Regulatory Alert

Highlights of the new Service Fee Schedule of the Nigerian Investment Promotion Commission

On 2 September 2024, the Nigerian Investment Promotion Commission (NIPC) issued a revised Service Fee Schedule for business registration and Pioneer Status Incentives (PSI) application. The Fee Schedule has increased the cost of processing applications with the NIPC. This alert highlights the revised fees in the Fee Schedule. 

This publication provides a highlight of the Programme.

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Takeaways

• Section 20 of the NIPC Act envisions a one-time business registration with the NIPC, with no provision for annual renewals. The introduction of the annual renewal requirement could be seen as regulatory overreach, placing unnecessary pressure on businesses to comply.
•  The Fee Schedule is consistent with the powers of the NIPC in section 12 (2) (b) of the Nigerian Investment Promotion Commission Act (NIPC Act) to charge fees for services it renders. However, there are concerns that the Fee Schedule is more focused on revenue generation rather than regulatory compliance. 

Read full report for other takeaways.