Departamento de Estado dos EUA Com mais de 170 milhões de cidadãos, um Produto Interno Bruto (PIB) acima de US $ 500 bilhões, e a produção de petróleo de mais de 2 milhões de barris por dia, a Nigéria possui a maior população, economia e produção de petróleo da África (e exportação). O crescimento do PIB consistentemente forte na última década desenvolveu uma crescente classe de consumidores e atraiu consideráveis interesses dos investidores. A Nigéria oferece abundantes recursos naturais e um grupo de mão-de-obra de baixo custo, e goza principalmente de comércio livre de impostos com outros países membros da Comunidade Econômica dos Estados da África Ocidental (CEDEAO). No entanto, grande parte do potencial de mercado do Nigeriarsquos permanece não realizada por causa de impedimentos significativos, como corrupção generalizada, poder inadequado e infra-estrutura de transporte, altos custos de energia, um ambiente regulatório e legal inconsistente, insegurança, um sistema judicial lento e ineficaz, proteções inadequadas dos direitos de propriedade intelectual e Execução, e um sistema de registro de propriedade ineficiente. Os principais desenvolvimentos que afetam as atitudes dos investidores em relação à Nigéria incluíram os seguintes fatores: Naira em declínio: a queda no valor do Naira em relação ao dólar de 165 para 200 no final de 2014 e no início de 2015 espreme as margens para os comerciantes e fabricantes que pagam por importações em dólares Mas ganham receita em Naira (a maioria dos fabricantes na Nigéria depende fortemente de insumos importados). Despesas cambiais e fiscais: a queda de aproximadamente 50 no preço do petróleo bruto, o principal exportador de Nigeriarsquos, no final de 2014 criou um desafio cambial para o Banco Central da Nigéria (CBN) e um desafio fiscal para o governo. A perda de receita derivada da venda de petróleo bruto criou um déficit orçamentário que o governo aborda através de cortes nos gastos do governo, esforços para melhorar a coleta de impostos e discussões com instituições financeiras internacionais para empréstimos. Os governos estaduais estão enfrentando uma perda significativa de renda no âmbito do plano federal de compartilhamento de petróleo, criando uma pressão orçamentária significativa e desafiando muitos governos estaduais a capacidade de pagar salários dos funcionários públicos. A redução do gasto público, a maior cobrança de impostos e os baixos preços do petróleo foram fatores que contribuíram para a desaceleração do crescimento econômico em 2015, prevista para 4 frac34 por cento, de acordo com o Fundo Monetário Internacional, com inflação aumentando para 11frac12 por cento dos efeitos da depreciação da taxa de câmbio . Eleições: as eleições presidenciais e governamentais, embora adiadas por seis semanas, ocorreram em 28 de março e 11 de abril de 2015. Observadores internacionais independentes julgaram ambas as eleições em grande parte pacíficas e ordenadas. Embora a crise de Ebola de curta duração de 2014 tenha aumentado a percepção negativa do clima de investimento no Nigéria, a Organização Mundial de Saúde declarou o país livre do Ebola em outubro daquele ano. O aumento dos ataques terroristas por Boko Haram em 2014 e no início de 2015 aumentou a incerteza dos investidores em relação à segurança no país. Nigeriarsquos recente crescimento econômico concentrou-se principalmente no comércio, agricultura, fabricação e telecomunicações. Enquanto o setor agrícola sustenta mais de 80% das famílias rurais, a economia nigeriana continua fortemente dependente de seu setor de petróleo e gás, que representa 11% do PIB, mas mais de 90% dos ganhos de exportação e mais de 70% das receitas do governo. A Nigéria é o 13º maior produtor de petróleo do mundo e o sexto maior exportador de petróleo, produzindo petróleo bruto de alto valor e baixo teor de enxofre. No entanto, o investimento no setor de petróleo do Nigeriarsquos foi abrandado por incertezas regulatórias, riscos de segurança e baixos preços do petróleo. O Bill Petroleum Investment, que alteraria significativamente os parâmetros fiscais e regulatórios em que a indústria opera, foi debatido e modificado há anos na Assembléia Nacional, e as empresas informaram que as dúvidas sobre suas disposições finais e os anos de atraso em sua passagem Criaram incertezas que restringiram o investimento no setor de petróleo e gás. O setor de energia subdesenvolvido do Nigeriarsquos continua a ser um estrangulamento significativo para o desenvolvimento econômico de base ampla. A produção atual é de cerca de 4.000 megawatts de potência, classificando a Nigéria entre os piores países do mundo em geração de energia per capita e no acesso à eletricidade e forçando a grande maioria das empresas a gerar pelo menos parte de sua própria eletricidade. O Banco Mundial atualmente classifica a Nigéria em 187º lugar em 189 países para facilitar a obtenção de eletricidade para os negócios. O setor de energia da reforma do nigeriarsquos está em andamento, mas a confiança dos investidores foi abalada pela recente incerteza tarifária e regulamentar. O anúncio surpresa da Comissão Reguladora da Eletricidade nigeriana de uma redução de 50 na tarifa de eletricidade em março de 2015 reverteu uma política de aumento por etapas em que as empresas de distribuição e distribuição de eletricidade recentemente privatizadas estavam confiando em apoiar operações lucrativas e investimentos em infra-estrutura. Muitos desafios continuam antes que a Nigéria veja uma melhoria significativa e sustentável na entrega de energia para usuários finais industriais e de consumo. O regime comercial do Nigeriarsquos continua a ser protecionista e distorcido, com tarifas de importação restritivas e proibições de importação diretas destinadas a estimular o crescimento doméstico do setor agrícola e industrial. As exportações de bens norte-americanos para a Nigéria em 2014 foram de US $ 5,9 bilhões, um decréscimo de 7,3% em relação ao ano anterior, enquanto as importações dos EUA da Nigéria foram de US $ 3,8 bilhões, baixando 67,2%. As exportações dos EUA para a Nigéria são principalmente produtos refinados de petróleo, veículos usados, cereais e máquinas. O petróleo bruto e os produtos petrolíferos continuaram a representar mais de 96% das exportações da Nigéria para os Estados Unidos em 2014. O estoque de investimento estrangeiro direto dos EUA (FDI) na Nigéria foi de US $ 8,1 bilhões em 2013 (dados mais recentes disponíveis), abaixo de USD 8,4 Bilhões em 2012. O IDE dos EUA na Nigéria continua a ser liderado pelo setor de petróleo e gás. Há também novos investimentos substanciais dos Estados Unidos e de outros países nos setores de energia, telecomunicações, imóveis (comerciais e residenciais) e agrícolas de Nigeriarsquos. Dado o risco de corrupção associado ao ambiente empresarial nigeriano, os potenciais investidores geralmente desenvolvem programas de conformidade anti-suborno. Os Estados Unidos e outras partes da Convenção Anti-Suborno da OCDE aplicam agressivamente as leis anti-suborno, incluindo a Lei de Práticas de Corrupção no Exterior (FCPA) dos EUA. Um caso de FCPA de alto perfil no setor de petróleo e gás de Nigeriarsquos resultou em decisões da Comissão de Câmbio de Valores dos EUA (SEC) e EU do Departamento de Justiça dos EUA, que incluíram multas recorde para uma multinacional dos EUA e suas subsidiárias que pagaram subornos a funcionários da Nigéria. Desde então, a SEC cobrau mais quatro empresas internacionais com suborno de funcionários do governo nigeriano para obter contratos, licenças e resolver disputas alfandegárias. Consulte as ações de execução da SEC em sec. govspotlightfcpafcpa-cases. shtml. A segurança continua a ser uma preocupação para os investidores na Nigéria devido a altas taxas de crimes violentos, seqüestros para resgate e terrorismo. Sete bombardeios de alvos de alto perfil com múltiplas mortes ocorreram na capital federal Abuja desde outubro de 2010, dois dos quais ndash um em uma estação de ônibus e um em um ndash de mercado aconteceu em 2014. Outros bombardeios e assassinatos ocorreram nas cidades de Kaduna, Maiduguri, Damaturu, Bauchi, Jos, Kano e Suleja, a maioria vinculada a Boko Haram. Um programa de amnistia para militantes na região do Delta do Níger e treinamento de reabilitação e reintegração para ex-militantes levou a um declínio significativo na violência militante e restauração limitada da produção de petróleo e gás fechada. O impacto a mais longo prazo dos esforços de paz do governo da Delta, no entanto, continua a ser pouco claro e a atividade criminosa no Delta ndash em particular, roubo de petróleo desenfreado - continua sendo uma preocupação séria. A criminalidade marítima nas águas nigerianas, incluindo incidentes de pirataria e seqüestro de tripulação por resgate, aumentou nos últimos anos e os esforços de aplicação da lei foram limitados ou ineficazes. Em terra, os inspetores internacionais expressaram preocupações sobre a adequação das medidas de segurança em algumas instalações portuárias nigerianas. A liberdade de expressão e a imprensa permanecem amplamente observadas, com a mídia muitas vezes envolvida em discussões abertas e vivas sobre os desafios enfrentados pela Nigéria. Alguns jornalistas, no entanto, ocasionalmente praticam autocensura em questões sensíveis. 1. Abertura e restrição, atitude de investimento estrangeiro em direção ao investimento direto estrangeiro A Nigéria é parte de vários acordos de investimento bilaterais. Não possui um tratado de investimento bilateral com os Estados Unidos (ver 14. Acordos Bilaterais de Investimento). Em 1995, a Lei da Comissão de Promoção de Investimentos da Nigéria desencadeou anos de controles e limites sobre o investimento estrangeiro direto (IED), abrindo quase todos os setores ao investimento estrangeiro, permitindo 100 por cento de propriedade estrangeira em todos os setores (com exceção do setor de petróleo, onde FDI É limitado a joint ventures ou compartilhamento de produção), e criando a Comissão Nigeriana de Promoção de Investimentos (NIPC) e seu mandato para incentivar e auxiliar o investimento na Nigéria. O NIPC possui um One-Stop Investment Center que inclui nominalmente a participação de 27 agências governamentais e paraestatais (não todas as quais estão fisicamente presentes no OSIC, no entanto) para consolidar e agilizar os procedimentos administrativos para novas empresas e investimentos. Os investidores estrangeiros recebem principalmente o mesmo tratamento que os investidores nacionais na Nigéria, incluindo incentivos fiscais (ver 5.2 Incentivos ao investimento). No entanto, sem um forte apoio político e político, e devido aos desafios não resolvidos para investimentos e negócios na Nigéria, a capacidade do NIPC para atrair novos investimentos tem sido limitada. O Governo da Nigéria (GoN) promoveu uma política de substituição de importações sobre a razão de que as restrições comerciais e os requisitos de conteúdo local atrairão investimentos que desenvolveriam a capacidade doméstica para produzir e fabricar produtos e serviços que o governo acredita que podem ser produzidos no mercado doméstico em vez de importados. As proibições de importação e as tarifas elevadas usadas para avançar os objetivos de substituição de importações do Nigéria foram prejudicadas pelo tráfico de produtos direcionados (principalmente arroz e aves) através das fronteiras porosas do país e pela corrupção nos sistemas de cotas de importação desenvolvidas pelo GoN para incentivar o investimento doméstico . Apesar de o objetivo da GoNrsquos ter atraído investimentos, os investidores geralmente acham a Nigéria um lugar difícil para fazer negócios. Outros exames de política de investimentos A OCDE concluiu recentemente uma revisão da política de investimentos da Nigéria (ver oecd. orgcompetitionoecd-investment-policy-reviews-nigeria-2015-9789264208407-en. htm). A OMC publicou uma revisão da política comercial da Nigéria em 2011, que também inclui uma breve visão geral e avaliação do clima de investimento nigeriano. Essa revisão está disponível no wto. orgenglishtratopetpretp347e. htm. Em 2009, o Conselho das Nações Unidas sobre Comércio e Desenvolvimento (UNCTAD) publicou uma revisão da política de investimentos da Nigéria e um Livro Azul sobre Melhores Práticas de Promoção e Facilitação de Investimentos, ambos disponíveis no unctad. org. A análise da política identificou que os nigerianos precisam diversificar o IDE do setor de petróleo e gás, melhorando o quadro regulatório, investindo em capital físico e humano, aproveitando a integração regional e revisando as tarifas externas, promovendo vínculos e capacidade industrial local e fortalecendo as instituições que lidam Com investimentos e questões relacionadas. LeisRegulações de Investimento Direto Estrangeiro O NIPC Act de 1995 permite 100 por cento de propriedade estrangeira de empresas, exceto no setor de petróleo e gás, onde o investimento permanece limitado a joint ventures ou acordos de compartilhamento de produção. As