations, along with work authorization processes, the Act guarantees that foreign involvement in Nigeria’s economy happens within a controlled framework that weighs national security against the requirements for economic growth. 

6. NATIONAL OFFICE FOR TECHNOLOGY ACQUISITION AND PROMOTION (NOTAP) ACT 1979:

The NOTAP Act[49] was established to govern the transfer of foreign technology to Nigeria and ensure that such agreements are advantageous for the nation. Its primary goal is to stop the uncontrolled influx of foreign technology under unfavorable terms, protect Nigeria from capital outflow due to overpriced technology transfer agreements, and encourage the growth of local technological capabilities. By mandating the registration and approval of technology transfer agreements, the Act functions as both a regulatory and developmental instrument within Nigeria’s industrial policy framework.

Other legal and regulatory frameworks include the Industrial Inspectorate Act.

Essentially, the obtainment of sector-specific licenses such as oil exploration licenses, oil prospecting licenses and oil mining leases for oil companies and licenses from the Nigerian Communications Commission for telecommunication companies, amongst other sector-required licenses, should not be overlooked.

INCENTIVES FOR FOREIGN PARTICIPATION IN NIGERIAN BUSINESSES

There are incentives for conducting business in Nigeria, to encourage private sector investment from both domestic and foreign sources. The Nigerian government has implemented a number of these investment incentives. Some of these incentives are available to all sectors, while others are only available to a few.

1. The NIPC Act eliminates the possibility of expropriation and nationalization of enterprises owned by foreign investors, providing them with legal protection against government seizure and enhancing confidence in Nigeria’s business climate.
2. Under the Pioneer Status[50] regime, eligible companies enjoy a temporary exemption from company income tax, enabling them to retain and reinvest profits during their formative years.
3. Nigeria’s incentive system offers duty drawbacks/refunds on imported raw materials used for exports, tax benefits on loans from foreign sources, and incentives for educational and research purposes.
4. Double Taxation Agreements: Throughout the years, the Nigerian Government has established double taxation agreements with several nations. The primary purpose of these agreements is to provide relief from being taxed twice on profits that are taxable in Nigeria and on any similarly applicable taxes imposed by the legislation of the other involved country, which is facilitated through a “tax credit.”

OPERATIONAL CHALLENGES AND PROSPECTS OF FOREIGN PARTICIPATION IN NIGERIAN BUSINESSES

Foreign participation in Nigerian businesses faces several operational challenges. Regulatory overlaps among agencies such as the CAC, SEC, and NIPC create compliance difficulties, while foreign exchange instability complicates profit repatriation. Infrastructure deficits, bureaucratic bottlenecks, corruption risks, and delays in judicial enforcement further hinder investment. Security concerns in certain regions also pose risks to business continuity.

Despite these challenges, prospects remain strong. CAMA 2020 and the Investments and Securities Act 2025 have improved corporate governance, streamlined incorporation, and enhanced investor protection. Nigeria’s large consumer market, coupled with regional trade opportunities through ECOWAS and the AfCFTA[51], offers significant growth potential. Government incentives including pioneer status tax holidays, duty drawback schemes, and protection against expropriation, further encourage investment. Ongoing reforms in business regulation and currency management signal a more conducive environment, making Nigeria a promising destination for foreign investors.

CONCLUSION

Overall, CAMA 2020 and complementary legislation represent major strides in liberalizing foreign participation, aligning Nigeria’s corporate framework with international best practices, and fostering investor confidence. To fully realize these benefits, the government should: harmonize regulatory agencies to reduce overlaps; strengthen enforcement of corporate and contractual obligations; invest in critical infrastructure; enhance transparency in fiscal incentives; and leverage regional trade frameworks to maximize market access. By addressing these areas, Nigeria can attract and sustain meaningful foreign investment, stimulate industrial growth, and achieve long-term economic development.

REFERENCE(S):

