What is actually changing for foreign capital in Nigeria
Regulatory, tax and capital-flow developments, decoded from primary sources. Written from Lagos by someone who reads the gazette rather than the press release about it.
Six numbers to know before you commit
If you read nothing else on this site, read these. Each one has ended somebody's Nigeria plan.
₦100,000,000
Minimum share capital for any company with foreign participation — even 1%. The binding constraint on most foreign entrants, and the reason premature incorporation is expensive.
100% foreign ownership permitted
No local partner is legally required in most sectors under CAMA 2020 and the NIPC Act. But a foreign-owned company needs at least two directors — single-director entities are not available to you.
eCCI, within 24 hours
Your bank must issue an electronic Certificate of Capital Importation when money comes in. It is the legal key to taking profit out later. No eCCI, no clean repatriation — and it is not retroactively fixable in every case.
26.5% policy rate
Local-currency debt is deliberately expensive. Fund through equity or properly documented offshore and shareholder loans instead.
1 January 2026
The Nigeria Tax Act 2025 took effect. FIRS became the Nigeria Revenue Service, and a "place of effective management and control" test can tax a Nigeria-managed foreign company on worldwide income.
US $500,000
Indicative minimum investment for a NEPZA free-zone enterprise — tax-exempt zones aimed at export, manufacturing and logistics operations.
The current picture, with sources attached
Every figure carries its origin and date. Nothing here is unsourced.
Snapshot last verified —. Not a live feed — verify against the primary source before acting.
Recent notes
Short reads on what changed and what it means for an entry, expansion or exit decision.
Sources. Figures across this site are drawn from the National Bureau of Statistics, the Central Bank of Nigeria, the Corporate Affairs Commission, NIPC and NEPZA. Nigerian regulation moves quickly — verify against cac.gov.ng, nipc.gov.ng and cbn.gov.ng, and take qualified legal and tax advice, before acting. Nothing here is legal, tax or investment advice.
The full sequence, in one document
The free cheat sheet covers the six numbers and the setup order. The Playbook covers the whole legal, FX and tax sequence with a 90-day roadmap.