Section 31 Nigerian Investment Promotion Commission Act

Section 31 Nigerian Investment Promotion Commission Act is about Interpretation. It provides as follows:

In this Act, unless the context otherwise requires

“authorised dealer” has the meaning assigned to it under the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act;

“capital” means all cash contributions, plant, machinery, equipment, building, spare parts, raw materials and other business assets, other than goodwill;

“Commission” means the Nigerian Investment Promotion Commission established under section 1 of this Act;

“Council” means the Governing Council established for the Commission under section 2 (1) of this Act;

“enterprise” means an industry, project, undertaking or business to which this Act applies or an expansion of that industry, undertaking, project or business or any part of that industry, undertaking, project or business and, where there is foreign participation, means such an enterprise duly registered with the Commission;

“foreign capital” means convertible currency, plant, machinery, equipment, spare parts, raw materials and other business assets, other than goodwill, that are brought into Nigeria with no initial disbursement of Nigerian foreign exchange and are intended for the production of goods and services related to an enterprise to which this Act applies;

“foreign loan” means a loan obtained from outside Nigeria and denominated in any convertible currency;

“investment” means investment made to acquire an interest in an enterprise operating within and outside the economy of Nigeria;

“Minister” means the Minister charged with responsibility for matters relating to industry;

“negative list” means the list of those sectors of investment prohibited to both foreign and Nigerian investors, that is

(a) production of arms, ammunition, etc.;

(b) production of and dealing in narcotic drugs and psychotropic substances;

(c) production of military and para-military wears and accoutrement, including those of the Police and the Customs, Immigration and Prison Services; and