Dear Subscriber,

Nigeria is generally seen as a difficult environment to start and sustain a business. However, the story is gradually changing and Nigeria is now on a march to regain lost economic glory with the introduction of strategic policy reforms which will change the game for Africa’s most populous country.

To celebrate Nigeria’s Democracy day, we bring you specific policy shifts that underline the fact that Nigeria is now open for business.

A: Starting a Business

-Company Registration timeline revised: It now takes 24-48 hours to register a business entity in Nigeria from when the application form is -
completed and all required documents available
-Company name search on CAC portal: It is now possible to conduct a an online search on Corporate Affairs Commission (CAC) portal (www.cac.gov.ng) to avoid duplication of names and prevent selection of prohibited names.
-Company registration no longer requires lawyers: The new regulations made it optional for applicants to hire lawyers to prepare registration documents.
-Single incorporation form: The new regulations introduced single incorporation form (CAC1.1) to save time and reduce costs.
-Document Upload Interface: You can now submit completed business registration documents on the portal and physical submission no longer allowed.
-FIRS e-payment solution integrated: The Corporate Affairs Portal has now integrated the Federal Inland Revenue Service (FIRS) e-payment solution to enable e-stamping
-CAC lawyers conduct declaration of compliance: Empowered CAC internal lawyers can now certify company incorporation forms and conduct statutory declaration of compliance for a fixed fee of N500.

Dealing with Construction Permits (Lagos)

-E-planning platform: Operationalized electronic planning platform (www.lagosepp.com.ng) through which applications for construction permits can be made and tracked, fees can be paid and architectural designs uploaded.
-Clarity on EIA and Soil Test: Environmental Impact Assessment (EIA) is now required for only construction works with potentially heavy impact on the environment. Soil Investigation Report is only required for four-storey buildings and above, except in cases of construction in marshy or swampy areas.
-Clear timelines: Timelines for obtaining permits have now been uploaded on the Lagos State Physical Planning and Permit Authority (LASPPPA) e-planning platform
-Fees published online: Published breakdown of formulas and rates for fees on the LASPPPA e-planning platform to prevent arbitrariness and enhance transparency.
-Qualification laws published online: Published all laws concerning qualification of professionals (Town planners, Engineers & Architects) involved in construction on e-planning platform
-Procedures and Laws published online: Published all laws and procedures concerning dealing with construction permits on e-planning platform to enhance transparency

Getting Electricity

-Reduction in number of procedures from 9 to 5: The Nigerian Electricity Regulatory Commission (NERC) has issued draft order officially reducing number of procedures for new connections to the grid from 9 to 5
-Reduction in timeline from 198 days to 61 days: NERC has issued draft order officially reducing timeline for new connections to the grid from 198 days to 61 days.

Registering Property (Lagos)

-Sworn affidavit no longer needed: Eliminated requirement for sworn affidavit as a procedure for conducting title search at the Lagos Land Registry thus reducing stress of due diligence.
-On-going streamlining of registration process: Merged requirement for stamping of Deed of Assignment with final registration process, for lands owned by Lagos State Government.

Getting Credit

-Online searches on the National Collateral Registry: Interested parties can now conduct online searches of secured interests on movable assets on the National Collateral Registry.
-Increased usage of the National Collateral Registry: Increased utilisation of National Collateral Registry for online registrations, amendments and cancellations of financing statements by lenders.
-Increased usage of credit history and credit scoring: Increased sensitisation and utilisation of Credit Reports and Credit Scoring by banks and other financial institutions .

Trading Across Borders

-Palletisation of Imports: Imports into Nigeria now required to be placed in pallets to enable quicker physical examination.
-Provision of advanced cargo manifest: Vessels importing goods into Nigeria now required to transmit cargo manifest in advance to ensure improved risk assessment and optimal cargo placement.
-NCS to coordinate physical examination: NCS now required to schedule and coordinate joint physical examination to ensure only one point of contact between officials and importers.
-Accelerate pre-export documentation procedures: The Central Bank of Nigeria (CBN), Nigeria Customs Service (NCS) and banks now required to process Net Export Proceeds (NXP) forms within 72 hours; and Pre-Shipment Inspection Agencies (PIAs) required to issue Certificate of Clean Inspection (CCI) within 3 days.
-Reduction in documentation requirements: Approval obtained to reduce number of documents required for imports from 14 to 8, and number of documents needed for export from 10 to 7
-Reduction in container placement notice time: Reduced minimum container placement notice time needed by Terminal Operators for examination from 24 hours to 12 hours

Entry and Exit of People

-Simplified Visa-on-arrival and submission process: Updated visa-on-arrival procedure to include to include e-submission of applications to dedicated NIS email address (oa@nigeriaimmigration.gov.ng)
-New Immigration Regulation 2017: Honourable Minister of Interior has approved and released a new Immigration Regulation.
-Consolidation of arrival/departure forms: Consolidated arrival and departure forms now available and in use at the airports.
-48-hour visa processing time: Approved timeline of 48 hours for business and tourism visa processing at Nigerian missions abroad.
-Infrastructural Improvements (Abuja Airport): Select infrastructural improvements at Abuja airport, including repairs of ACs, escalators, carousels, toilets and painting.

CONCLUSION

The Presidential Enabling Business Environment Council (“PEBEC”) is the body tasked with the responsibility of developing and driving these reforms. Its Chairman Vice President, Mr. Yemi Osinbajo, SAN has promised to introduce more far reaching reforms that will catapult Nigeria as the leading investment destination in Africa.



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