NIPC Bill Policy Summary

Nigerian Investment Promotion Commission Act (Repeal and Re-enactment) Bill, 2019 National Assembly of Nigeria — Senate Bill No. 20 (9th Senate)

What Is This Bill?

The Nigerian Investment Promotion Commission Act (Repeal and Re-enactment) Bill, 2019 (SB. 20) is a legislative proposal to fully repeal and replace the existing Nigerian Investment Promotion Commission Act (Cap. N117, Laws of the Federation of Nigeria 2004), originally enacted as Act No. 16 of 1995. The Bill seeks to modernise the NIPC's legal framework by creating a more attractive, transparent, and predictable investment environment for both Nigerian and foreign investors, streamlining the Commission's mandate, and aligning Nigeria's investment promotion regime with contemporary international best practices and the country's economic diversification goals. Nigerian Investment Promotion Commission Act Cap. N117 LFN 2004 (the Act being repealed); Constitution of the Federal Republic of Nigeria 1999; Companies and Allied Matters Act; Foreign Exchange (Monitoring and Miscellaneous Provisions) Act

Domestic and foreign investors seeking to establish or expand enterprises in Nigeria The Nigerian Investment Promotion Commission (NIPC) and its Governing Council Federal Ministries of Industry, Trade and Investment; Finance; Foreign Affairs; Interior; and Petroleum Multinational corporations, portfolio investors, and joint-venture participants Small, medium, and large enterprises across all sectors of the Nigerian economy State and local government entities engaged in investment attraction and facilitation

Who Does It Target?

Domestic and foreign investors seeking to establish or expand businesses in Nigeria. Nigerian Investment Promotion Commission (NIPC) and its officials. Federal Ministries, Departments, and Agencies involved in investment facilitation and licensing. One-Stop Investment Centre (OSIC) stakeholders.

What Does It Aim to Achieve?

Repeal the outdated NIPC Act of 1995/2004 and replace it with a modern, comprehensive investment promotion law Create a more attractive incentive framework for both Nigerian and foreign direct investment (FDI) Establish a transparent, predictable, and facilitating regulatory environment for enterprise registration and investor support Strengthen the Commission's powers to promote, coordinate, and monitor all investments in Nigeria Liberalise foreign participation in all sectors of the Nigerian economy, except those on the negative list Align Nigeria's investment legal framework with African Continental Free Trade Area (AfCFTA) obligations and international best practices Enhance investor protection mechanisms, including clearer dispute resolution frameworks

Key Features

Full Re-enactment: Complete repeal of the 1995/2004 NIPC Act and replacement with a new comprehensive law addressing identified deficiencies Incentive Framework: Establishment of an enhanced, clearly defined incentive framework to attract high-quality investment into priority sectors Transparency and Predictability: Provisions aimed at ensuring a stable, consistent policy environment with reduced regulatory uncertainty for investors Open Participation: Non-Nigerians may invest and participate in any enterprise except those on the negative list, subject to incorporation under the Companies and Allied Matters Act Enterprise Registration: Mandatory registration of qualifying enterprises with the Commission prior to commencement of business, with streamlined procedures Investor Protection: Strengthened provisions for protection of investors, including safeguards against expropriation and clearer dispute resolution pathways Governing Council Reform: Revised composition and governance of the NIPC Governing Council to enhance operational independence and accountability AfCFTA Alignment: Provisions to facilitate cross-border investments consistent with Nigeria's obligations under the African Continental Free Trade Area agreement

Current Status

Legislative Stage: First Reading only — the Bill was introduced in the Senate on 14 November 2019 and did not progress beyond First Reading as at the end of the 9th Senate's first two years (June 2021) No Committee Referral: The Bill was not referred to any Senate Committee and had no recorded Second Reading, Committee consideration, or adoption date in the 9th Senate Bill Progression Chart Related Activity: A separate NIPC Amendment Bill (SB. 291) was also introduced in October 2020 by Sen. Uche Ekwunife, indicating continued legislative interest in reforming the NIPC framework Existing Act: The current NIPC Act (Cap. N117 LFN 2004) remains in force; amendments were subsequently made via the Business Facilitation (Miscellaneous Provisions) Act 2023 NIPC Today: The Commission remains active under its existing mandate, with Aisha Rimi serving as Executive Secretary/CEO, attracting FDI and supporting the Federal Government's economic diversification agenda How to Access / Engage Investors: Register enterprises with the NIPC under the existing Act via the One-Stop Investment Centre (OSIC) at NIPC headquarters, Plot 1181 Aguiyi Ironsi Street, Maitama, Abuja Legislative Tracking: Monitor the National Assembly Bills portal at nass.gov.ng for any re-introduction or progression of the Repeal and Re-enactment Bill Policy Advocacy: Engage the Senate Committee on Trade and Investment or the NIPC Policy Advocacy Department to advance reform of the investment promotion legal framework Contact: Nigerian Investment Promotion Commission — nipc.gov.ng | Federal Ministry of Industry, Trade and Investment — miti.gov.ng

Important Terms

Impact & Metrics

Nigeria received approximately USD 1.1 billion in FDI inflows in Q1 2023, underlining the importance of a modern legal investment promotion framework The NIPC Act in its current form has been in force since 1995 — a 30-year-old framework increasingly seen as misaligned with global investment trends and AfCFTA commitments A modernised re-enactment could strengthen Nigeria's position as Africa's largest economy and most populous market for attracting quality, sustainable investments The Bill addresses structural gaps in investor protection and dispute resolution that have been cited as barriers to higher FDI flows

Official Resources

Website: nipc.gov.ng | nass.gov.ng | miti.gov.ng Bill Reference: SB. 20 (9th Senate) — Nigerian Investment Promotion Commission Act (Repeal and Re-enactment) Bill, 2019 Contact: Nigerian Investment Promotion Commission (NIPC), Plot 1181 Aguiyi Ironsi Street, Maitama District, Abuja Summary prepared using the Policy Summary Template | Source: 9th Senate Bill Progression Chart (PLAC Nigeria, June 2021); NIPC Act Cap. N117 LFN 2004; UNCTAD Investment Policy Hub; YIAGA Africa NIPC Analysis Report 2025; Wikipedia | March 2026

Legal Framework

Nigerian Investment Promotion Commission Act Cap. N117 LFN 2004 (the Act being repealed); Constitution of the Federal Republic of Nigeria 1999; Companies and Allied Matters Act; Foreign Exchange (Monitoring and Miscellaneous Provisions) Act