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Investment Promotion Department

INVESTMENT PROMOTION AND PROTECTION AGREEMENT (IPPA)
REQUIREMENTS/CONDITIONS
Existence of a bilateral relationship between two nations
Show of interest by friendly Countries
Nigerian Business Committee i.e. NACCIMA, Manufacturers Association of Nigeria (MAN), etc. indicating an interest in investing or
informing of existing investments in friendly Countries and the need for an IPPA to protect their investments
PROCESSES TIMELINES FEES
Exchange of Diplomatic Notes i.e. (Draft Model IPPA) 14 working days No Charges
Receipt of responses from the other party 20 working days
Inter-Ministerial Committee on IPPA meets to consider the grey areas 20 working days
Inter-Ministerial IPPA meets to ratify the minutes/report. 10 working days after receipt of responses from theCountry
Minutes/Report writing 5 working days
Negotiations on the outstanding issues through:
(a),Physical Contact in either Countries
(b),Tele-conferencing
To be determine by both Countries
Forwarding of Agreementto,Ministry of Justice for clean up 5 working days
Preparation ofAgreement for,Signature 2 working days after receipt from MOJ
Signing of Agreement To be determine by both Countries
Preparation of memo to FEC for ratification 5 working days
Submission of ratification to National Assembly for enactment into law 5 working days
Endorsement of ratification by President and Commander in Chief 5working days
PRODUCTION DAY CERTIFICATES (FOR TAX HOLIDAYS)
REQUIREMENTS/CONDITIONS
Receipt of Pioneer Status Approval in principle from NIPC
ü,Formal Application from the Company enclosing the requisite completed Forms (Production and Sales Figures for at least 7months)
PROCESSES TIMELINES FEES
Receipt of Pioneer Status Approval in Principle from
NIPC
10 working days No Charges
Receipt of formal application from the Company
enclosing requisite completed Forms
10 working days No Charges
In-house review of the submissions and recommendations 10 working days No Charges
Physical Inspection,and verification of the processes, Production
lines, Sales/Production details
10 working days Logistics being provided by the Company
Writing of Technical report on the inspection
findings
10 working days No Charges
Engineering valuations to determine the Production day 10 working days No Charges
Approval of the Production day by the Director
(IID) and Certification
10 working days No Charges
CERTIFICATE OF VALUE (For Determination of Foreign Equity Participation/Repatriation of Foreign Equity Capital)
REQUIREMENTS/CONDITIONS
Formal application by completion of the requisite forms
Obtaining of approval in principle from Federal Ministry of Finance
Submission of Import Documents
Installation of the Plants/Machinery and ensuring that they are put in full used
PROCESSES TIMELINES FEES
Receipt of Application from Company 10 working days No Charges
In-house examination of the documents submitted by the
Company
10 working days No Charges
Physical Inspection of the Installed Machines which is
already in operation
10 working days Logistics being provided by the Company
Price comparison or Engineering assessment/valuation
of the assets inspected and recommendations and approval by the Director (IID)
10 working days No Charges
(i),Certification 10 working days No Charges
CUSTOMS CLEARANCE CERTIFICATE (for Import Duty Determination of Second Hand Machines)
REQUIREMENTS/CONDITIONS
Filling of Notice of Intention to Incur Capital Expenditure Forms by the Company
Filling formal return forms by the Company complete with the necessary Import documents
PROCESSES TIMELINES FEES
Receipt of formal application by the Company 5 working days No Charges
In-house examination of the returns to determine the
value
5 working days No Charges
Price comparison to determine the acceptability of the
value
5 working days No Charges
Price comparison to determine the acceptability of the
value
5 working days No Charges
Certification 5 working days No Charges
FIXED ASSETS VALUATION FOR GOVERNMENT AGENCIES
REQUIREMENTS/CONDITIONS
Formal application for valuation of the assets by the agency
Provision of the details of the fixed assets including date of acquisition and costs.
PROCESSES TIMELINES FEES
Receipt of the formal application from the government
agency
No Charges
Review of the submission to determine the adequacy of
the documents submitted
3 working days No Charges
Physical inspection and verification of the assets to
determine the depreciation
10 working days Logistics to be provided by the agency
Evaluation and determination of value of assets 5 working days No Charges
Approval of the assets value by the Director 2 working days No Charges
Communication of the Valuation report to the Agency 1 working days No Charges
POST LANDING CHARGES (For remittance of installation cost)
REQUIREMENTS/CONDITIONS
Making formal request by the company in respect of the Post-Landing charges attaching all relevant documents and detailed information
PROCESSES TIMELINES FEES
Receipt of the formal request 10 working days No Charges
Preliminary in-house investigation of the formal request received from the company in respect of the installation, commissioning
and training involving the post landing project
10 working days No Charges
Conveyance of physical inspection notice to the company 10 working days No Charges
Physical inspection exercise to confirm the installation and commissioning of the machineries 10 working days Logistics to be provided by the company
Preparation of technical report of the physical inspection 10 working days No Charges
Approval by the Director and conveyance of the findings to CBN 10 working days No Charges