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Nigeria is one of the world’s largest producers of crude oil. The country currently produces an average of 2.5 million barrels of crude oil per day. This makes her the 10th largest producer of crude oil in the world and the 6th largest exporter among OPEC members. Production capacity currently stands at about 3 million barrels per day whilst reserves is about 35 billion barrels which the government intends to increase to 40 billion barrels by the year 2010. |
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This article examines in a very general way the existing framework for the taxation of expatriates in Nigeria. It considers in brief the applicable tax rate, the portion of the expatriate income that is actually subject to tax, how the tax is calculated, when an expatriate would be deemed resident in Nigeria and how the tax filing is carried out.
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Mining in Nigeria |
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The Mining Industry is now a global industry with many countries competing for exploration funds. The fierce international competition suggests that mining companies and their investment funds would only go to those countries where the enabling environment would allow the private sector to flourish without hindrance. |
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An Investor’s Guide to Doing Business In Nigeria |
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With a population of about 140 million people, Nigeria is undoubtedly Africa’s most populous country, making it the African destination of choice for serious investors looking to take advantage of a potentially large market. |
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The National Assembly on 30th April 2003 passed the Coastal and Inland Shipping (Cabotage) Act (“the Cabotage Act”) into Law. It was stipulated that the provisions of the Cabotage Act would become enforceable from 1st May 2004. The much awaited guidelines for the implementation of the provisions of the Cabotage Act were eventually released by the Honourable Minister of Transport on 7th of June 2004. We intend to give an overview of the guidelines in this newsletter. |
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As a result of international pressure particularly from the United States of America, some European countries and the global ombudsman, the Financial Action Task Force (FATF) based in Paris, France, threatening to apply sanctions on Nigeria and its banks for the rising cases of fraud and sharp practices in the financial system, the Federal Government recently reinforced the country’s laws in its bid to tackle the ugly trend. |
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After much waiting, Nigeria and Sao Tome on the 22nd of April 2003, flagged off the licensing round for nine oil blocks in the Joint Development Zone (“JDZ”). The JDZ is an area of overlapping maritime boundary claims between Nigeria and Sao Tome, which both countries have agreed to jointly develop. The area is estimated to hold crude reserves of about six billion barrels.
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