• First, the Telecommunications sector: we have seen an increase in the number of telephone lines available in the country from about four hundred thousand (400,000) lines in 2001 to over one hundred and forty million (140,000,000) lines currently, because of the deregulation policy of the government. According to the Nigerian Communication Commission, the operators in the sector have created over one million – direct and indirect jobs and helped to attract over $USD twenty five billion ($USD25 BN). The success of the telecommunication sector, especially mobile telephony, has helped develop other ancillary sectors like e-commerce, entertainment (what we call Nollywood), among others. The World Trade Organization has recognized the standards being set by the Nigerian entertainment industry Nollywood and has reflected it on the Programme Cover for this Round Table.
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• Second, the financial services sector: We have seen the strong growth of the financial services sector since the liberalization exercise that started in 1990. The exercise continued in 2005, with the guidance of the financial regulatory body Central Bank of Nigeria (CBN) and there were market-led mergers and acquisitions that reduced the number of banks from eighty-nine (89) to twenty-four. The banks came out of the exercise bigger, with better corporate governance and have now started to operate across Africa, financing larger transactions. The market-led business combinations served as a catalyst for the stock exchange’s growth, which has grown to a market capitalization of over fifty billion dollars (USD$50 BN).
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• Third, the cement sector. In spite of the abundant supply of limestone, the major constituent for making cement, Nigeria primarily imported the product for our building needs. The government however implemented a backward integration agenda that has now translated the country from being a net importer to a net exporter of the product.

Other plans to continue in fostering the diversification of the economy is predicated on three major underlying elements – implementing our industrialization plan, improving the ease of doing business and building out our infrastructure – both hard and soft infrastructure.

•  The Nigeria Industrial Revolution Plan (NIRP) launched in 2012 under the auspices of the Ministry of Industry, Trade and Investment provides a strategic and integrated roadmap towards industrialization. NIRP provides an actionable plan across three sectors: agro-allied, solid minerals and Oil and Gas-related industries, where Nigeria’s comparative and competitive advantage are apparent. We will build on this plan, reviewing and updating, based on current realities while focused on implementing pragmatically and adapting as necessary as we forge ahead.
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• Improving the operating environment for small, medium and large corporate businesses to thrive. This will require inter-ministerial coordination and eliminating the bottlenecks that impede doing business in Nigeria. This is a high priority for the current Nigerian government, with a strong commitment to bring change on all the needed levels. We are keen to remove the inhibitions and obstacles to investment in Nigeria. Trade and investment policies, laws and incentives are being reviewed, to bring them in line with global best practices. We will be leveraging technology to improve the speed and efficiency of business procedures, and to ensure transparency.
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• Modern and efficient infrastructure is key to promoting diversification and economic growth. Industries require a steady supply of electricity to function optimally, just as agricultural and mining products require robust, efficient and cost-effective transport networks to reach markets. The government is creating an ambitious national infrastructure fund, to complement the existing infrastructure component of the Sovereign Wealth Fund. This is consistent with our national infrastructure master-plan, aimed at catalyzing economic activity.

This decree completely eliminates all quantitative and qualitative and barriers to free investment in the the country particularly for foreign investor. The provisions of the Decree allows foreign investors to buy unlimited shares of the quoted companies through the Nigerian Stock Exchange in any convertible currency and also 100% equity ownership of business is allowed. The decree establishes the Commission as one-stop-agency which facilitates investment location and provides the investor access to profitable business ventures and granting of necessary pre-investment approvals. The Nigerian Investment Promotion Commission, NIPC Decree repealed the Industrial Development Coordination Committee (IDCC) Decree No. 36 of 1988 and the Nigerian Enterprises Promotion Decree (NEPD) of 1972 as amended in 1977 and 1989 which hitherto reserved for Nigerians the ownership of certain business.

This Decree abolishes all restrictions on importation of Foreign and repatriation of dividends. The operation of the Autonomous Foreign Exchange Market as provided for in the Decree, liberalized the FEM operations. The Decree repealed the Exchange Control Act No. 16 of 1962 in its entirety.

This empowers only the commission to regulate the capital market and determine the price, amount and time which securities of all public companies and enterprises having alien interests are sold to the public whether by offer for sale or subscription. Foreign investors would be allowed to participate in quoted and bond transactions on the Nigerian Stock Exchange without any restriction.

The privatization and commercialization provided for the divestment of Governments interest in some public enterprises which are best suited for private sector management. The law also stopped further injection of government funds into enterprises that could be better operated on commercial bases.

Regulation of Capital, profit and dividends are allowed, while technical fees and royalties on imported technical services and technologies are payable. Repatriation of proceeds from disposal of assets is allowed. Foreign Exchange Transactions are carried out at the Autonomous Foreign Exchange Market

The Nigerian Financial System comprises the regulatory/supervisory authorities, banks and “other” financial institutions. The regulatory/ supervisory authorities are the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation (NDIC), the Securities and Exchange Commission (SEC), the Federal Ministry of Finance (FMF), the Nigerian Insurance Supervisory Board (NISB) and the Federal Mortgage Bank of Nigeria (FMBN). There are several commercial and merchant banks in providing fast and efficient financial services to their clients.

Nigeria’s membership of the World Bank’s Multi-lateral Investment Guarantee Agency (M.1. G. A) as well as the operation of the bilateral Investment Promotion and Protection Agreement (I.P.P.A) between Nigeria and any interested party country, make for adequate protection of foreign investment in Nigeria. The instrumentality of the Patents and Design Decree of 1970 affords protection and transfer-ability of shares of joint owners of a patent or design registered in Nigeria; while that of the Trade Mark Act of 1956 affords protection of the exclusive right of a proprietor of a trade mark