leis restringem as indústrias aos investidores domésticos, se forem consideradas cruciais para a segurança nacional, como armas de fogo, munições e roupas militares e paramilitares. Os investidores estrangeiros devem se inscrever no NIPC após a incorporação nos termos do Decreto de Pessoas e Assuntos Aliados de 1990. A Lei proíbe a nacionalização ou expropriação de empresas estrangeiras, exceto em casos de interesse nacional. As leis nigerianas aplicam-se igualmente aos investidores nacionais e estrangeiros. Essas leis incluem a Lei de Desenvolvimento de Conteúdo de Petróleo e Gás da Nigéria de 2010, Lei de Mineração e Mineração da Nigéria de 2007, Iniciativa de Transparência de Indústrias de Extração de Nigéria (NEITI) de 2007, Lei do Banco Central da Nigéria de 2007, Lei de Reforma do Setor de Energia Elétrica de 2005, Dinheiro Lei de Lavagem de 2003, Lei de Investimento e Valores Mobiliários de 2007, Lei de Câmbio de 1995, Lei de Finanças Bancárias e Outras Instituições Financeiras de 1991 e Escritório Nacional de Aquisição e Promoção de Tecnologia de 1979. O regime comercial de Nigeriarsquos continua altamente protecionista e distorcendo-se com o objetivo De incentivar o crescimento da capacidade industrial e agrícola nacional nigeriana. A Nigéria proíbe a importação de aves de capoeira, carne de porco, carne bovina, ovos, cimento, têxteis, garrafas de vidro e inúmeros outros itens, a fim de proteger ou incentivar a produção doméstica. Além disso, o país impõe um direito de importação ad valorem combinado (tarifa mais taxa) de 70% ou mais em mais de 40 linhas tarifárias, incluindo produtos de tabaco, arroz, farinha de trigo, açúcares, sal e novos veículos de passageiros. As tarifas elevadas sobre commodities agrícolas refletem o Plano de Ação de Transformação Agrícola Nacional Jonathan Administrationrsquos, que se baseia em tarifas de importação restritivas e em proibições de importação diretas para estimular o crescimento do setor doméstico doméstico, promovendo ativamente a substituição de importações de produtos básicos, incluindo arroz, mandioca, óleo de palma, cacau e algodão. Em outubro de 2013, o GoN anunciou o Plano Nacional de Desenvolvimento da Indústria Automotiva (NAIDP) como um esforço para reiniciar o setor de produção automotiva doméstico countryrsquos, criar empregos qualificados, desenvolver cadeias de suprimentos locais e reduzir as importações de automóveis. A característica central da NAIDP é uma nova imposição de 35 sobre as importações de automóveis, além da tarifa 35 já cobrada, por um direito total ad valorem efetivo de 70. Como incentivo adicional para promover o investimento no setor automotivo Nigeriarsquos, o NAIDP permite As empresas que estão fabricando ou montando carros na Nigéria para continuar a importar dois veículos sob a antiga tarifa de 35 por cada veículo produzido na Nigéria. Limites do Controle Estrangeiro Atualmente não há limites para o controle estrangeiro de investimentos na Nigéria. O NIPC Act de 1995 liberalizou a estrutura de propriedade das empresas na Nigéria, de modo que os investidores estrangeiros agora podem possuir e controlar 100 das ações em qualquer empresa (em oposição ao arranjo anterior de 60-40 a favor dos nigerianos). A Lei de Privatização e Comercialização de 1999 estabeleceu o Conselho Nacional de Privatização, o órgão de formulação de políticas que supervisiona a privatização de empresas estatais (SOEs) e o Bureau of Public Enterprises (BPE), o órgão de implementação para privatizações designadas. O BPE concentrou-se na privatização de setores-chave, incluindo telecomunicações e energia, e solicita que investidores principais adquiram ações de controle de empresas anteriormente estatais. Desde 1999, a BPE privatizou e concedeu mais de 140 empresas, incluindo um complexo de alumínio, complexo de aço, empresas de fabricação de cimento, hotéis, instalações petroquímicas, empresas de manuseio de carga de aviação e instalações de montagem de veículos, geração de eletricidade e distribuição de energia elétrica. A empresa de transmissão permanece estatal, mas operada por um empreiteiro internacional de operações e gerenciamento. Os investidores estrangeiros podem e participam do processo de privatização da BPErsquos. A Assembléia Nacional questionou a propriedade de algumas dessas privatizações, com um caso relacionado a uma privatização do complexo de alumínio recentemente o assunto de uma decisão do Supremo sobre a propriedade. No entanto, a venda atrasada de GoNrsquos, em dezembro de 2014, das telecomunicações estatais nigerianas e seu braço móvel, telecomunicações móveis, mostra um compromisso contínuo com o modelo de privatização. O GoN continua interessado em desenvolver parcerias público-privadas para atrair capital estrangeiro para apoiar o desenvolvimento de infra-estrutura básica, como o Design-Build-Operate-Transfer da Expressway Lagos-Ibadan, uma rodovia principal no sudoeste do país. O NIPC Act de 1995 contém uma lista negativa que proíbe o investimento privado. Tanto estrangeiros como domésticos, nos seguintes setores: produção de armas, munições, etc. produção e comercialização de drogas narcóticas e substâncias psicotrópicas, produção de vestuário militar e paramilitar, incluindo os da Polícia e Alfândega, Imigração e Serviços de prisão e outros itens que o Conselho Executivo Federal pode, de tempos em tempos, determinar. A Nigéria não tem uma entidade comparável ao Comitê de Investimento Estrangeiro nos Estados Unidos (CFIUS) dos EUA que monitora e analisa o investimento em setores considerados sensíveis. A Nigéria não tem uma lei de concorrência consolidada. De acordo com a Lei de Investimentos e Valores Mobiliários, a Comissão de Valores Mobiliários e Nacionais da Nigéria tem poderes para determinar se qualquer combinação de negócios provavelmente impedirá ou diminuirá substancialmente a concorrência. Existem também regulamentos antitruste específicos do setor. Várias contas de competição consolidadas foram redigidas e consideradas pela Assembléia Nacional Nigeriarsquos nos últimos 15 anos, mas nenhuma passou a lei. O último projeto de lei, o Projeto de lei federal de competição e defesa do consumidor de 2014, foi redigido pelo Bureau of Public Enterprises (BPE) de Nigeriarsquos e encaminhado à Assembléia Nacional pelo Conselho Executivo Federal de Nigeriarsquos em fevereiro de 2015. Uma característica fundamental de um documento BPE elaborado anteriormente Bill foi o estabelecimento de uma Comissão Federal de Concorrência para supervisionar atividades antitruste e anticoncorrencial. Como seus antecessores, este último projeto de lei pode enfrentar os viracos na Assembléia Nacional. As empresas nigerianas sabem que procuram proteger e expandir a participação de mercado através de conexões políticas e proteções econômicas, e não através de uma concorrência livre e justa, e os interesses adquiridos podem procurar manter esse sistema. O GoN busca ativamente o investimento estrangeiro e revogou ou alterou decretos anteriores do governo militar que impediam a concorrência ou conferiam poderes de monopólio a empresas públicas. A tradição protecionista GoNrsquos continua forte apesar dessas ações, resultando em uma política comercial inconsistente. Em um esforço para fomentar a produção doméstica, o GoN proíbe especificamente a importação de alguns bens, como o cimento e, a partir de 2013, o açúcar refinado. O GoN promulgou o Nigerian Oil and Gas Content Development Act (NOGCDA) em 2010 para apoiar o emprego doméstico e agregar valor neste setor. A NOGCDA exige que as empresas de produção de petróleo e gás e as empresas de serviços usem recursos locais para a entrega de alguns bens e serviços anteriormente provenientes de fora do país. As preocupações com a NOGCDA incluem suas práticas comerciais restritivas em violação dos acordos da Organização Mundial do Comércio (OMC), bem como os requisitos de transferência de tecnologia que infringem os direitos de propriedade intelectual da empresa de investidores estrangeiros. Muitas empresas locais estabelecidas para responder à maior demanda de bens locais e serviços prestados pela NOGCDA sofreram devido à falta de novos contratos causados pela adiamento da passagem da Lei da Indústria Petrolífera. As leis contra a reexportação de equipamentos restringem o desenvolvimento da Nigéria como centro de serviços de petróleo e gás para o crescente setor africano de petróleo e gás. Os requisitos de conteúdo local já foram implementados no setor de tecnologia da informação do Nigeriarsquos (ver 5. Requisitos de desempenho) e geralmente são vistos como uma tendência crescente na Nigéria. O setor de telecomunicações da Nigéria cresceu rapidamente desde o início dos anos 2000. De acordo com a Comissão de Comunicações da Nigéria (NCC), um órgão de supervisão regulatória, a partir de 2015 havia mais de 140 milhões de assinantes de linha telefônica, tanto móveis como fixos, representando 100,6% de teledensidade. Quatro empresas privadas - MTN, Airtel, Globacom e Etisalat - dominam a indústria móvel. A tecnologia GSM é utilizada por 98,4 por cento das linhas telefônicas Nigeriarsquos. Estima-se que 38% dos nigerianos tenham acesso a alguma forma da internet, principalmente através de telefones celulares, e que 6% dos nigerianos tenham internet de banda larga. Enquanto cinco cabos de comunicações submarinas aterraram em Lagos, oferecendo serviços dentro das cidades de Nigeriarsquos, o acesso à banda larga de ldquolast milerdquo a residências, empresas e clientes governamentais tem sido impedido por taxas elevadas de tributação e direito de passagem cobradas pelos governos estaduais e locais para estabelecer cabo de fibra óptica. Além disso, grandes operadores de rede que construíram backbones de fibra óptica não estão dispostos a compartilhar suas infraestruturas, mantendo outros concorrentes a entrar no mercado e os preços altos. Múltiplos sistemas de torre celular e linhas de fibra óptica paralelas atualmente existem na Nigéria sem um serviço melhorado, pois cada operador de rede constrói sua própria torre celular e possui seu próprio cabo. Em 2013, o Ministério das Tecnologias de Comunicação anunciou um Plano Nacional de Banda Larga e a NCC propôs dividir o atual mercado de fornecimento de banda larga em três segmentos: provedores de internet de varejo, empresas grossistas de infraestrutura, rdquo e provedores de backbone de banda larga. O GoN fez esforços para expandir seu setor de aviação civil. Um acordo bilaterais de serviços aéreos (Céus abertos) com os Estados Unidos foi assinado em 2000. Sua implementação foi mista: em 2012, a Nigéria negou a uma US quotfifth direitos de liberdade especificamente permitidos sob o acordo Open Skies para fornecer transporte para passageiros entre a Nigéria e Um país terceiro em vôos em rota para os Estados Unidos. Os transportadores dos EUA voam atualmente de Lagos para Atlanta e Houston. Um transportador nigeriano voa entre Lagos e Nova York. Em 2010, a Administração Federal de Aviação concedeu o status da Categoria 1 da Nigéria em seu programa de Avaliações de Segurança da Aviação Internacional, indicando que a autoridade de aviação civil da Nigéria cumpre plenamente os padrões de segurança da Organização de Aviação Civil Internacional. Este status da Categoria 1 foi recertificado pela FAA em 2014. A Nigéria e os EUA assinaram um Memorando de Entendimento dos Marítimos Aéreos em 2010. O quadro a seguir indica os rankings recentes de Nigeriarsquos contra outros países em métricas de transparência e boa governança. Millennium Challenge Corporation Country Scorecard A Millennium Challenge Corporation, uma entidade do governo dos EUA encarregada de entregar bolsas de desenvolvimento a países que demonstraram o compromisso de reforma, produziu scorecards para países com renda nacional bruta (RNB) per capita ou USD 4,125 ou menos. Uma lista das economias de países com os scorecards do MCC e links para esses scorecards está disponível aqui: mcc. govpagesselectionscorecards. Detalhes sobre cada um dos indicadores MCCrsquos e um guia para ler os scorecards estão disponíveis aqui: mcc. govpagesdocsdocreport-guide-to-the-indicators-and-the-selection-process-fy-2015. 2. Políticas de conversão e transferência Todas as transferências estrangeiras são feitas através de bancos, e a moeda estrangeira para a maioria das transações é adquirida através de bancos locais no mercado interbancário. A janela oficial do Banco Central da Nigéria para aquisição de divisas, ou seja, o Sistema de leilão holandês de varejo, foi interrompida em fevereiro de 2015. Os bancos locais também emitem cartões de débito denominados em moeda estrangeira para clientes que possuem contas domiciliárias. Os cartões denominados ATM Naira emitidos por bancos locais podem ser usados internacionalmente para transações e retiradas de dinheiro, mas essas transações têm um limite máximo do limite local de retirada de dinheiro local de Naira 150,000 (aproximadamente USD 750). O câmbio estrangeiro de baixo valor também pode ser adquirido em uma agência de câmbio estrangeira, denominada Bureau De Change (BDC). O NIPC garante aos investidores a transferência irrestrita de dividendos no exterior (líquido de uma retenção na fonte de 10%). As empresas devem fornecer evidências de rendimentos auferidos e impostos pagos antes da externalização de dividendos da Nigéria. As transferências de dinheiro geralmente não levam mais de 48 horas, se os indivíduos fornecem a documentação necessária. Todas essas transferências devem ocorrer através dos bancos. As transferências de moeda são protegidas pelo Artigo VII do Acordo Monetário Internacional (FMI) (imf. orgExternalPubsFTAAindex. htmart7). 