Trade & Investment
Being a fast-growing middle-class economy, Nigeria definitely is a lovely choice for the automotive sector. In order to exploit the potential of the automotive sector, government in 2013 announced a new national automotive policy, the National Automotive Industry Development Plan (NAIDP), which seeks to discourage vehicle importation and stimulate local production. The National Automotive Design and Development Council (NADDC) seeks to ensure the well-timed application of the provisions of the policy as part of its mandate to rejuvenate the auto industry. The investment incentives include Pioneer Status (tax holiday) granted for 3 years and renewable for the next two years, 100 percent repatriation of profit net of taxes, unrestricted Capital allowance granted in full (100 percent), and Investment Promotion and Protection Agreement which helps to guarantee the safety of investment of the contracting parties in the event of war, revolution, expropriation, or nationalization.
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