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ABSTRACT
This research is examining the legal and institutional framework governing Foreign Direct Investment (FDI) in Nigeria. The study is aiming to provide a comprehensive analysis of these legislations and their impact on Nigeria's investment landscape. While the primary focus is on Nigeria as a whole, specific attention is being given to how these laws are influencing the business environment and economic growth within the country. This research makes use of a doctrinal methodology. The research is identifying the key components of FDI legislation, revealing that attracting foreign investment is not solely dependent on favorable laws but also on effective implementation and consistent regulatory enforcement. Challenges such as legal ambiguities, inconsistent regulations, and bureaucratic inefficiencies are being highlighted as significant barriers to investment. Additionally, the study is underscoring the critical role of regulatory bodies like the Nigerian Investment Promotion Commission (NIPC) in fostering a conducive investment climate. Central to the research is the evaluation of the incentives and protections offered to foreign investors, along with an analysis of the challenges and opportunities within various sectors beyond oil and gas, such as telecommunications, energy, tourism, and agriculture. The study is finding that despite a robust legal framework, enforcement and coordination among regulatory bodies need significant improvements. Governmental institutions are facing constraints in funding and support, which is hampering their effectiveness in managing foreign investments. The study is recommending that Nigeria should streamline and clarify its foreign investment laws to eliminate ambiguities and inconsistencies. It is also suggesting that regulatory bodies like the Nigerian Investment Promotion Commission (NIPC) should be empowered and better equipped to assist and protect foreign investors. Additionally, adopting best practices from other developing countries that have successfully attracted FDI could provide valuable insights for improving Nigeria's investment climate. The research is concluding with specific recommendations aimed at enhancing Nigeria’s attractiveness as a destination for foreign investment. These include establishing clearer and more consistent legal frameworks, improving coordination between regulatory bodies, enhancing infrastructure and human capital, and promoting transparency to reduce bureaucratic delays. The study is emphasizing the importance of a stable macroeconomic and political environment to foster investor confidence and ensure sustainable economic growth. By addressing the identified challenges and implementing the proposed reforms, Nigeria is able to create a more conducive environment for foreign investments, driving long-term economic development.