3. Expropriação e Compensação O GoN não expropriou ou nacionalizou ativos estrangeiros desde o final da década de 1970, e a Lei NIPC de 1995 proíbe a nacionalização de uma empresa ou ativos, a menos que a aquisição seja de interesse nacional ou para fins públicos. Nesses casos, os investidores têm direito a uma justa compensação e recurso legal. Um investimento de gestão de resíduos de propriedade dos EUA expropriado pelo Estado de Abia em 2008 é o único caso de expropriação de Estados Unidos conhecido na Nigéria. Sistema jurídico, tribunais especializados, independência judicial, julgamentos de tribunais estrangeiros A Nigéria tem um sistema jurídico complexo e de três camadas, composto por lei comum inglesa, lei islâmica e lei consuetudinária nigeriana. O direito comum rege a maioria das transações comerciais, conforme modificado por estatutos para atender às demandas e condições locais. O Supremo Tribunal encontra-se no pináculo do sistema judicial e tem jurisdição original e de apelação em questões constitucionais, civis e criminais específicas, tal como prescrito pela constituição da Nigéria. O Tribunal Superior Federal tem jurisdição sobre questões de receita, lei de admiraria, bancário, divisas, outras moedas e assuntos monetários ou fiscais e ações judiciais a que o governo federal ou qualquer uma de suas agências são parte. O sistema judicial nigeriano carece de instalações judiciais adequadas e sistemas informatizados de processamento de documentos, e mal remunera os juízes e outros funcionários judiciais, o que encoraja a corrupção e prejudica a execução. O público recorre cada vez mais ao sistema judicial e tornou-se mais disposto a litigar e pedir reparação. O uso dos tribunais, no entanto, não implica automaticamente julgamentos justos ou imparciais. A publicação do Banco Mundial, Doing Business 2015, que analisou 189 países, classificou a Nigéria em 140 de 189 em matéria de execução de contratos, em comparação com o ranking 2014 de 136. O relatório Doing Business observou que pode haver variação significativa nos indicadores de desempenho entre cidades em Nigéria (como em outros países em desenvolvimento). Por exemplo, resolver uma disputa comercial leva 720 dias em Kano, mas 447 dias em Lagos. Além disso, o relatório revelou que a execução de contratos exigia 40 procedimentos que abrangem uma média de 447 dias, com uma média de 92% do valor do contrato. Esta situação comparou 31 procedimentos com uma média de 529 dias, com uma média de 21% do custo do contrato nos países da OCDE e 39 procedimentos com uma média de 652 dias e uma média de 51,1% do contrato nos países subsaarianos. Em geral, os empresários não procuram proteção de falência na cultura empresarial nigeriarsquos. As reivindicações muitas vezes não são pagas, mesmo nos casos em que os credores obtêm julgamentos contra os réus. De acordo com a lei nigeriana, o termo falência geralmente se refere a indivíduos onde a falência corporativa é referida como insolvência. O primeiro é regulado pela Lei de Falências de 1990, conforme alterada pelo Decreto 109 de 1992 da falência. Este último é regulado pela Parte XV da Lei das Sociedades e dos Assuntos Aliados Cap 59 1990 (CAMA) que substituiu a Lei de Sociedades de 1968. A A embaixada não tem conhecimento das empresas dos EUA que tiveram de se valer das disposições de insolvência de acordo com a lei nigeriana. Os tribunais civis da Nigéria lidam com disputas entre investidores estrangeiros e o GoN, bem como entre investidores estrangeiros e empresas nigerianas. Os tribunais ocasionalmente governam contra o GoN. A lei nigeriana permite a execução de julgamentos estrangeiros após audiências apropriadas nos tribunais nigerianos. Os requerentes recebem julgamentos monetários na moeda especificada em suas reivindicações. A seção 26 do NIPC de 1995 prevê a resolução de disputas de investimento através da arbitragem da seguinte forma: quando ocorre uma disputa entre um investidor e qualquer governo da Federação em relação a uma empresa, todos os esforços devem ser feitos através de discussão mútua para chegar a uma amizade assentamento. Qualquer disputa entre um investidor e qualquer Governo da Federação em relação a uma empresa a que se aplica esta Lei, que não seja resolvida de forma amigável por meio de discussões mútuas, pode ser submetida à escolha da parte prejudicada no arbitramento da seguinte forma: a. No caso de um investidor nigeriano, de acordo com as regras de procedimento para arbitragem conforme especificado na Lei de Arbitragem e Conciliação ou b. No caso de um investidor estrangeiro, no âmbito de qualquer acordo bilateral ou multilateral sobre proteção do investimento ao qual o governo federal e o país do qual o investidor é nacional são partes ou c. De acordo com qualquer outro mecanismo nacional ou internacional para a resolução de conflitos de investimento acordado pelas partes. Quando em relação a qualquer disputa, haverá desacordo entre o investidor e o Governo Federal quanto ao método de solução de controvérsias a ser adotado, será aplicável o Regulamento das Regras de Liquidação de Disputas de Investimento. A Nigéria é signatária da Convenção do Centro Internacional para a Resolução de Arranjos de Investimentos e da Convenção de 1958 sobre Reconhecimento e Execução de Prêmios Arbitrais Estrangeiros (também denominada ldquo New York Conventionrdquo). Os tribunais nigerianos geralmente reconheceram disposições contratuais que requerem arbitragem internacional. Convenção ICSID e Convenção de Nova York A Lei de Arbitragem e Conciliação de 1988 prevê um quadro legal unificado e direto para a solução justa e eficiente de disputas comerciais por arbitragem e conciliação. A Lei criou mecanismos de arbitragem competitivos a nível internacional, os horários de processo estabelecidos, prevêem a aplicação das regras de arbitragem da Comissão das Nações Unidas sobre Direito Comercial Internacional (UNCITRAL) ou qualquer outra regra de arbitragem internacional aceitável para as partes e tornou aplicável a Convenção de Nova York Execução de contratos, com base na reciprocidade. A lei permite que as partes desafiem árbitros, prevê que um tribunal de arbitragem deve garantir que as partes recebam o mesmo tratamento e garante que cada parte tenha a oportunidade de apresentar o caso. Algumas empresas dos EUA escreveram disposições que exigem a arbitragem da Câmara de Comércio Internacional (ICC) em seus contratos com parceiros da Nigéria. Várias outras organizações de arbitragem também operam na Nigéria. Duration of Dispute Resolution The judicial process in Nigeria is typically slow, and investors using the Nigerian court system to enforce an arbitration ruling could end up waiting a year or more if the case is appealed all the way to the Supreme Court. Furthermore, it is not uncommon in Nigeria for business parties to seek and secure court injunctions from judges deemed favorable to their cause, in order to protect themselves against business or legal proceedings which they deem unfavorable. Losing parties do not always pay settlements expeditiously. A U. S. supplier of fuel for the Nigeria Airways state airline, which went into liquidation in 1997, received full payment for its share of the liquidated assets only in 2010. 5. Performance Requirements and Investment Incentives Nigeria generally regulates investment in line with the World Trade Organization39s Trade-Related Investment Measures (TRIMS) Agreement, but the GoNrsquos expanded use of local content requirements, most notably in the information technology sector, may run afoul of Nigeriarsquos commitments under TRIMS. Foreign companies operate successfully in Nigeria39s service sector, including telecommunications, accounting, insurance, banking, and advertising. The Investment and Securities Act of 2007 forbids monopolies, insider trading, and unfair practices in securities dealings. On December 3, 2013, the National Information Technology Development Agency (NITDA), under the auspices of the Federal Ministry of Communication Technology, issued the Guidelines for Nigerian Content Development in the ICT sector. These guidelines require ICT original equipment manufacturers to use local manufactured content by 50 percent within three years from the effective date of the guidelines, and for ICT companies to use Nigerian companies in providing all value added series on networks by 80 percent in three years. In addition, the guidelines require multinational companies operating in Nigeria to source all hardware products locally all government agencies to source and procure all computer hardware only from NITDA-approved original equipment manufacturers and ICT companies to host all consumer and subscriber data locally, to use only locally manufactured SIM cards for telephone services and data, and to use indigenous companies to build cell towers and base stations. The goal is to promote development of domestic production of ICT products and services for the Nigerian and global markets, but the guidelines post impediments and risks to foreign investment and U. S. companies by interrupting their global supply chain, increasing costs, disrupting global flow of data, and stifling innovative products and services. Despite U. S. ICT Companiesrsquo continued inquiries, the Government of Nigeria has not clarified the level of sanctions U. S. companies would face for not complying with the guidelines. Further, there are concerns as to whether the guidelines would be implemented in a fair and transparent way towards all Nigerian and foreign companies. All ICT companies, including Nigerian companies, use foreign manufactured products as Nigeria does not have the capacity to produce ICT products. The GoN maintains different and overlapping incentive programs. The Industrial DevelopmentIncome Tax Relief Act Number 22 of 1971, amended in 1988, provides incentives to pioneer industries deemed beneficial to Nigeria39s economic development and to labor-intensive industries, such as apparel. There are currently 71 industries defined as pioneer industries for the purposes of this incentive. Companies that receive pioneer status may benefit from a non-renewable, 100 percent tax holiday of five years (seven years, if the company is located in an economically-disadvantaged area). Industries that use 60 to 80 percent of local raw materials in production may benefit from a 30 percent tax concession for five years, and investments employing labor-intensive modes of production may enjoy a 15 percent tax concession for five years. Additional tax incentives are available for investments in domestic research and development, for companies that invest in local government areas (LGAs) deemed disadvantaged, for local value added processing, for investments in solid minerals and oil and gas, and for a number of other investment scenarios. For a full list of incentives please, refer to the Nigerian Investment Promotion Council website at nipc. gov. ng. The Nigerian Export Promotion Council administered an Export Expansion Grant (EEG) scheme to improve non-oil export performance, but the government shut down the program in 2014 due to concerns about corruption on the part of companies who collected the grants but did not actually export. The Nigerian Export-Import (NEXIM) Bank provides commercial bank guarantees and direct lending to facilitate export sector growth, although these services are underused. NEXIMrsquos Foreign Input Facility provides normal commercial terms of three to five years (or longer) for the importation of machinery and raw materials used for generating exports. Agencies created to promote industrial exports remain burdened by uneven management, vaguely-defined policy guidelines, and corruption. Nigeria39s inadequate power supply and lack of infrastructure and the associated high production costs leave Nigerian exporters at a significant disadvantage. Many Nigerian businesses fail to export because they find meeting international packaging and safety standards is too difficult or expensive. The vast majority of Nigeriarsquos manufacturers remain unable to compete in the international market. Research and Development The NIPC states that up to 120 percent of expenses on (RampD) are tax deductible, provided that such RampD activities are carried out in Nigeria and are connected with the business