Nigerian President Umaru Yar Adua dead ?

Nigerian president Umaru Yaradua is dead according to an anonymous hospital official at King Faisal specialist Hospital and research. He died on 10th December at 3,30pm at an incentive care unit of said hospital Jeddah Saudi-Arabia.

Even the anonymous sources revealed that First Lady wants to keep the incident an unannounced for further few more days for un known reasons.

In fact Mr. President left Nigeria around 50 days back due to severe chest pains. The cited hospital Jeddah also confirmed some health disorders besides complained chest pain as kidney failure, stroke and massive brain damage.

But totally in contrast to the facts, Nigerian officials announced as The president was getting better with improving health condition.

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Foreign Relations

Since independence, Nigerian foreign policy has been characterized by a focus on Africa and by attachment to several fundamental principles: African unity and independence; peaceful settlement of disputes; nonalignment and nonintentional interference in the internal affairs of other nations; and regional economic cooperation and development. In pursuing the goal of regional economic cooperation and development, Nigeria helped create the Economic Community of West African States (ECOWAS), which seeks to harmonize trade and investment practices for its 15 West African member countries and ultimately to achieve a full customs union. Over the past decade, Nigeria has played a pivotal role in the support of peace in Africa. It has provided the bulk of troops for the UN peacekeeping mission in Sierra Leone (UNAMSIL), the UN Mission in Liberia (UNMIL), and many of the troops to the African Union Mission in Sudan (AMIS). Nigeria is anticipated to do likewise in Somalia.

Nigeria has enjoyed generally good relations with its immediate neighbors. A longstanding border dispute with Cameroon over the potentially oil-rich Bakassi Peninsula was addressed by International Court of Justice (ICJ) in The Hague in 2002. The ICJ awarded most of the disputed Bakassi Peninsula and maritime rights to Cameroon, and the UN established a Mixed Commission on implementing the ICJ ruling. On June 12, 2006 Nigerian President Obasanjo and Cameroonian President Biya signed an agreement in New York on implementing the ICJ decision. Nigeria promptly withdrew its troops within 60 days. On August 14, 2008, Nigeria formally ceded Bakassi to Cameroon.

Nigeria is a member of the following international organizations: UN and many of its special and related agencies; World Trade Organization (WTO); International Monetary Fund (IMF); World Bank/IBRD; African Development Bank (AfDB); INTERPOL; Organization of Petroleum Exporting Countries (OPEC); Economic Community of West African States (ECOWAS); African Union (AU); Maritime Organization of West and Central Africa (MOWCA) and several other West African bodies; Commonwealth; Nonaligned Movement (NAM); and Organization of the Islamic Conference (OIC), among others.

Gradual Reform

Nigeria has made progress toward establishing a market-based economy. In recent years, it privatized the only government-owned petrochemical company and sold its interest in eight oil service companies. The Yar'Adua administration has paid especially close attention to due process by overturning or reviewing a number of suspect contracts awarded by its predecessor. Nigeria's implementation of non-tariff barriers has been arbitrary and uneven and continues to violate WTO prohibitions against trade bans. However, Nigeria has made some progress in its implementation of the Economic Community of West African States (ECOWAS) Common External Tariff by removing some textile items from its list of prohibited imports in 2006. In a September 2008 breakthrough, Nigeria decreased the number of banned import categories from 44 to 26 items, reduced a number of tariffs, and reiterated its commitment to harmonizing its tariff regime with its neighbors.

Enforcement of criminal penalties against intellectual property rights (IPR) violations is weak, and firms that are successfully countering IPR piracy have generally done so through civil court cases. The government has created an intellectual property commission. Rules concerning sanitary and phytosanitary standards, testing, and labeling are well defined, but bureaucratic hurdles slow trade opportunities. The government is generally supportive of biotechnology cooperation, although legislation governing biosafety is sparse at best.

A co-member of the International Advisory Group of the Extractive Industries Transparency Initiative (EITI) initiated by the G8, Nigeria's federal government is playing an important role in having volunteered to pilot the new disclosure and validation methodologies. It has completed a comprehensive audit of oil sector payments and government revenues from 1999-2004. The federal government has passed implementing legislation on public procurement and fiscal transparency, but now it must ensure that Nigeria's 36 states pass and implement similar bills. It is perceived that government contracting remains rife with corruption and kickbacks, and that many state and local officials continue to steal public monies outright.

