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Furthermore, the Nigerian Export Promotion Council (Amendment) Decree No. 64 and 65 of 1992 was promulgated to enhance the performance of the Council. The Council is the leading Federal Government Agency charged with the responsibility of promoting non-oil export in Nigeria to diversify away from oil and build a formidable economy.
The Federal Ministry of Industry, Trade and Investment (FMITI) is a branch of the federal government of Nigeria responsible for creating wealth and employment, reducing poverty, and stimulating and diversifying the economy. [1]
As part of its activities, the department manages the upstream and downstream sectors in Nigeria petroleum industry. [3] The Federal Government of Nigeria introduces National Production Monitoring Systems (NIPMS) to monitor the royalty payables and demand notices from all organizations dealing in petroleum in Nigeria.
The Nigerian Investment Promotion Commission was established by the United Nations Conference on Trade and Development [6] through Chapter N117 of the Nigerian Investment Promotion Act of 1995, and later became a specialized agency of the Federal Government of Nigeria through Chapter N117 of the Nigerian Investment Promotion Act of 2004 [7] by the former President of Nigeria Olusegun Aremu ...
In the beginning, Petroleum matters were handled by the Hydrocarbon Section of the Ministry of Lagos Affairs, which reported directly to the Governor-general. The Unit delivered responsibilities such as: keeping records on exploration matters, and importation of petroleum products; enforcing safety and other regulations on matters which were then mostly products importation and distribution ...
In October 2019, NNPC announced the signing of a $2.5 billion pre-payment agreement with Nigeria LNG to fund upstream gas development projects. [4] In December 2021, the Federal Government of Nigeria and NNPC Ltd signed a ₦621 billion Memorandum of Understanding to finance the construction of critical road infrastructure across the country. [5]
Following the spirit of the new law, the government acquired interest in major expatriate led banks within the country including First Bank of Nigeria and Union Bank of Nigeria and mandated a compulsory percentage of loans be made to Nigerians. The government also acquired interest in the insurance and oil and gas sectors.
Nigerians needing an ETC are required to send an application letter to the Consul General alongside a passport photograph, a copy of an expired or lost/stolen passport, a police report for a lost/stolen passport, self-addressed envelope with a stamp for return delivery. A designated fee is required. [11]