from which income or profits are derived. Also, for the purpose of RampD on local raw materials, 140 percent of expenses are allowed. For cases in which the research is long-term, it will be regarded as a capital expenditure and will be written off against profit. Foreign investors must register with the NIPC, incorporate as a limited liability company (private or public) with the Corporate Affairs Commission, procure appropriate business permits, and register with the Securities and Exchange Commission (when applicable) to conduct business in Nigeria. Manufacturing companies sometimes must meet local content requirements. Expatriate personnel do not require work permits, but they remain subject to needs quotas requiring them to obtain residence permits that allow salary remittances abroad. Authorities permit larger quotas for professions deemed in short supply, such as deep-water oil-field divers. U. S. companies often report problems in obtaining quota permits. The Nigerian Oil and Gas Content Development Act, 2010 (NOGCDA) restricts the number of expatriate managers to five percent of the total number of personnel for companies in the oil and gas sector. Technology Transfer Requirements The National Office of Industrial Property Act of 1979 established the National Office of Technology Acquisition and Promotion (NOTAP) to facilitate the acquisition, development, and promotion of foreign and indigenous technologies. NOTAP registers commercial contracts and agreements dealing with the transfer of foreign technology and ensures that investors possess licenses to use trademarks and patented inventions and meet other requirements before sending remittances abroad. In cooperation with the Ministry of Finance, NOTAP administers 120 percent tax deductions for research and development carried out in Nigeria and 140 percent tax deductions for research and development using local raw materials. The NOGCDA has technology-transfer requirements that appear to violate a companyrsquos intellectual property rights. The Nigerian Customs Service (NCS) and the Nigerian Ports Authority (NPA) exercise exclusive jurisdiction over customs services and port operations. Nigerian law allows importers to clear goods on their own, but most importers employ clearing and forwarding agents to minimize tariffs and lower their landed costs. Others ship their goods to ports in neighboring countries, primarily Benin, after which they transport overland and smuggle into the country. The GoN implements a destination inspection scheme whereby all imports are inspected upon arrival into Nigeria, rather than at the ports of origin. In December 2013, the NCS regained the authority to conduct destination inspections, which had previously been contracted to private companies. NCS also introduced an online system for filing customs documentation via a Pre-Arrival Assessment Report (PAAR) process. Shippers report that efforts to modernize and professionalize the NCS and the NPA have reduced port congestion and clearance times. These efforts include an ongoing program to achieve 48-hour cargo clearance, particularly at Lagos39 Apapa Port, which handles over 40 percent of Nigeria39s legal trade. Nevertheless, bribery of customs agents and port officials remains common, and smuggled goods routinely enter Nigeria39s seaports and cross its land borders. Investors sometimes encounter difficulties acquiring entry visas and residency permits. Foreigners must obtain entry visas from Nigerian embassies or consulates abroad, seek expatriate position authorization from the NIPC, and request residency permits from the Nigerian Immigration Service. Investors report that this cumbersome process can take from two to 24 months and cost from USD 1,000 to USD 3,000 in facilitation fees. The GoN announced a new visa rule in August 2011 to encourage foreign investment, under which legitimate investors can obtain multiple entry-visas at points of entry into Nigeria. These changes have not been fully implemented, and the costs to obtain multiple entry visas on entry are not clearly set or standardized with each point of entry. U. S. businesses have reported being solicited for bribes in the visa on entry program. Obtaining a visa prior to traveling to Nigeria is strongly encouraged. On December 3, 2013, the National Information Technology Development Agency (NITDA), under the auspices of the Federal Ministry of Communication Technology, issued the Guidelines for Nigerian Content Development in the ICT sector. These guidelines require ICT original equipment manufacturers to use local manufactured content by 50 percent within three years from the effective date of the guidelines, and for ICT companies to use Nigerian companies in providing all value added series on networks by 80 percent in three years. In addition, the guidelines require multinational companies operating in Nigeria to source all hardware products locally all government agencies source and procure all computer hardware only from NITDA-approved original equipment manufacturers and ICT companies host all consumer and subscriber data locally, use only locally manufactured SIM cards for telephone services and data, and use indigenous companies to build cell towers and base stations. 6. Right to Private Ownership and Establishment The GoN supports competitive business practices and generally protects private property in accordance with the NIPC Decree of 1995. 7. Protection of Property Rights The GoN recognizes secured interests in property, such as mortgages. The recording of security instruments and their enforcement remain subject to the same inefficiencies as those in the judicial system. In the World Bank publication, Doing Business 2015, Nigeria ranked 185 out of the 189 countries surveyed for registering property, requiring averages of 12 procedures over 70 days at a cost of 18.6 percent of the property value. Fee simple property rights remain rare. Owners transfer most property through long-term leases, with certificates of occupancy acting as title deeds. Property transfers are complex and must usually go through state governors39 offices. In Abuja, the Federal Capital Territory government cancelled and began a process of reregistering all property allotments, refusing to renew those it deemed not to comply with the city39s master plan. Authorities have often compelled owners to demolish buildings on such property allotments, including government buildings, commercial buildings, residences, and churches, even in the face of court injunctions. Therefore, acquiring and maintaining rights to real property have become major challenges. Clarity of title and registration of land ownership remain significant challenges throughout rural Nigeria, where many smallholder farmers have only ancestral or traditional use claims to their land. Nigeriarsquos land reforms have attempted to address this barrier to development but with limited success. A major American investment in an industrial-scale farm in rural Nigeria was cancelled in 2015 in part because the land ownership and the relocation of smallholder farmers was not carried out by the state government, which is vested with such power under Nigerian law. Intellectual Property Rights Nigeriarsquos legal and institutional infrastructure for protecting intellectual property rights remains in need of further development and more funding, even though there are laws on the books to deal with enforcing most IPR violations. The areas where the legislation is deficient include online piracy, geographical indications, and plant and animal breedersrsquo rights. Copyright protection in Nigeria is governed by the Copyright Act of 1988, as amended in 1992 and 1999, which provides an adequate basis for enforcing copyright and combating piracy. That Act is administered by the Nigerian Copyright Commission, a division of the Ministry of Justice. U. S. business interests have previously noted that the Copyright Act needs to be amended to provide for stiffer penalties for violators. Trademarks are covered under the Trademarks Act of 1965, while patents and designs are protected under the Patents and Designs Act of 1970. Both of these Acts are administered by the Ministry of Industry, Trade, and Investment through its Trademarks, Patents and Designs Registry (TPDR). TPDR officials have benefitted from capacity building and training from U. S. agencies, including most recently from the U. S. Patent and Trade Office. The lack of new IPR legislation means some newer IPR categories are not currently addressed in Nigerian law, including online piracy, geographical indications, and plant and animal breedersrsquo rights. Legislation has previously been proposed to fill these gaps, but has not been passed. The GoN and National Assembly have also discussed legislation ndash first introduced in 2006 ndash that would combine the NCC and the TPDR into one IPR organization, which could provide more effective and efficient protections and enforcement (the TPDR currently does not have enforcement authority). Political wrangling has reportedly been largely responsible for preventing such legislative solutions from being developed and implemented. Nigeria is a member of the World Internet Property Organization (WIPO) but has not yet passed legislation to ratify two WIPO treaties that it signed in 1997: the Copyright Treaty and the Performances and Phonograms Treaty. These treaties address important digital communication and broadcast issues that have only become more relevant since Nigeria signed those 18 years ago. Recognition of geographical indications would be among the obligations the long-delayed Economic Partnership Agreement (EPA) between the EU and ECOWAS would impose on Nigeria (and all other ECOWAS member countries). ECOWAS has yet to ratify that EPA, however. Local content guidelines issued by the Ministry of Communication Technology in 2013 (Guidelines for Nigerian Content Development in Information and Communications Technology) have raised concerns about, among other things, the future ability of the GoN to protect data and trade secrets, due to the localization processes requiring the disclosure of source code and other sensitive design elements as a condition of doing business. The IT industry in Nigeria has pushed back strongly against several of the measures in those guidelines, which remain in effect. Violations of Nigerian IPR laws continue to be widespread, due in large part to a culture of inadequate enforcement. That culture stems from several factors, including insufficient resources among enforcement agencies, lack of GoN political will and focus on IPR, porous borders, entrenched trafficking systems that make enforcement difficult (and sometimes dangerous), and corruption. The NCC, which has primary responsibility for copyright enforcement, is generally viewed as understaffed and underfunded relative to the magnitude of the IPR challenge in Nigeria. Nevertheless, the NCC has engaged in significant activity. In the last four years, the NCC has conducted more than 180 anti-piracy operations across the country, arrested 403 suspects, and seized approximately 5.9 million units of pirated works (with an estimated market value of approximately 40 million USD). Those arrests have resulted in 53 criminal convictions against copyright offenders, with sentences including fines, imprisonment, or both. Currently, over 172 criminal copyright infringement cases are pending in various courts across the country. The Nigerian Police, the Economic and Financial Crimes Commission, and the National Customs Service all have a supporting role in IPR enforcement, but enforcement actions are typically coordinated and led by the NCC, as these other agencies ndash also constrained by resource limitations ndash do not view IPR enforcement as a primary mandate. Contributing to the culture of inadequate enforcement is the low level of public awareness among the general populace, including among intellectual property rights holders themselves and those who violate those rights. The rapid growth in the size of Nigeriarsquos own domestic creative industries, including Nollywood (the contribution of Nigeriarsquos entertainment and music industries to GDP grew 24 in 2013), as well as the growth of internet use in Nigeria, means the Nigerian economy has more to lose than ever before from inadequate IPR protections, including inadequate online digital piracy protections. The NCS has general authority to seize and destroy contraband. Under current law, copyrighted works require a notice issued by the rights owner to Customs to treat such works as infringing, but implementing procedures have not been developed and this procedure is handled on a case by case basis between the NCS and the Nigerian Copyright Commission (NCC). Once seizures are made, the NCS invites the NCC to inspect and subsequently take delivery of the consignment of fake goods for purposes of further investigation because the NCC has the