Nigeria's economic team had enjoyed an excellent reputation in the international community. It produced an encouraging body of work, notably budgets described as "prudent and responsible" by the IMF and a detailed economic reform blueprint, the National Economic Empowerment and Development Strategy (NEEDS). Other positive developments included: (1) government efforts to deregulate fuel prices; (2) Nigeria's participation in the EITI and commitment to the G8 Anticorruption/Transparency Initiative; (3) creation of what had been an effective Economic and Financial Crimes Commission (EFCC), which until 2008 had earned 150 convictions and recovered over $5 billion in mishandled funds; and (4) development of several governmental offices to better monitor official revenues and expenditures.

Nigeria is not on track to meet its Millennium Development Goals because of a lack of policy coordination between the federal, state, and local governments, a lack of funding commitments at the state and local levels; and a lack of available staff to implement and monitor projects on health, poverty, and education.

Investment

Although Nigeria must grapple with its decaying infrastructure and a poor regulatory environment, the country possesses many positive attributes for carefully targeted investment and will expand as both a regional and international market player. Profitable niche markets outside the energy sector, such as specialized telecommunication providers, have developed under the government's reform program. There is a growing Nigerian consensus that foreign investment is essential to realizing Nigeria's vast potential. Companies interested in long-term investment and joint ventures, especially those that use locally available raw materials, will find opportunities in the large national market. However, to improve prospects for success, potential investors must educate themselves extensively on local conditions and business practices, establish a local presence, and choose their partners carefully. The Nigerian Government is keenly aware that sustaining democratic principles, enhancing security for life and property, and rebuilding and maintaining infrastructure are necessary for the country to attract foreign investment.

Abubakar's Transition to Civilian Rule

 During both the Abacha and Abubakar eras, Nigeria's main decision-making organ was the exclusively military Provisional Ruling Council (PRC) which governed by decree. The PRC oversaw the 32-member Federal Executive Council composed of civilians and military officers. Pending the promulgation of the constitution written by the constitutional conference in 1995, the government observed some provisions of the 1979 and 1989 constitutions. Neither Abacha nor Abubakar lifted the decree suspending the 1979 constitution, and the 1989 constitution was not implemented. The judiciary's authority and independence was significantly impaired during the Abacha era by the military regime's arrogation of judicial power and prohibition of court review of its action. The court system continued to be hampered by corruption and lack of resources after Abacha's death. In an attempt to alleviate such problems, Abubakar's government implemented a civil service pay raise and other reforms.

In August 1998, the Abubakar government appointed the Independent National Electoral Commission (INEC) to conduct elections for local government councils, state legislatures and governors, the National Assembly, and president. INEC held a series of four successive elections between December 1998 and February 1999. Former military head of state Olusegun Obasanjo, freed from prison by Abubakar, ran as a civilian candidate and won the presidential election. Irregularities marred the vote, and the defeated candidate, Chief Olu Falae, challenged the electoral results and Obasanjo's victory in court.

The PRC promulgated a new constitution, based largely on the suspended 1979 constitution, before the May 29, 1999 inauguration of the new civilian president. The constitution included provisions for a bicameral legislature, the National Assembly, consisting of a 360-member House of Representatives and a 109-member Senate. The executive branch and the office of president retained strong federal powers. The legislature and judiciary, having suffered years of neglect, are finally rebuilding as institutions and beginning to exercise their constitutional roles in the balance of power.

The Abortive Third Republic

In early 1989, a constituent assembly completed work on a constitution for the Third Republic, and political activity again was permitted. In April 1990, mid-level officers tried and failed to overthrow Babangida, and 69 accused coup plotters were later executed after secret trials before military tribunals. In December 1990 the first stage of partisan elections was held at the local government level, followed by gubernatorial and state legislative elections in December 1991; elections were peaceful but turnout was low. However, Babangida canceled primaries scheduled for August and September 1992 due to fraud. All announced candidates were disqualified from again standing for president once a new election format was selected. After delayed promises for elections in 1990, the government finally held a presidential election on June 12, 1993.

In what most observers deemed to be Nigeria's fairest elections, early returns indicated that wealthy Yoruba businessman M.K.O. Abiola had won a decisive victory. But on June 23, Babangida, using several pending lawsuits as a pretense, annulled the election, throwing Nigeria into turmoil. More than 100 persons were killed in riots before Babangida agreed to hand power to an "interim government" on August 27. Babangida then attempted to renege on his decision. Without popular and military support, he was forced to hand over to Ernest Shonekan, a prominent nonpartisan businessman. Shonekan was to rule until new elections, slated for February 1994. Although he had led Babangida's Transitional Council since early 1993, Shonekan was unable to reverse Nigeria's ever-growing economic problems or to defuse lingering political tension.

