Foreign direct investment and the law in Nigeria: a legal assessment

Purpose – This paper aims to explore the laws that govern Foreign Direct Investment (FDI) in Nigeria. The history of company law and the rise of multinational corporations clearly illustrate the attempts by the Nigerian Government to encourage the inflow of FDI. The different stages of Nigeria’s legal development will be examined in this paper and subsequently an assessment of the laws regulating FDI in the different investment sectors will be in focus. Design/methodology/approach – This paper uses a doctrinal approach by undertaking a sectorial analysis of different sectors or segments of the Nigerian economy highlighting their various regulatory frameworks. The agricultural, steel, banking, employment and oil sectors is focussed in this paper. Findings – This paper demonstrates that for FDI to have positive impacts on the different sectors of the Nigerian economy, the various laws regulating the different sectors should be amended to reflect current realities. Originality/value – This paper provides a fresh illumination or analysis to the legal barriers inhibiting FDI in Nigeria. It does this by highlighting the various laws affecting FDI in different sectors of the Nigerian economy.