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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Banks and Other Financial Institutions Act, 2004

Ministry of Trade, Industry and Investment, Nigeria

This is an Act amending the Banks and Other Financial Institutions Act, 1991 regulating the activities of banks and other financial institutions as well as other general matters. The Act highlights the functions of the...

Nigeria • 2004 • Trade, Industry and Investment

Insurance Act, 2004

Ministry of Trade, Industry and Investment, Nigeria

This is an Act outlining the provisions for insurance activities in Nigeria including the registration of insurance business, operation of insurance business, premium and commissions, disclosure and warranty, and for other supplementary and miscellaneous matters.

Nigeria • 2004 • Trade, Industry and Investment

Money Laundering (Prohibition) Act, 2004

Ministry of Finance, Nigeria

This Act repeals the Money Laundering Act 2003 and outlines the provisions noting money laundering as a crime and illegal action. The Act specifies the penalties for money laundering activities as well as other related...

Nigeria • 2004 • Finance

Administrative Staff College of Nigeria Act, 2004

Ministry of Education, Nigeria

This Act provides for the creation of the Administrative Staff College of Nigeria including the functions, management, and financial provisions for the college and other miscellaneous matters.

Nigeria • 2004 • Education

Admiralty Jurisdiction Act, 2004

Ministry of Justice, Nigeria

This Act outlines the provisions regarding the jurisdiction of the Federal High Court in admiralty matters in Nigeria.

Nigeria • 2004 • Justice

Advertising Practitioner's Act, 2004

Ministry of Trade, Industry and Investment, Nigeria

This is an Act for the establishment of a council of advertising practitioners in Nigeria. The Act specify the regulations for controlling the practices and activities of the profession of advertising in Nigeria.

Nigeria • 2004 • Trade, Industry and Investment

Economic and Financial Crimes Commission Act, 2004

Ministry of Finance, Nigeria

This is an Act establishing the Economic and Financial Crimes Commissions. The Act outlines the functions of the commission, the management of the commission and the various offences relating to financial and economic crimes as...

Nigeria • 2004 • Finance

Food and Drugs Act, 1976

Ministry of Health, Nigeria

This is an Act to make provision for the regulation of the manufacture, sale and advertisement of food, drugs, cosmetics and devices and repeal the existing State laws on those matters.

Nigeria • 2004 • Health

The Federal Road Safety Corps Act

Ministry of Transportation, Nigeria

A Bill for an Act to amend the Federal Road Safety Commission Act, 2004. The Bill aims to reduce accidents and fatalities by the mandatory use of child restraints in vehicles and a resting period...

Nigeria • 2004 • Transportation

University of Ibadan Amendment Bill

Ministry of Education, Nigeria

A Bill for an Act to amend the University of Ibadan Act 2004 to provide for the election and tenure of the dean of a faculty and other related matters.

Nigeria • 2004 • Education

Nigerian Communications Act (No. 19 of 2003) Frequency Spectrum Regulations

Ministry of Communications and Digital Economy, Nigeria

These regulations outline the process to determine all frequency spectrum fees for commercial activities in the telecommunications sector in Nigeria. Its objectives are to establish a competitive pricing structure and promote efficiency in the usage...

Nigeria • 2004 • Information, Communication and Technology

National Policy On Education - 4th Edition

Ministry of Education, Nigeria

This is a policy document outlining the country’s educational goals in terms of their relevance to the needs of the individual and the society and consonance with the realities of the environment and the modern...

Nigeria • 2004 • Education

Money, Credit, Foreign Trade and Exchange Policy Guidelines for 2004/2005

Ministry of Finance, Budget and National Planning, Nigeria

The primary objective of monetary policy in 2004/2005 is the maintenance of price and exchange rate stability and also the maintenance of a single-digit inflation rate during the period, through effective control of the growth...

Nigeria • 2004 • Finance

Pension Reform Act 2004

Ministry of Labour and Productivity, Nigeria

This Act repeals the Pensions Act 1990 and establishes a uniform contributory pension scheme for both the public and private sectors in Nigeria.

Nigeria • 2004 • Labour

Oil Pipelines Act

Ministry of Energy and Natural Resources, Nigeria

This is an Act to make provision for licenses to be granted for the establishment and maintenance of pipelines incidental and supplementary to oilfields and Oil mining and for purposes ancillary to such pipelines.

Nigeria • 2004 • Energy

National Water Policy

Ministry of Infrastructure, Nigeria

This document is divided into three sections. The first section covers the Nigerian context and the process in which the Policy is being produced and outlines the issues to which it is responding. The second...

Nigeria • 2004 • Infrastructure and Construction

Public Enterprises (Privatisation and Commercialisation) Order, 2004.

Ministry of Industry, Trade and Investment, Nigeria

This order, made under the Public Enterprises (Privatizations and Commercialization) Act, provides that 51 per cent of Government shares in enterprises to be privatized may be offered to core investors and that 10 per cent...

Nigeria • 2004 • Trade, Industry and Investment

Petroleum Act

Ministry of Energy and Natural Resources, Nigeria

This Act provides for the exploration of petroleum in the territorial waters and the continental shelf of Nigeria and to vest the ownership of all on-shore and off-shore revenue derivable from petroleum resources to the...

Nigeria • 2004 • Energy

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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