statutory responsibility to investigate and prosecute copyright violations. The cost of moving and storing infringing goods is to be borne by the NCC. If, after investigations, any persons are identified with the infringing materials, a decision may be taken to prosecute. Where no persons are identified or could be traced, the Commission may obtain an order of court to enable it destroy such works. The Commission works in cooperation with right owners associations and stakeholders in the copyright industries on such matters. Many USG agencies, including the Department of Justice, the U. S. Patent and Trademark Office, the U. S. Copyright Office, the Department of Homeland Security, the Internal Revenue Service, and others have all led or participated in IPR capacity building efforts in recent years that have included participants from Nigeriarsquos Economic and Financial Crimes Commission, the Nigerian Customs Service, the Nigerian Police, the Nigerian Copyright Commission, the Nigerian Trademarks, Patents, and Designs Registry, the Standards Organization of Nigeria, and the National Agency For Food and Drug Administration and Control. Resources for Rights Holders For additional information about treaty obligations and points of contact at local IP offices, please see WIPOrsquos country profiles at wipo. intdirectoryen . Embassy point of contact: Trade and Investment Officer EconNigeriastate. gov 8. Transparency of the Regulatory System Nigeria39s legal, accounting, and regulatory systems comply with international norms, but enforcement remains uneven. Opportunities for public comment and input into proposed regulations sometimes occur. Professional organizations set standards for the provision of professional services, such as accounting, law, medicine, engineering, and advertising. These standards usually comply with international norms. No legal barriers prevent entry into this sector. Nigeriarsquos tax laws generally do not impede investment, but the imposition and administration of taxes remains uneven and lacks transparency. Tax evasion commonly occurs, with individuals and businesses often colluding with relevant officials to avoid paying taxes. Nigeria has signed double taxation agreements with several countries, including the United Kingdom, France, the Philippines and Japan. The GON imposes a 7.5 percent tax rate on dividends, interest, rent, and royalties when such benefits are paid to a bona-fide beneficiary under a tax treaty. Multiple taxes remain a problem for businesses at state and local levels, with companies within concurrent state and local jurisdictions expected to pay several taxes and levies. The top individual income tax rate is 24 percent, and the top corporate tax rate is 30 percent. Other taxes include a value-added tax and a capital gains tax. 9. Efficient Capital Markets and Portfolio Investment The NIPC Act of 1995 liberalized Nigeria39s foreign investment regime, which has facilitated access to credit from domestic financial institutions. Foreign investors who have incorporated their companies in Nigeria have equal access to all financial instruments. Some investors consider the capital market, specifically the Nigerian Stock Exchange (NSE), a financing option, given commercial banksrsquo high interest rates and the short maturities of local debt instruments. Trading on the NSE witnessed significant declines in value in 2014 due in part to the exit of foreign portfolio investors and hedge funds in response to the economic and political uncertainty. As of December 2014, the NSE claimed over 250 listed companies and a total market capitalization of over USD 90 billion. Roughly half of that figure is represented by the market capitalization value of just four companies. The GON has considered forcing companies in certain sectors or over a certain size to list on the NSE, as a means to encourage greater corporate participation and sectorial balance in the NSE, but those proposals have not been enacted to date. The Government employs debt instruments, with the GoN issuing bonds of various maturities ranging from two to 20 years since the return to civilian rule in 1999. The GoN has issued bonds to restructure the GoN domestic debt portfolio from short-term to medium - and long-term instruments. Some state governments have issued bonds to finance development projects while some domestic banks have used the bond market to raise additional capital. The Nigerian Securities and Exchange Commission (NSEC) has issued stringent guidelines for states wishing to raise funds on capital markets, such as requiring credit assessments conducted by recognized credit rating agencies. Money and Banking System, Hostile Takeovers The Central Bank of Nigeria (CBN) currently licenses 21 depositndashtaking commercial banks in Nigeria. Following a 2009 banking crisis, CBN officials intervened in eight of 24 commercial banks (roughly one third of the system by assets) due to insolvency or serious undercapitalization and established the government-owned Asset Management Company of Nigeria (AMCON) to address bank balance sheet disequilibria via discounted purchases of non-performing loans. The Nigerian banking sector emerged stronger from the crisis thanks to a number of reforms undertaken by the Central Bank of Nigeria (CBN) including the adoption of uniform year-end IFRS financial reporting to increase transparency, a stronger emphasis on risk management and corporate governance, and the nationalization of three distressed banks. In 2013 the CBN introduced a stricter supervision framework for the countryrsquos top eight banks, identified as ldquoSystematically Important Banksrdquo (SIBs) given they account for more than 70 percent of the industryrsquos total assets, loans and deposits, and their failure or collapse could disrupt the entire financial system and the countryrsquos real economy. These eight banks are: First Bank of Nigeria, United Bank for Africa, Zenith Bank, Access Bank, Ecobank Nigeria, Guaranty Trust Bank, Skye Bank, and Diamond Bank. Under the new supervision framework, the operations of SIBs are closely monitored with regulatory authorities conducting stress tests on the SIBsrsquo capital and liquidity adequacy. Moreover, SIBs are required to maintain a higher minimum capital adequacy ratio of 15 percent. The CBN supports non-interest banking. Both Jaiz Bank International Plc and Stanbic IBTC Plc have established Islamic banking operations in Nigeria. Jaiz Bank International commenced operations in 2012. Two financial institutions, First Securities Discount House Limited and Rand Merchant Bank, a subsidiary of FirstRand of South Africa, were each granted merchant bank licenses in November 2012, and are expected to commence operation in 2013. 10. Competition from State-Owned Enterprises The Government has privatized most State-Owned Enterprises (SOEs) to encourage more efficient operations, most recently the state-owned telecommunications company, NITEL, and its mobile subsidiary, MTEL. The biggest and arguably most important state-owned enterprise is the Nigerian National Petroleum Corporation (NNPC), responsible for exploration, refining, petrochemicals, products transportation and marketing. NNPC owns and operates Nigeriarsquos four refineries (one each in Warri and Kaduna and two in Port Harcourt), all of which operate far below their original installed capacity. There is an ongoing drive to encourage private investment in refineries and, in a bid to attract such investment the GON says it plans to deregulate the downstream sector fully. Nigerian cement conglomerate Dangote has committed to building a USD 9 billion, 500,000 barrel per day refinery and petrochemical plant in the Lagos area which it expects to begin operating by 2017. The NNPC carries out its work through 12 subsidiary companies, including: Nigerian Petroleum Development Company (NPDC) The Nigerian Gas Company (NGC) The Products and Pipelines Marketing Company (PPMC) Integrated Data Services Limited (IDSL) National Engineering and Technical Company Limited (NETCO) Hydrocarbon Services Nigeria Limited (HYSON) Warri Refinery and Petrochemical Co. Limited (WRPC) Kaduna Refinery and Petrochemical Co. Limited (KRPC) Port Harcourt Refining Co. Limited (PHRC) NNPC Retail Duke Oil Another key SOE is the Transmission Company of Nigeria (TCN), responsible for the operation of Nigeriarsquos national electrical grid. Private power generators have accused the TCN grid of significant inefficiency and inadequate technology. The TCN is a wholly owned subsidiary of the Nigeria Electricity Regulatory Commission. OECD Guidelines on Corporate Governance of SOEs Nigerian SOEs are not governed by OECD Guidelines on Corporate Governance. Sovereign Wealth Funds The Nigeria Sovereign Investment Authority (NSIA) is the manager of Nigeriarsquos Sovereign Wealth Fund. It was created by the Nigeria Sovereign Investment Authority Act in 2011 and began operation the following year with seed capital of USD 1 billion. It was created to receive, manage and grow a diversified portfolio that will eventually replace government revenue currently drawn from non-renewable resources, primarily hydrocarbons. The NSIA is a public agency that subscribes to the Santiago Principles which are a set of 24 guidelines that assign ldquobest practicesrdquo for the operations of Sovereign Wealth Funds globally. The NSIA invests through three funds: the Future Generations Fund for diversified portfolio of long term growth, the Nigeria Infrastructure Fund for domestic infrastructure development, and the Stabilization Fund to act as a buffer against short-term economic instability. The Embassy has not received any report or indication that the activities of the NSIA limit private competition. 11. Corporate Social Responsibility Large local and foreign enterprises generally follow Corporate Social Responsibility (CSR) principles as a way to identify with the communities in which they operate and display support for GON initiatives. OECD Guidelines for Multinational Enterprises Nigeria is not an adhering government to the OECD Guidelines for Multinational Enterprises. Most FDI is in Nigeriarsquos oil and gas sector, carried out by multinational corporations who adhere to international CSR standards. Political, religious, and ethnic violence continue to affect Nigeria. Boko Haram, formally known as Jamarsquotu Ahlis Sunna Liddarsquoawati Wal-Jihad, has waged a terrorist campaign across a growing number of northern states, calling for the institution of Sharirsquoa law across Northern Nigeria. Such attacks have resulted in thousands of deaths since 2009. Boko Haram has targeted churches, mosques, government installations, educational institutions, and leisure sites with Improvised Explosive Devices (IEDs) and Suicide Vehicle-borne IEDS across nine Northern states and in Abuja. In 2011, Boko Haram bombed the National Police Force headquarters and conducted a suicide car bombing of the United Nations headquarters in Abuja. Attacks on innocent civilians accelerated from late 2013 through 2014. In 2013, Boko Haram claimed responsibility for raiding educational institutions and murdering students. In 2014, Boko Haram began using young girls as agents of suicide bomb attacks. Due to challenging security dynamics in the North, the U. S. Diplomatic Mission to Nigeria has significantly limited official travel north of Abuja. Such trips occur only with security measures designed to mitigate the threats of car-bomb attacks and abductions. Decades of neglect, persistent poverty, and environmental damage caused by the oil and gas industry has left Nigeriarsquos oil rich Niger Delta region vulnerable to renewed violence. The 2009 amnesty of Delta militants significantly reduced attacks on pipelines and other petroleum facilities, increasing oil production from 700,000 barrels per day (bpd) at the peak of militancy to about 2 million bpd today. However, the sector still faces egregious onshore oil theft and maritime criminality, substandard infrastructure, and byzantine regulation that dampen oil and gas production and impede the sectorrsquos further growth. Though each oil producing state receives a 13 percent derivation of the oil revenue produced within its borders, and the Niger Delta Development Corporation (NDDC) receives an additional USD 1 billion in annual funding to implement social and economic development projects, the Niger Delta suffers from endemic poverty and dismal federal government services. Endemic corruption and environmental devastation caused by decades of oil spills remain largely unaddressed. State and local governments offer few social services, and Niger Delta residents continue to seek direct payments and other assistance from oil companies. Some oil companies have implemented their own socio-economic development programs to assist local communities, but the virtual absence of concerted government attention to the needs of these communities means many of them remain angry