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FG approves reduction in company registration fees

By on February 12, 2013

The Federal Government has approved a downward review of the cost of registering a company with the Nigerian Investment Promotion Commission.

A statement issued by the NIPC on Monday stated that the approval was given by the Minister of Trade and Investment, Mr. Olusegun Aganga.

The statement, signed by the Assistant Director/ Head, Media and Publicity, NIPC, Mr. Joel Attah, said the downward review from N50,000 to N15,000, was designed to make Nigeria highly competitive in line with international best practices.

The downward review, the statement added, was at the instance of NIPC and also in line with the desire of the Federal Government to improve the country’s competitiveness rating on doing business.

Attah said, “It is also a very bold attempt at lowering the cost of doing business in Nigeria.

“This is expected to substantially enhance the country’s national competitiveness as a Foreign Direct Investment destination.”

The NIPC was established by Act No. 16 of 1995 to promote, encourage and coordinate investment in Nigeria.

Section 4 (a) of the Act mandates the commission to register and keep records of all enterprises with foreign equity participation.

In the light of this development, the statement called on both new and existing investors to ensure that their businesses were registered with the commission in line with Section 20 (1) and (2) of the NIPC Act.