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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ECOWAS Common Investment Code

ECOWAS, Nigeria

The purpose of this code is to harmonize the legal and institutional framework for all investment activities in the region thereby fostering investment, sustainable development, attracting foreign direct investment, and promoting trade and investment relations...

Nigeria • 2018 • Trade, Industry and Investment

Open Data Policy

Ministry of Communications and Digital Economy, Nigeria

This policy aims to ensure proper communication of government information to the public, foster data-driven governance in Nigeria and promote the growth of the ICT sector in Nigeria.

Nigeria • 2018 • Information, Communication and Technology

Discrimination Against Persons with Disabilities (Prohibition) Bill, 2018

Ministry of Humanitarian Affairs, Disaster Management and Social Development, Nigeria

This Act ensures the inclusion and integration of persons with disabilities into society and the establishment of a National Commission to protect their education, care, social, economic and civil rights.

Nigeria • 2018 • Gender and Human Rights

Flare Gas (Prevention of Waste and Pollution) Regulation, 2018

Energy and Natural Resources, Nigeria

The objectives of this regulation are: for the protection of the environment; the prevention of waste of natural resources; reduction of the social and environmental impact of gas flaring; and the creation of economic opportunities...

Nigeria • 2018 • Energy

National Energy Policy

Energy and Natural Resources, Nigeria

This policy is formulated toward ensuring the development of the nation’s energy resources, to increase the contribution of energy products to the national income, to promote efficiency, and cost-effective energy consumption, energy conservation, carbon management,...

Nigeria • 2018 • Energy

Second National Strategic Health Development Plan: 2018-2022

Health, Nigeria

This document outlines the framework for the development of the health sector for the period 2018 to 2022. The strategy is focused on mobilizing resources for the health sector and collaboration and coordination between stakeholders...

Nigeria • 2018 • Health

Future Generations Fund Investment Policy Statement

Ministry of Industry, Trade and Investment, Nigeria

This policy provides a framework for the management of Future Generation Fund, outlining the guideline for executive management as well as the objectives, risk tolerance and constraints of the fund.

Nigeria • 2018 • Trade, Industry and Investment

Stabilisation Fund Investment Policy Statement

Ministry of Industry, Trade and Investment, Nigeria

This policy provides a framework for the management of the Stabilization Fund, outlining the guideline for executive management as well as the objectives, risk tolerance and constraints of the fund.

Nigeria • 2018 • Trade, Industry and Investment

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

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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