With the country sliding into chaos, Defense Minister Sani Abacha quickly assumed power and forced Shonekan's "resignation" on November 17, 1993. Abacha dissolved all democratic political institutions and replaced elected governors with military officers. Abacha promised to return the government to civilian rule but refused to announce a timetable. Following the annulment of the June 12 election, the United States and other nations imposed various sanctions on Nigeria, including restrictions on travel by government officials and their families and suspension of arms sales and military assistance. Additional sanctions were imposed as a result of Nigeria's failure to gain full certification for its counter-narcotics efforts.

Although Abacha's takeover was initially welcomed by many Nigerians, disenchantment grew rapidly. Many opposition figures formed the "National Democratic Coalition (NADECO)" to campaign for an immediate return to civilian rule, and most Nigerians boycotted the May 1994 polls for delegates to a government-sponsored Constitutional Conference. On June 11, 1994, using the groundwork laid by NADECO, Abiola declared himself president and went into hiding. He reemerged and was promptly arrested on June 23. A series of strikes by petroleum workers and other unions initially brought economic life in Lagos and the southwest to a standstill, but by mid-August Abacha had dismissed the national union leadership, arrested his opponents, closed media houses, and moved strongly to curb dissent. In early 1995, Abacha alleged that some 40 military officers and civilians were engaged in a coup plot, including former head of state Obasanjo and his deputy, retired Gen. Shehu Musa Yar'Adua. After a secret tribunal, most of the accused were convicted, and several death sentences were handed down. The tribunal also charged, convicted, and sentenced prominent human rights activists, journalists, and others--including relatives of the coup suspects--for their alleged "anti-regime" activities.

In an October 1, 1995 address to the nation, Gen. Sani Abacha announced the timetable for a 3-year transition to civilian rule. Public turnout for his sham local elections in December 1997 and in April 1998 state assembly and gubernatorial elections was under 10%, and public reaction to Abacha's presidential nomination by the five accepted parties was apathy and a near-complete boycott. Widely expected to succeed himself as a civilian president on October 1, 1998, he remained head of state until his death on June 8 of that year. During the Abacha regime, the government continued to enforce its arbitrary authority through the federal security system--the military, the state security service, and the courts. Under Abacha, all branches of the security forces committed serious human rights abuses. Abacha was replaced by General Abdulsalami Abubakar, who subsequently released almost all known civilian political detainees and decreased the number of reported human rights abuses.

The Current Regulation on The Appointment of Foreign Directors

The promoters of business ventures in Nigeria are free to appoint directors of their choice, either foreign or Nigerian, and the directors may be resident or non-resident. The application to the NIPC must reflect the names of the proposed Nigerian and foreign directors (with an indication of resident and non-resident directors). The Business Permit Certificate consequently issued following such application usually reflects the respective names of the proprietors of the company, as well as the directors representing each proprietor or co-proprietor.

Payments of foreign directors’ fees, are remittable in the same manner as dividends accruing to the foreign company. However, since such fees are taxed at source (5% as a withholding tax), each foreign director’s fees are remittable subject to satisfactory evidence that the taxable amounts on such fees have been paid.

Pioneer Status (Tax Holiday) Advantages to a Company

The Industrial Development (Income Tax Relief) Act, Cap. 179 Laws of Nigeria, 1990, declares a number of industries as pioneer industries. Thus, any company whose products fall within the categorised industries could be conferred with Pioneer Status.

This designation is not necessarily a reflection that a company was pioneer per se in the industry, as several companies within the same pioneer industry classification could qualify for Pioneer Status. Where the activities of a company include the production of pioneer and non-pioneer products, the tax relief available on conferment of Pioneer Status would be restricted to income derived from

pioneer products only. Under the current industrial policy, conferment of Pioneer Status accords a company relief from income tax liability for a period of up to 5 years (tax-holiday status).

Finally, it should be noted that even if a company’s activities and/or products are classified within pioneer industries, the grant of Pioneer Status is not automatic. The criteria for granting Pioneer Status are related and/or based on the following considerations:-

(i) the amount of underlying capital investment in a company (N5 million and above) must be verifiable by physical inspection and supported by a report of the Industrial Inspectorate Division of the Federal Ministry of Industries, before a Pioneer Certificate is granted.

