The Federal Government has approved the downward review of the cost of business registration at the Nigerian Investment Promotion Commission (NIPC) from N50, 000 to N15, 000. This was made know by the the Minister of Trade and Investment, Olusegun Aganga. The downward review was designed to make Nigeria highly competitive in line with international best practices, and at the same time, lower the cost of doing business in Nigeria.
The NIPC was established to promote, encourage and coordinate investment in Nigeria, they are also mandated to register and keep records of all enterprises with foreign equity participation.
All investors both new and existing are encouraged to take advantage of this gesture to ensure that they are dully registered with the commission in line with Section 20 (1) and (2) of the NIPC Act.
Failure to do so is a violation of the law. “The section states that an enterprise in which foreign participation is permitted under section 17 of this Act shall, before commencing business apply to the commission for registration and the commission shall within 14 days from the date of the receipt of completed registration forms, register the enterprise if it is satisfied that all relevant documents have been duly completed and submitted or otherwise advise the applicant accordingly.
Culled from ChannelsTV - http://tinyurl.com/btkdb6y
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