and resentful of oil production activities in their region. The limited scope and timeframe of the amnesty program (set to expire in 2015), a shortage of sufficient employment opportunities for both the thousands of amnesty beneficiaries as well as other underserved youth, and the federal governmentrsquos failure to address the regionrsquos underlying grievances could result in a resumption of broader and more violent criminal activity without concerted government action. The GON awards contracts under an open-tender system, advertising tenders in Nigerian newspapers and a ldquotendersrdquo journal, and opening the tenders to domestic and foreign companies. Procurement has become slightly more transparent, but allegations of large-scale corruption in the awarding of government contracts persist. Procurement for capital projects often suffers from over-invoicing, which permits improper payments or quotkick-backsquot to private and public sector officials. Many U. S. companies claim they remain disadvantaged in obtaining GoN contracts, even when they appear to have submitted the best bids in technical and financial terms. Unsuccessful U. S. bidders sometimes allege collusion between foreign competitors and key GoN officials. The Public Procurement Law of 2007 established the Bureau of Public Procurement (BPP) as the successor agency to the Budget Monitoring and Price Intelligence Unit (BMPIU). The BPP acts as a clearinghouse for government contracts and procurement and monitors the implementation of projects to ensure compliance with contract terms and budgetary restrictions. Procurements above 100 million naira (about USD 641,000) reportedly undergo full quotdue process. quot Some of the 36 states of the federation have also passed public procurement legislation. Businesses report that bribery of customs and port officials remains common, and smuggled goods routinely enter Nigeria39s seaports and cross its land borders. Domestic and foreign observers identify corruption as a serious obstacle to economic growth and poverty reduction. Nigeria scored 25 out of 100 in Transparency Internationalrsquos 2013 Corruption Perception Index (CPI), placing it in the 144th position out of the 177 countries ranked. The Economic and Financial Crimes Commission (EFCC) Establishment Act of 2004 established the EFCC to prosecute individuals involved in financial crimes and other acts of economic ldquosabotage. rdquo The EFCC has encountered the most success in prosecuting low-level Internet scam operators. A relative few high-profile convictions have taken place, such as a former governor of Bayelsa State, a former Inspector General of Police, and a former Chair of the Board of the Nigerian Port Authority. However, in the case of the convicted governor of Bayelsa State, the President of Nigeria pardoned him in March 2013. The Corrupt Practices and Other Related Offences Act of 2001 established an Independent Corrupt Practices and Other Related Offences Commission (ICPC) to prosecute individuals, government officials, and businesses for corruption. The Act punishes over 19 offenses, including accepting or giving bribes, fraudulent acquisition of property, and concealment of fraud. Nigerian law stipulates that giving and receiving bribes constitute criminal offences and, as such, are not tax deductible. ICPC investigations have resulted in 8 convictions in 2013, bringing the total since its inauguration to 68 cases. In April 2014, a presidential committee set up to review Nigeriarsquos ministries, departments, and agencies (MDAs) recommended that the EFCC, the ICPC, and the Code of Conduct Bureau (CCB) be merged into one organization. The federal government, however, rejected this proposal to consolidate the work of these three anti-graft agencies. Nigeria gained admittance into the Egmont Group of Financial Intelligence Units (FIUs) in May 2007. The Paris-based Financial Action Task Force (FATF) removed Nigeria from its list of Non-Cooperative Countries and Territories in June 2006. In October 2013, the FATF decided that Nigeria had substantially addressed the technical requirements of its FATF Action Plan and agreed to remove Nigeria from its monitoring process conducted by FATFrsquos International Cooperation Review Group (ICRG). The Nigeria Extractive Industries Transparency Initiative (NEITI) Act of 2007 provided for the establishment of the NEITI organization, charged with responsibility to develop a framework for transparency and accountability in the reporting and disclosure by all extractive industry companies of revenue due to or paid to the GON. NEITI serves as a member of the international Extractive Industries Transparency Initiative (EITI), which provides a global standard for revenue transparency for extractive industries like oil and gas and mining. UN Anticorruption Convention, OECD Convention on Combatting Bribery Nigeria is party to the United Nations Convention against Corruption. Nigeria is not a member of the OECD and not party to the OECD Convention on Combating Bribery. Resources to Report Corruption Economic and Financial Crimes Commission. Hotline: 234 9 9044752 or 234 9 9044753. Headquarters: No. 5, Fomella Street, Off Adetokunbo Ademola Crescent, Wuse II, Abuja, Nigeria. Branch offices in Ikoyi, Lagos State Port Harcourt, Rivers State Independence Layout, Enugu State Kano, Kano State Gombe, Gombe State. Independent Corrupt Practices and Other Related Offences Commission: Abuja Office - Headquarters Plot 802 Constitution Avenue, Central District, PMB 535, Garki Abuja PhoneFax: 234 9 523 8810 Email: infoicpc. gov. ng 14. Bilateral Investment Agreements The GoN signed a Trade and Investment Framework Agreement (TIFA) with the United States in 2000. Nigeria has bilateral investment agreements with Algeria, Bulgaria, China, Egypt, Ethiopia, France, Finland, Germany, Italy, Jamaica, Montenegro, The Netherlands, North Korea, Romania, Serbia, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Turkey, Uganda, and The United Kingdom. Twelve of these treaties (those with France, Finland, Germany, Italy, The Netherlands, Romania, Serbia, South Korea, Spain, Switzerland, Taiwan and The United Kingdom) have been ratified by both parties. The GoN and Canada concluded negotiations in May 2013 for a Foreign Investment Promotion and Protection Agreement. GoN officials blame treaty partners for the lack of ratification, but the ratification process within the GoN has not proven proactive or well-organized. U. S. and Nigerian officials held their latest round of TIFA talks in March 2014. Bilateral Taxation Treaties Nigeria is a party to double taxation agreements with thirteen countries, the latest of which (with the Philippines) became effective January 1, 2014. Nigeria does not have such an agreement with the United States. 15. OPIC and Other Investment Insurance Programs The U. S. Overseas Private Investment Corporation offers all its credit and risk products to U. S. investors in Nigeria. Nigeria39s skilled labor pool has declined over the past decade due to inadequate educational systems, limited employment opportunities, and the migration of educated Nigerians to other countries, including the United Kingdom, the United States, and South Africa. The low employment capacity of Nigeria39s formal sector means that almost three-quarters of all Nigerians work in the informal and agricultural sectors or are unemployed. Companies involved in formal sector businesses such as banking and insurance possess an adequately skilled workforce (often trained abroad in private institutions or at the better-funded universities). Manufacturing sector workers often require on the job training. The result is that while individual wages are low, individual productivity is low and overall labor costs can be high. The Right of Association Nigeria39s constitution guarantees the rights of free assembly and association and protects workers39 rights to form or belong to trade unions. Several statutory laws, nonetheless, restrict the rights of workers to associate or disassociate with labor organizations. Nigerian unions belong to one of two trade union federations, the Nigeria Labor Congress (NLC), which tends to represent junior (i. e. blue collar) workers, and the Trade Union Congress of Nigeria (TUC) representing the ldquoseniorrdquo (i. e. white collar) workers. According to figures provided by the Ministry of Labor and Productivity, total union membership stands at roughly 7 million. A majority of these union members work in the public sector, although unions exist across the private sector. The Trade Union Amendment Act of 2005 allowed non-management senior staff to join unions. Nigeria39s largest labor federation, the NLC, contains 42 industrial unions the TUC includes 18. Collective bargaining occurred throughout the public sector and the organized private sector in 2014. However, public sector employees have become increasingly concerned about the GoN and state governmentsrsquo failure to honor previous agreements from the collective bargaining process. For instance, in 2013 a five-month strike by the Academic Staff Union of Universities (ASUU) was the result of the GoN failing to implement a 2009 agreement. President Jonathan signed legislation in 2011 amending the Minimum Wage Act to raise the minimum wage to 18,000 naira (or what was then about USD 110) per month. Union leaders have complained that some state governors did not fully implement the Act, citing its budget implications, and in response unions staged strikes in some states. Collective bargaining in the oil and gas industry is relatively efficient compared to other sectors. Issues pertaining to salaries, benefits, health and safety, and working conditions tend to be resolved quickly through negotiations. One exception is a long-standing, unresolved dispute over the industry39s use of contract labor. Workers under collective bargaining agreements cannot participate in strikes unless their unions comply with the requirements of the law, which includes provisions for mandatory mediation and referral of disputes to the GoN. Despite these restrictions on staging strikes, unions occasionally conduct strikes in the private and public sectors without warning. Localized strikes occurred in the education, government, energy, power, and healthcare sectors in 2014. The law forbids employers from granting general wage increases to workers without prior government approval, but the law is not often enforced. The Nigerian Minister of Labor and Productivity may refer unresolved disputes to the Industrial Arbitration Panel (IAP) and the National Industrial Court (NIC). Union officials question the effectiveness and independence of the NIC, believing it unable to resolve disputes stemming from GON failure to fulfill contract provisions for public sector employees. Union leaders criticize the arbitration system39s dependence on the Minister of Labor and Productivityrsquos referrals to the IAP. Nigeriarsquos laws regarding minimum age for child labor and hazardous work are inconsistent. Article 59 of the Labor Act of 1974 sets the minimum age of employment at 12, and it is in force in all 36 states of Nigeria. The Act also permits children of any age to do light work alongside a family member in agriculture, horticulture, or domestic service. The Federal 2003 Childrsquos Right Act (CRA) codifies the rights of children in Nigeria and must be ratified by each State to become law in its territory. There were no new adoptions of the CRA during the reporting period. To date, 23 states and the Federal Capital Territory have ratified the CRA, with 12 of the remaining 13 states located in northern Nigeria. The CRA states that the provisions related to young people in the Labor Act apply to children under the CRA, but also that the CRA supersedes any other legislation related to children. The CRA restricts children under the age of 18 from any work aside from light work for family members however, Article 59 of the Labor Act applies these restrictions only to children under the age of 12. This language makes it unclear what minimum ages apply for certain types of work in the country. While the Labor Act forbids the employment of youth under age 18 in work that is dangerous to their health, safety, or morals, it allows children to participate in certain types of work that may be dangerous by setting different age thresholds for various activities. For example, the Labor Act allows children age 16 and older to work at night in gold mining and the manufacturing of iron, steel, paper, raw sugar, and glass. Furthermore, the Labor Act does not extend to children employed in domestic service. Thus, children are vulnerable to dangerous work in industrial undertakings, underground, with machines, and in domestic service. In addition, the prohibitions established by the Labor Act and CRA are not comprehensive or specific enough to facilitate enforcement. In 2013, the National Steering Committee for the Elimination of the Worst Forms of Child Labor in Nigeria (NSC) validated the Report on the Identification of Hazardous Child Labor in Nigeria. Currently, the report is with the MOLP for the promulgation of guidelines for operationalizing the report. Acceptable Conditions of Work Nigeria39s Labor Act provides for a 40-hour work week, two to four weeks of annual leave, and overtime and holiday pay for all workers except agricultural and domestic workers. No law prohibits compulsory overtime. The Act establishes general health and safety provisions, some of which specifically apply to young or female workers, and requires the Ministry of Labor and Productivity inspect factories for compliance with health and safety standards. Under-funding and limited resources undermine MOLP oversight capacity, and construction sites and other non-factory work sites are often ignored. Nigeria39s labor law requires employers to compensate injured workers and dependent survivors of workers killed in industrial accidents. 