(ii) the socio-economic advantages of a company’s activities to the Nigerian economy as set out in its Feasibility Study is also an important consideration.

Without prejudice to these conditions, NIPC is empowered to confer Pioneer Status and other investment incentives, in any other deserving
circumstance as the Council of NIPC may approve.

Nigeria Profile

NIGERIA

Country Profile, The Land and People
Fact File

Area:
923,766 sq.km.

Population:
120 million (estimate)

Capital:
Abuja

Government:
Three-tier structure - A Federal Government, 36 State Governments, 774 Local Government Administrations

Official Language:
English

Main Indigenous Languages:
Hausa, Igbo, Yoruba

Main Religions:
Christianity, Islam, Traditional

Main Commercial/Industrial Cities:
Lagos, Onitsha, Kano, Ibadan, Port Harcourt, Aba, Maiduguri, Jos, Kaduna, Warri, Benin,Nnewi

Major Industrial Complexes:
Refineries and Petro-Chemicals: Kaduna, Warri, Port Harcourt, Eleme. Iron and Steel: Ajaokuta, Warri, Oshogbo, Katsina, Jos. Fertilizer: Onne- Port Harcourt, Kaduna, Minna, Kano Liquified Natural Gas : Bonny Aluminium Smelter: Ikot Abasi, Port Harcourt

Main Ports:
Lagos (Apapa, Tin-can Island), Warri, Port Harcourt, Onne Deep Sea and Hub Port, Calabar (EPZ)

Main Airports:
Lagos, Kano, Port Harcourt, Abuja, Enugu, Kaduna, Maiduguri, Ilorin, Jos, Owerri, Calabar, Yola, Sokoto

Road Network:
Over 15,000 km of intercity all weather paved roads, including dual carriage express trunks.

Railways:
2 main lines (South-West to North-East; South-East to North-West) inter-linked and terminatory at Lagos, Port Harcourt, Kaura Namoda, Maiduguri and Nguru. Major junctions at Kaduna, Kafanchan, Zaria. Gauge: 1067mm; Total length 3505 route km.

Energy:
Hydro-electric: Kainji, Jebba, Shiroro. Thermal and Gas: Egbin (Lagos), Ughelli, Afam, Sapele, National grid for electricity distribution; National pipeline network with regional depots for petroleum products distribution; National network (pipeline) for distribution of gas (under construction)

Economy Trade

Nigeria is the United States' largest trading partner in sub-Saharan Africa, largely due to the high level of petroleum imports from Nigeria, which supply 8% of U.S. oil imports--nearly half of Nigeria's daily oil production. Nigeria is the fifth-largest exporter of oil to the United States. Two-way trade in 2008 was valued at more than $42 billion, an 18% increase over 2007 data. Led by machinery, wheat, and motor vehicles, U.S. goods exports to Nigeria in 2008 were worth more than $4 billion. In 2008, U.S. imports from Nigeria were over $38 billion, consisting predominantly of oil. However, rubber products, cocoa, gum arabic, cashews, coffee, and ginger constituted over $70 million of U.S. imports from Nigeria in 2007. The U.S. trade deficit with Nigeria was $21 billion in 2007. Nigeria is the 50th-largest export market for U.S. goods and the 14th-largest exporter of goods to the United States. The United States is Nigeria's largest trading partner after the United Kingdom. Although the trade balance overwhelmingly favors Nigeria, thanks to oil exports, a large portion of U.S. exports to Nigeria is believed to enter the country outside of the Nigerian Government's official statistics, due to importers seeking to avoid Nigeria's excessive tariffs.

The United States is the largest foreign investor in Nigeria. The stock of U.S. foreign direct investment (FDI) in Nigeria in 2006 was $339 million, down from $2 billion in 2004. U.S. FDI in Nigeria is concentrated largely in the petroleum/mining and wholesale trade sectors. Exxon-Mobil and Chevron are the two largest U.S. corporate players in offshore oil and gas production.

In March 2009, the United States and Nigeria met under the existing Trade and Investment Framework Agreement (TIFA) to advance the ongoing work program and to discuss improvements in Nigerian trade policies and market access. Among the topics discussed were cooperation in the World Trade Organization (WTO), market access, export diversification, intellectual property protection and enforcement, commercial issues, trade capacity building and technical assistance, infrastructure, and investment issues.