1. Trading Economics, ‘Nigeria Foreign Direct Investment’ (2025) <https://tradingeconomics.com/nigeria/foreign-direct-investment> accessed on 23 September 2025.
2. Nigerian Enterprises Promotion Decree 1972, as amended in 1977 <https://gazettes.africa/archive/ng/1972/ng-government-gazette-supplement-dated-1972-02-23-no-10-part-a.pdf> accessed on 23 September 2025.
3. The Indigenisation Decree of 1977, officially the Nigerian Enterprises Promotion Decree (NEPD) 1977.
4. Nigerian Enterprises Promotion (Issue of Non-Voting Equity Shares) Decree No 19 of 1987; Nigerian Enterprises Promotion Decree No 54 of 1989.
5. Nigerian Enterprises Promotion Commission Decree No.16 of 1995.
6. Foreign Exchange (Monitoring & Miscellaneous Provisions) Decree No. 17 of 1995.
7. Tomisin Farinola, ‘An Overview Of The Legal Requirements For Foreign Participation In Business In Nigeria’ (2024) Metalex Legal <https://metalexlegal.com/publication/article/an-overview-of-the-legal-requirements-for-foreign-participation-in-business-in-nigeria.63> accessed 23 September 2025.
8. Legal Portal, ‘Corporate Law’ (2024) <https://legalportalng.wordpress.com/law-school/law-school-notes/corporate-law/> accessed 23 September 2025.
9. Tochi Nwogu, ‘The Legal Framework For The Protection Of Investments In Nigeria In Comparison To China‘ (2008) <http://www.etd.ceu.hu/2008/nwogu_tochi.pdf> accessed 23 September 2025.
10. Nelson Vincent, ‘A Legal Perspective to Foreign Participation in the Nigerian Business Sector’ (2025) VineLegal <https://www.vinelegal.com.ng/2024/02/a-legal-perspective-to-foreign.html> accessed 23 September, 2025.
11. Companies and Allied Matters Act, 2020 (Act No. 3 of 2020)
12. Cap C20 Laws of the Federation of Nigeria (LFN) 2004.
13. Stren & Blan Partners, ‘Foreign Investment Principles And Immigration Regulations In Nigeria’ (2023) </https://strenandblan.com/foreign-investment-principles-and-immigration-regulations-in-nigeria/> accessed 23 September 2025.
14. Ritz Pumpen Fabrik GMBH & Co. KG v. Techno Continental Engineers Nig. Ltd. & Anor (1999) 4 NWLR (Pt. 598) 298.
15. Agip (Nig.) Ltd. v. Agip Petrol International (2010) 5NWLR (Pt. 1187)348 sc.
16. TechPoint Africa, ‘Minimum Share Capital for Foreign Companies in Nigeria’, <https://techpoint.africa/guide/share-capital-foreign-companies-nigeria > accessed on 23rd September, 2025.
17. PwC, ‘An Overview of the 2022 Revised Handbook on Expatriate Quota Administration in Nigeria’ (2022) <https://www.pwc.com/ng/en/assets/pdf/regulatory-alert.pdf> accessed 23 September 2025.
18. Nigerian Investment Promotion Commission Act (1995) CAP N117 LFN 2004.
19. Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Cap F34 LFN 2004.
20. Investments and Securities Act, 2025. Page 179. No. 2 A 209.
21. BusinessNews, ‘Tinubu Signs Investments and Securities Act 2025, Strengthening Capital Market Regulation’ (29 March 2025) <https://businessnewsng.com/2025/03/29/tinubu-signs-investments-and-securities-act-2025-strengthening-capital-market-regulation/> accessed 23 September 2025.
22. Immigration Act, 2015 (Act No. 8 of 2015).
23. National Office for Technology Acquisition and Promotion Act, Cap N62 Laws of the Federation of Nigeria (LFN) 2004.
24. African Continental Free Trade Area Agreement, March 2018 <https://rwandatrade.rw/media/AfCFTA%20Agreement.pdf> accessed 23 September 2025.

⁕ Precious Inioluwa Adedokun, LL.B. (Obafemi Awolowo University, Ile-Ife Nigeria), AICMC. adedokunprecious0@gmail.com. +234 814 225 9051

[1] Trading Economics, ‘Nigeria Foreign Direct Investment’ (2025) <https://tradingeconomics.com/nigeria/foreign-direct-investment>  accessed on 23 September 2025.

[2] Nigerian Enterprises Promotion Decree 1972, as amended in 1977 <https://gazettes.africa/archive/ng/1972/ng-government-gazette-supplement-dated-1972-02-23-no-10-part-a.pdf> accessed on 23 September 2025.

[3] The Indigenisation Decree of 1977, officially the Nigerian Enterprises Promotion Decree (NEPD) 1977.

[4] Nigerian Enterprises Promotion (Issue of Non-Voting Equity Shares) Decree No 19 of 1987; Nigerian Enterprises Promotion Decree No 54 of 1989.

[5] Nigerian Enterprises Promotion Commission Decree No.16 of 1995.

[6] Foreign Exchange (Monitoring & Miscellaneous Provisions) Decree No. 17 of 1995.

[7] Section 868, Companies and Allied Matters Act, 2020.

[8] Tomisin Farinola, ‘An Overview Of The Legal Requirements For Foreign Participation In Business In Nigeria’ (2024) Metalex Legal <https://metalexlegal.com/publication/article/an-overview-of-the-legal-requirements-for-foreign-participation-in-business-in-nigeria.63> accessed 23 September 2025.