17. Foreign Trade ZonesFree PortsTrade Facilitation The Nigerian Export Processing Zone Authority (NEPZA) allows duty-free import of all equipment and raw materials into its export processing zones. Up to 25 percent of production in an export processing zone may be sold domestically upon payment of applicable duties. Investors in the zones are exempt from foreign exchange regulations and taxes and may freely repatriate capital. The GoN also encourages private sector participation and partnership with state and local governments under the free trade zones (FTZ) program, resulting in the establishment of the Lekki FTZ (owned by Lagos state), and the Olokola FTZ (owned by the federal government, Ogun state, Ondo state, and private oil companies and straddling Ogun and Ondo states). Workers in FTZs may unionize, but may not strike for an initial ten-year period. 18. Foreign Direct Investment and Foreign Portfolio Investment Statistics Table 2: Key Macroeconomic Data, U. S. FDI in Host CountryEconomy Provide sources of host country statistical data used Table 3: Sources and Destination of FDI The stock of U. S. foreign direct investment (FDI) in Nigeria was USD 8.1 billion in 2013 (latest data available), down from USD 8.4 billion in 2012. U. S. FDI in Nigeria continues to be led by the oil and gas sector, although there is substantial new investment from the United States and other countries in Nigeriarsquos power, telecommunications, real estate (commercial and residential), and agricultural sectors. According to U. N. Conference on Trade and Development (UNCTAD) data, in 2013 Nigeriarsquos FDI inflow was USD 5.6 billion (down 21.3 from USD 7 billion in 2012) and its total stock of FDI was valued at USD 82 billion in 2013 (nearly 10 of which is from the United States), up from USD 76.3 billion in 2012. Nigeria was the third largest recipient of FDI in Africa in 2013 (after South Africa and Mozambique), but the USD 5.6 billion received that year was the lowest FDI into Nigeria since 2006. Some FDI goes to telecommunications, real estate (including commercial and residential), and manufacturing, but total investment in the non-oil and gas sector remains small relative to investment in the oil and gas sector. Direct Investment fromin Counterpart Economy Data From Top Five SourcesTo Top Five Destinations (US Dollars, Millions) Inward Direct Investment Outward Direct Investment China, P. R. Mainland Virgin Island, British quot0quot reflects amounts rounded to - USD 500,000. Source: IMF Coordinated Direct Investment Survey Table 4: Sources of Portfolio Investment Portfolio investment statistics are unavailable for Nigeria. 19. Contact for More Information Trade and Investment Officer EconNigeriastate. gov Plot 1075 Diplomatic Drive Abuja, Nigeria 234 9 461 4000Foreign Exchange Trading: What Every Trader Needs To Know If you know what you are doing, forex can be very profitable, so it definitely pays to do some research before you begin. You will be able to do this when you are practicing with a demo account. Below you will find good information to get you trading in the Forex market with confidence. Learn about one currency pair, and start there. Don8217t spend endless hours doing research. Some things you have to learn by doing them. Choose one currency pair and find out as much as you can about that one. Know the pair8217s volatility vs. its forecasting. When starting out in Forex you should try to keep things as simple as possible. TIP Don8217t trade on a thin market when you are just getting started. Thin markets are markets that do not have a great deal of public interest. If you want to become an expert Forex trader, don8217t let emotions factor into your trading decisions. Emotions do nothing but increase risk by tempting you to make impulsive investment decisions. These can end up being very poor decisions. It8217s impossible to eliminate emotions entirely, but try to keep them out of your decision making process when it comes to trading. Remember that on the foreign exchange market, up and down patterns will always be present, but there will only be one dominant pattern at a time. During an up market time, selling your signals is easy. Use the trends to help you select your trades. When trading on the Forex market, don8217t let the positions of other traders influence the position that you choose. Forex traders make mistakes, but only talk about good things, not bad. Even though someone may seem to have many successful trades, they also have their fair share of failures. Stick to your plan, as well as knowledge and instincts, not the views of other traders. TIP Many traders make careless decisions when they start making money based upon greed and excitement. Other emotions to control include panic and fear. Forex robots come with a lot of risks to counterbalance their potential benefits to you. They are a big moneymaker for people selling them but largely useless for investors in the Foreign Exchange market. Use the knowledge you have gained to intelligently invest your money on your own. Use your margin carefully to keep your profits secure. Trading on margin can be a real boon to your profits. Keeping close track of your margin will avoid losses avoid being careless as it could create more losses than you expect. The best time to trade on margin is when your position is very stable and there is minimal risk of a shortfall. It is always a good idea to practice something before you begin. The beauty of a demo account is that it allows you to practice trading using actual market conditions, and doing so enables you to gain a basic understanding of Forex trading without risking your own cash. You can find a lot of helpful tutorials on the internet. The more knowledgeable you are about the market before you start trading, the better. TIP Make sure you do your homework by checking out your forex broker before opening a managed account. To ensure success, choose a broker that performs at least as well as the market and has been in business for at least five years, especially if you are new at trading currencies. Research the broker you are going to use so you can protect your investment. If you are a new trader, try to choose one who trades well and has done so for about five years. Stop Loss Markers Create goals and use your ability to meet them to judge your success. It is important to set tangible goals within a certain amount of time, when you are trading on the Forex market. Have some error room, because there will definitely be some mistakes made, especially at the beginning. Determine the amount of time you can reasonably devote to trading, and include research in that estimate. Stop loss markers lack visibility in the market and are not the cause of currency fluctuations. It is best to always trade with stop loss markers in place. Do not open in the same way every time, change depending on what the market is doing. Some traders open with identical positions and invest more funds than they can afford or an inadequate amount to begin with. Use current trades in the Forex market to figure out what position to change to. Forex ebooks and robots are not worth your time or money. Most of these products rely on unproven strategies and trading ideas that could be charitably described as flaky. Usually the only people who make money from these sorts products are the people who are selling them. If your first Forex trades aren8217t paying off, then consider investing in some professional advice or instruction. Demo Account You don8217t need to buy any automated software system in order to practice Forex using a demo account. You should be able to find links to any forex site8217s demo account on their main page. Relative strength indexes are great ways to find out about the average gains or losses of a specific market. Remember that the relative strength index does not analyze individual investments, only averages. However, you can use the statistics it gives you to determine how strong a potential investment may be. If you are thinking about trading a currency pair that most traders consider difficult to profit from, you may want to consider improving your trading record with easier currency pairs first. TIP Find a good Forex software to enable easier trading. There are platforms that give you the ability to see what is going on in the market and even execute trades all from your smartphone. You should put stop losses in your strategy so that you can protect yourself. Rely on your gut and any technical knowledge to help guide you as a trader to learn what to do. You will need to get plenty of practice to get used to stop loss. When you decide to begin Foreign Exchange trading, consider starting out as a small trader, working with one mini account for about a year before getting more aggressive. It is imperative that you fully understand all your trading options before conducting large trades. You need to be sure that the top and bottom of the market have taken shape prior to choosing a position. This is surely a tentative position to assume, but the odds of fruition increase with the use of patience and realize the topmost and bottom ahead of trading. TIP The term 8220Forex8221 means 8220foreign exchange.8221 This type of market is all about currency trading. Signals that the exchange markets give off tell you when to sell and buy. Your software should be able to be personalized to work with your trading. Determining your entry points and exit points before you begin is beneficial, as otherwise you would lose crucial time making decisions. Relative Strength Index Information about the Forex trading market is available 24 hours a day. When you know what is happening, it is easier to know what is happening. To help you sort through confusing information you should consult qualified professionals via online portal like forums. TIP Improvement and know-how are acquired gradually. You must have patience, or you could lose money in a short amount of time. Use the relative strength index as a way to measure the average loss or gain on a market. Remember that the relative strength index does not analyze individual investments, only averages. However, you can use the statistics it gives you to determine how strong a potential investment may be. If you are thinking about trading a currency pair that most traders consider difficult to profit from, you may want to consider improving your trading record with easier currency pairs first. Once you have gained a wealth of knowledge about forex, you will begin to trade and have the opportunity to make money. Keep in mind that you8217ll need to keep learning to always be on top as things change. Staying informed can really help you to be successful in foreign exchange trading. Don8217t trust anyone to watch your trading activity other than yourself. You know yourself and your trading strategy better than anyone. Don8217t just rely on software. Human intelligence is still integral in making wise trading decisions. What Are Forex Signals Forex market has a huge potential to deliver good profits. The only condition is to invest with a right and well-researched strategy. There are many people who just dive into the Forex market without knowing anything about it. Consequently they end up in losing money and speak bad about Forex. If the same investor would have spent few hours in studying dynamics of currency movements and traded accordingly, he may have earned a handsome profit in his account. Nor every trader has time to watch the market 247 and neither every trader has necessary skills to interpret the market information. Here comes the role of Forex signals that saves traders with timely and accurate indicators. Forex signals is an important investment tool that helps traders in making wise investment decisions. These signals provide raw data and insights about the market so that you can choose your trades while minimizing the risks. Forex signals are usually provided by professional traders in the form of SMS alerts, email alerts or pop-up messages. Signal providers generate after fundamental and technical analysis on market data. Read the following information to know what exactly Forex signals are how do they work. Forex Signals Forex signals are indicators or information that allows successful trading by reducing risks associated with Forex trading. Basically it is an alert system that keeps the traders updated about fluctuations in Forex market. It provides information about the correct timings when currencies should be sold or purchased in order to make maximum profit. Available on subscription, Forex signals immediately alert the traders as soon as an opportunity arises in the market. Traders can subscribe to either free or paid signals services or avail the one that is being offered by the broker as a part of trading software. Forex Signals Services Trading signals services are getting more and more popular because of their immense benefits. The investors who have subscribed to the Forex signals services receive signals and perform automatic deals. The investors need to define their risk tolerance only and the rest is done by the signals providers in accordance with the defined risk. The subscribed investors do not need to monitor the trading process. Instead they just need to subscribe to the right Forex signals service. Although Forex signals service is used mostly by new and inexperienced traders but this is of no surprise that it is used even by experienced traders to save their time and formulate trading strategies. Advantages of Forex Signals Forex signals hold multiple advantages for investors. The below mentioned benefits describes why it is worthwhile to invest in Forex signals. 