Nigeria

Currency: Naira (NGN)

Timezone: West Africa Time (UTC+1)

Nigeria is situated in West Africa where it shares its land border in the west with the Republic of Benin, in the east with Chad and Cameroon, and in the north with Niger—popularly referred to as the “Giant of Africa” due to its resources and population. The country is the most populous in Africa, with a population estimated to be over 207 million. The country has a very diverse ethnic group with over 100 languages. However, the major languages spoken in the country are Yoruba, Hausa, and Igbo, with English regarded as the official language in the country. The climate of the country varies widely with equatorial south, tropical in the middle, and arid in the north, while the landscape consists of southern lowlands, plateaus, and hills in the north and mountains in the southeast.

The country adopts a federal presidential republic system of government comprising 36 states and Abuja the Federal Capital. The economy is heavily reliant on Petroleum and Petroleum Products as its main source of foreign exchange earnings and accounts for over 70 percent of government revenue. The challenges facing the country include erratic power supply, lack of infrastructure, terrorist insurgence, kidnapping, banditry, clashes between farmers and herders, pervasive corruption, internet fraud, and police brutality.

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Data Privacy Policy- Nigeria Pension Commission

Ministry of Finance, Budget and National Planning, Nigeria

This policy by the Nigeria Pension Commission on the use of pensioner’s private data covers: the nature and reason for the collection of personal data; consent of data subject; processing and protection of personal data;...

Nigeria • 2018 • Finance

Framework for Micro-Pension Plan

Ministry of Finance, Budget and National Planning, Nigeria

This framework consists of three main strategies: strategies for securing participation in the Micro-Pension Plan; operational modalities for the Micro-Pension Plan; and minimum requirements for participation by licensed pension fund administrators and custodians.

Nigeria • 2018 • Finance

Guidelines for Micro-Pension Plan

Ministry of Finance, Budget and National Planning, Nigeria

These guidelines outline the roles and responsibilities of stakeholders; operational modalities of micro-pension plans; and the minimum requirements for participation by licensed Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs).

Nigeria • 2018 • Finance

Guidelines on Voluntary Contribution Under the Contributory Pension Scheme

Ministry of Finance, Budget and National Planning, Nigeria

The objective of these guidelines includes: to establish a uniform set of rules for the operation of voluntary contributions; provide the necessary modalities for withdrawal; utilize voluntary contributions to enhance retirement benefits; to engage retirees...

Nigeria • 2018 • Finance

Harmonization and Integration Policy

Ministry of Communications and Digital Economy, Nigeria

The overall goal of this policy is to ensure the legal, operational, technological and infrastructural environment for national identity management and uniform processing and verification of personal information and identity across the country.

Nigeria • 2018 • Democracy and Governance

Implementation Guidelines on Retirement Savings Account: Multi-Fund Structure

Ministry of Finance, Budget and National Planning, Nigeria

The objective of these guidelines includes: to achieve an optimum return for pensioner’s savings account; provide adequate investment alternatives for contributors; to ensure the safety of investment assets by achieving adequate portfolio diversification.

Nigeria • 2018 • Finance

Revision of the Fees Structure in the Pension Industry

Ministry of Finance, Budget and National Planning, Nigeria

This document is a notification to licensed pension fund managers and stakeholders in the pension industry on the revised fees structure for the pension industry.

Nigeria • 2018 • Finance

Revised Fund Accounting Guidelines

Ministry of Finance, Budget and National Planning, Nigeria

The aims of these guidelines include ensuring accuracy and reliability of accounting books of pension funds operators in Nigeria; ensuring uniformity in record-keeping across the pension industry; and ensuring accounting records in the pension industry...

Nigeria • 2018 • Finance

Regulations for the Administration of Retirement and Terminal Benefits

Ministry of Finance, Budget and National Planning, Nigeria

These regulations set out the requirements, procedures and standards relating to the administration of retirements and terminal benefits including the framework and guidance for issues regarding retirements, deaths and missing persons.

Nigeria • 2018 • Finance

Regulations for the Administration of Legacy Pension Assets

Ministry of Finance, Budget and National Planning, Nigeria

These regulations set out the rules for the administration of legacy pension assets; pension assets before the Pension Reform Act of 2004. The regulations also cover the administration of legacy real estate pension assets.

Nigeria • 2018 • Finance

Pension Fund Administrators ICT Guidelines

Ministry of Finance, Budget and National Planning, Nigeria

These guidelines by the National Pension Commission is to ensure all pension fund administrators meet the minimum ICT requirements that will ensure efficiency and transparency in the pension system.

Nigeria • 2018 • Finance

2018 Appropriation Bill

Ministry of Finance, Budget and National Planning, Nigeria

This document shows the Federal Government of Nigeria’s expenditure allocation across ministries, departments and agencies. Outlining the personnel, overhead, recurrent and capital expenditures for the year 2018.

Nigeria • 2018 • Finance

Appropriation Act, 2018

Ministry of Finance, Budget and National Planning, Nigeria

This is an Act authorizing the government expenditure across ministries, departments and agencies for the year 2018.

Nigeria • 2018 • Finance

Federal Competition and Consumer Protection Act, 2018

Ministry of Industry, Trade and Investment, Nigeria

This Act establishes the Federal Competition and Consumer Protection Commission and the Competition and Consumer Protection Tribunal to promote competition in the Nigerian markets at all levels by eliminating monopolies, prohibiting abuse of a dominant...

Nigeria • 2018 • Trade, Industry and Investment

Lead debate on Plastic Bags Prohibition Bill 2018

Ministry of Environment, Nigeria

This document by Hon. Sergius Ose Ogun is in support of a bill for an Act to prohibit the use, manufacture and importation of all plastic bags used for commercial and household packaging to address...

Nigeria • 2018 • Environment and Climate Change

Dishonoured Cheques Offences Act, 2017

Ministry of Trade, Industry and Investment, Nigeria

This Act amends the Dishonoured Cheques Offences Act 2004 and outlines the penalties associated with dishonoured cheques in Nigeria as well as other connected matters.

Nigeria • 2017 • Trade, Industry and Investment

Application Guidelines For Pioneer Status Incentive(PSI) - 2017

Ministry of Industry, Trade and Investment, Nigeria

According to Nigerian Investment Promotion Commission, the pioneer status incentive was designed to reduce the cost of doing business in Nigeria by providing corporate income tax relief to qualifying companies making investments in industries designated...

Nigeria • 2017 • Trade, Industry and Investment

Compendium of Investment Incentives in Nigeria

Ministry of Industry, Trade and Investment, Nigeria

The Compendium is a compilation of fiscal incentives in Nigerian tax laws and sector-wide investment incentives of the Federal Government. This document provides details on the available incentives for specific sectors. It also describes the...

Nigeria • 2017 • Trade, Industry and Investment

June 9, 2022

Political Parties, Presidential Candidates and the Electoral Act 2022 

The Electoral Act 2022 seeks to update and standardize Nigeria’s elections. The introduction of technological changes such as an electronic database of registered voters and an electronic transmission system of votes is a welcome improvement. Restricting political appointees' involvement in the election process is also a step in the right direction. However, there is a fundamental issue with the new act — its endorsement of the indirect primary process.

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