Foreign nationals may undertake any type of business and own 100 percent equity and undertake any type of business in Nigeria except those in the negative list, that is, production of arms, narcotics and related substances which are prohibited to Nigerians and Foreign Investors alike.
In the spirit of the liberalization, foreign nationals not resident in Nigeria do not require permits before establishing business or investing in Nigeria. However, foreign nationals resident in the country need residence permit before forming a company while business permit is required for the business to commence.
Residence permits are obtained from the Nigerian Immigration Service while business permits are obtained from the Federal Ministry of Internal Affairs. Companies intending to use the services of foreign workers need to obtain expatriate quota from the Nigerian Investment Promotion Council.
EXEMPTION FROM REGISTRATION
Foreign companies intending to do business in Nigeria may apply for exemption from registration especially those undertaking special projects. Companies seeking exemption are to forward their applications to the Secretary to the Federal Government of Nigeria. source www.cac.gov.ng