1. Forex signals reduces the market risk by keeping traders updated about market fluctuations 2. Generated by expert and professional traders, Forex signals carry high degree of precision and accuracy. 3. Forex signals allow new and inexperienced traders to trade confidently. 4. Forex signals save traders from hassle of watching the market 247 and therefore saves time and resources. 5. Investors can unsubscribe to Forex signals services any time. 6. Forex signals services allow automated trading with instant execution. 7. Investors can verify the authenticity of the signals by viewing its detailed statistics and transaction history. Forex signals provide you with a great learning opportunity. With the passage of time you will feel that you have learnt much and are now in the position of providing Forex signals. You can capitalize on this skill and have an extra source of income by offering Forex signals to other traders. How do Forex Signals Work Forex signals follow the given mechanism to assist traders in making successful trades. A group of professional traders and analysts takes a huge amount of market data as input. Then they perform complex mathematical, fundamental and technical analysis to generate accurate signals as output. The signals are then communicated to the subscribed traders on the base of which they make right investment decisions. How to get Forex Signals There are certain companies that specializes in Forex signals services. You can subscribe either to free or paid service. The difference between free and paid Forex signals lies in their reliability. The paid signals are believed to be more accurate. Besides these service providers, there are also signal providing software available. The software is programmed to analyze the data and generate signals. You will find many signals software online. You can verify the authenticity of such software by first going through their demo or trial version. Choosing a Forex signal provider is a critical task as a wrong signal can cause a major loss. Always choose a provider who is known for its reliability and authenticity. The signals providers in MetaTrader 4 and MetaTrader 5 community have guaranteed reliability as their signals are made available after strict scrutiny. MetaTrader is developed by world leading MetaQuotes Software Corp. They have incorporated a very safe and easy mechanism for Forex signals service. On MetaTrader, You can buy or sell signals with guaranteed authenticity and reliability. Joe White is an investor and financial writer to share knowledge on investing, trading strategies and information technology. Joe holds a Masters Degree in Finance from the Massachusetts Institute of Technology. Send all your publications to editormodernghana . Add Your CommentBuhari Backs CBN Flexible Forex Policy, Says Its Down Payment for Success Market awaits details UBA Leads Utilisation as CBN Sells 131m to Banks Obinna Chima with agency report The flexible foreign exchange policy of the Central Bank of Nigeria got a presidential nod again yesterday as President Muhammadu Buhari said it would help the country8217s economy, which had been badly hit by a slump in oil revenues. 8220The central bank has moved to introduce a greater flexibility in our exchange rate policy. These actions are a down payment on our people8217s ability to succeed,8221 Buhari said in an essay he published on the website of The Wall Street Journal. (See back page for full text) Although the President did not give details of the policy, he explained that Nigeria needed it to boost its supplies of foreign exchange, adding that the country would need to radically increase its exports and productivity as well as improve the investment climate and ease of doing business. The presidents essay could raise more anxiety about the details of the policy that Thisday reported yesterday might be unveiled this week. The paper had said its informed analysts believed the details might be released this Friday, being the day the CBN receives bids from authorised forex dealers. Meanwhile, the CBN last week sold 131,323,071.09 to 11 commercial banks and three merchant banks, the returns of forex utilisation published by the respective financial institutions have shown.. However, dollar purchases by Dangote Flour Mills 8211 2,444,843 Dangote Sugar Refinery -1,555,156.62 and IATA -1,500,000 which were UBAs biggest customers during the week under review, buoyed its performance in forex returns. Also, with a total of 17,538,818, Stanbic IBTC came in second. The bank sold the greenback to a total of 147 customers. Out of this amount, 94 of the firms that Stanbic IBTC sold dollars to were institutional investors and foreign portfolio investors who were divesting from the countrys equities, bonds and treasury bills instruments. FirstBank of Nigeria Limited held the third position with a total of 14,424,749.46 forex allocation it got from the central bank. The bank sold the dollars to 788 customers. FirstBanks biggest customers were Dangote Cement Plc which purchased 2,000,000. Guaranty Trust Bank Plc (GTbank) held the fourth position with a total of 13,119,712.75, just as Zenith Bank Plc with a total forex allocation of 13,110,393.04 came in fifth. Zenith Bank sold the greenback to a total of 496 customers. Also, Zenith Banks biggest customers in the week under review was the Dangote Group (Dangote Agro Sacks Limited, Dangote Flour Mills and Dangote Sugar Refinery Plc), which purchased a total of 2,000,000 from the bank. Also, Standard Chartered Bank Limited held the sixth position with a total forex allocation of 11,601,339, Diamond Bank Plc came in seventh with a total forex allocation of 11,166,213.01, and Ecobank Nigeria got a total forex allocation of 8,377,592.95 from the central bank to be in the eight position. Meanwhile, a Bloomberg report indicated that the banking sector regulator will probably make a pronouncement in a circular to banks, said a person, who asked not to be identified discussing the private talks held June 9 in Abuja, the capital. Analysts including those at Renaissance Capital Limited have said they expect the central bank to allow the naira to weaken around a trading band in the interbank market, while allocating dollars at a fixed rate to industries the government deems strategic. The central bank is still working out details of the policy, the person said, and may also reinstate a minimum holding period for foreign investors buying naira bonds. CBN Governor Godwin Emefiele has faced calls for more than a year to devalue the currency, as other oil exporters from Russia to Kazakhstan and Angola have done, amid a rout in crude prices since mid-2014 to around 50 a barrel. Investment into Nigeria has shrivelled as foreigners are put off by capital controls needed to defend the peg, while local businesses have struggled to import raw materials and equipment. Naira three-month forwards rose to N301 against the dollar yesterday in London, poised for a record close and suggesting traders see the currency falling to about that level from the spot price of N198.5. Forward contracts maturing in a year traded at N340, also a record high. Africas biggest economy removed a requirement for foreign investors to hold local-currency debt for at least one year in mid-2011. That led to Nigerias inclusion the following year in JP Morgan Chase amp Co. s local-currency emerging market bond indexes, tracked by more than 200 billion of funds, and also prompted naira yields to plummet. The country was kicked out of the indexes last September because JPMorgan said the currency restrictions made it hard for investors to trade naira bonds. Nigeria has held the naira at N197-N199 per dollar since March 2015, with Emefiele and President Muhammadu Buhari both insisting that a weaker currency would leave consumers facing higher prices. Thats already happened, with inflation accelerating to an almost six-year high of 13.7 per cent in April. The statistics bureau is due to announce figures for May this week. The naira has plummeted to around N365 per dollar on the black market as shortages of the greenback worsened. The black market rate may strengthen if the official one is weakened and inflows from investors pick up, according to the president of the Bureau de Change Operators of Nigeria, Aminu Gwadabe. The naira might trade around N300 to a dollar on the black market after the announcement, because we expect supply to improve, he said, adding that in the past weeks, the central bank created doubt in the market, which triggered another round of speculation. After one year of time wasting, we are finally about to accepting doing what was obvious. Many people and institutions have made the call for a flexible exchange policy when the currency crisis started. The government must realise that resisting market forces is like trying to force a river to flow upwards. A whole country must not be ruled with baseless opinions from any individual. Nobody will at end say he is sorry, nor resign. A Myriad of reasons will follow to justify why this crucial step took so long to reach. Shove your hate down your ass Devaluation has never brought Nigeria and anyone for that matter any good. After this round what happens next Devalue again soon as the population grow and demand for imports rise, wages are raised and people are able to meet up with their demand for imported goods and services again There is no country or economy that does not have some controls over its money anywhere on the face of this earth. If devaluation was such a beautiful concept why is it confined to the third world only Then we should not do it and stick to our guns. We should find some other home grown solutions and tackle the currency problem. Why the floundering Announcements of deploying flexibility has been on since 29th May and the new direction is yet to see the light of day. Do you know that accidents are caused mainly by indecision you still remained an asshole, mr artful. The sooner they announce it the better for everyone at least it is clear now that the Govt supports some kind of devaluation coated with a fancy word 8220flexible8221 Buhari is also a columnists now, in thisday, just like orji uzor kalu in sun, tinubu in the nation, fashola in thisday and others. They intend to form association of political columnists, unrepentant clowns, all the way, as media people. It remains the grand master of clown himself, the pathetic incest one, obasanjo, maybe he will also be a radio or tv broadcaster, these people just murdered and killed off a supposed bright looking country, with their greed and lust for everything THESE BANKS ARE USELESS, UNPRODUCTIVE FOREX FRAUDS AND FOREX LOOTERS AIDED AND ABETTED BY THE CHIEF FOREX LOOTER, GODWIN EMEFIELE, THE GOVERNOR OF CENTRAL BANK OF NIGERIA. THE NAIRA IS ON ITS WAY TO DOWNWARD DIVE. THANKS TO THE DEADWOOD POLICYLESS GOVERNMENT OF DEADWOOD BUHARI WHO IS NOT ONLY DIRECTIONLESS BUT ALSO DEAD ON ARRIVAL. Interesting Dangote group dominated all the forex buyers in all the banks mentioned.( Even with the loss making Dangote flour) Hmmm, buy at N199 and sell back at a devalued price of N300 . Any surprise how the rich will continue to get richer
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