[9] Section 20 (4), Companies and Allied Matters Act, 2020.

[10] Legal Portal, ‘Corporate Law’ (2024) <https://legalportalng.wordpress.com/law-school/law-school-notes/corporate-law/> accessed 23 September 2025.

[11] Section 17, NIPC Act, Cap N117 LFN 2004.

[12] Ibid.

[13] Tochi Nwogu, ‘The Legal Framework For The Protection Of Investments In Nigeria In Comparison To China‘ (2008) <http://www.etd.ceu.hu/2008/nwogu_tochi.pdf> accessed 23 September 2025.

[14] Section 31 (a)-(d) of NIPC Act, Cap N117 LFN 2004.

[15] Nelson Vincent, ‘A Legal Perspective to Foreign Participation in the Nigerian Business Sector’ (2025) VineLegal <https://www.vinelegal.com.ng/2024/02/a-legal-perspective-to-foreign.html> accessed 23 September, 2025.

[16] Section 19, NIPC Act, Cap N117 LFN 2004.

[17]  Section 21, NIPC Act, Cap N117 LFN 2004.

[18] Section 13(1) Investment and Securities Act, 2025.

[19] Companies and Allied Matters Act, 2020 (Act No. 3 of 2020)

[20] Cap C20 Laws of the Federation of Nigeria (LFN) 2004.

[21] Section 78(1), Companies and Allied Matters Act, 2020.

[22] Legal Portal, ‘Corporate Law’ (2024) <https://legalportalng.wordpress.com/law-school/law-school-notes/corporate-law/> accessed 23 September 2025.

[23] Section 80(1), Companies and Allied Matters Act, 2020.

[24] Stren & Blan Partners, ‘Foreign Investment Principles And Immigration Regulations In Nigeria’ (2023) </https://strenandblan.com/foreign-investment-principles-and-immigration-regulations-in-nigeria/> accessed 23 September 2025.

[25] Ibid.

[26] Ibid.

[27] Ibid.

[28]  Section 78(3) (a)&(b), Companies and Allied Matters Act, 2020.

[29]  Section 80(2), Companies and Allied Matters Act, 2020.

[30] Section 81 & 82, Companies and Allied Matters Act, 2020.

[31] Ibid.

[32] Ritz Pumpen Fabrik GMBH & Co. KG v. Techno Continental Engineers Nig. Ltd. & Anor (1999) 4 NWLR (Pt. 598) 298.

[33] Section 54(1), Companies and Allied Matters Act, 2020.

[34] Agip (Nig.) Ltd. v. Agip Petrol International (2010) 5NWLR (Pt. 1187)348 sc.

[35] TechPoint Africa, ‘Minimum Share Capital for Foreign Companies in Nigeria’, <https://techpoint.africa/guide/share-capital-foreign-companies-nigeria > accessed 23 September 2025

[36] Ibid.

[37] PwC, ‘An Overview of the 2022 Revised Handbook on Expatriate Quota Administration in Nigeria’ (2022) <https://www.pwc.com/ng/en/assets/pdf/regulatory-alert.pdf> accessed 23 September 2025.

[38] Section 571(e), Companies and Allied Matters Act, 2020.

[39] Nigerian Investment Promotion Commission Act (1995) CAP N117 LFN 2004.

[40]  Section 20(1),, NIPC Act, Cap N117 LFN 2004.

[41] Section 22-27, NIPC Act, Cap N117 LFN 2004.

[42]  Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Cap F34 LFN 2004.

[43] Sections 12-15  Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Cap F34 LFN 2004.

[44] Investments and Securities Act, 2025. Page 179. No. 2 A 209.

[45] BusinessNews, ‘Tinubu Signs Investments and Securities Act 2025, Strengthening Capital Market Regulation’ (29 March 2025)< https://businessnewsng.com/2025/03/29/tinubu-signs-investments-and-securities-act-2025-strengthening-capital-market-regulation/> accessed 23^rd September, 2025.

[46] Immigration Act, 2015 (Act No. 8 of 2015).

[47] Section 12(2), Immigration Act, 2015 (Act No. 8 of 2015).

[48] Section 8-10,  Immigration Act, 2015 (Act No. 8 of 2015)

[49] National Office for Technology Acquisition and Promotion Act, Cap N62 Laws of the Federation of Nigeria (LFN) 2004.

[50] Section 25(2), NIPC Act, Cap N117 LFN 2004.

[51]  African Continental Free Trade Area Agreement, March 2018 <https://rwandatrade.rw/media/AfCFTA%20Agreement.pdf> accessed 23 September 2025.