The Nigerian Investment Promotion Commission (NIPC) was established by the Nigerian government to encourage, promote and coordinate investments in the Nigerian economy. Foreign-owned companies intending to carry on business in Nigeria are expected to register with the NIPC and enjoy some incentives provided by the government to them such as tax holidays for a certain period. After registration with CAC, the next step is to register with the NIPC.
Functions of NIPC
- Be the agency of the Federal Government to coordinate and monitor all investment promotion activities to which the NIPC Act applies.
- Initiate and support measures that shall enhance the investment climate in Nigeria for both Nigerian and non-Nigerian investors.
- Promote investments in and outside Nigeria through effective promotional means.
- Collect, collate, analyse and disseminate information about investment opportunities and sources of investment capital, and advise on request, the availability, choice, or suitability of partners in joint-venture projects.
- Register and keep records of enterprises to which the NIPC Act applies.
- Identify specific projects and invite interested investors to participate in those projects.
- Initiate, organize and participate in promotional activities such as exhibitions, conferences, and seminars for the stimulation of investments.
- Maintain liaison between investors and Ministries, Government Departments and Agencies, institutional lenders and other authorities concerned with investments.
- Provide and disseminate up-to-date information on incentives available to investors.
- Assist incoming and existing investors by providing support services.
- Evaluate the impact of the Commission on investments in Nigeria and make appropriate recommendations.
- Advise the Federal Government on policy matters including fiscal measures designed to promote the industrialization of Nigeria or the general development of the economy.
- Perform such other functions as are supplementary or incidental to the attainment of the objectives of the Act.
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Originally published November 6, 2022
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