PIONEER STATUS,
WHICH IS A CONCESSION TO PIONEER COMPANIES LOCATED IN ECONOMICALLY
DISADVANTAGED AREAS, PROVIDING A TAX HOLIDAY PERIOD OF FIVE TO
SEVEN YEARS. THESE INDUSTRIES MUST BE CONSIDERED BY THE GOVERNMENT,
TO BE BENEFICIAL TO THE COUNTRY'S ECONOMY AND IN THE INTEREST
OF THE PUBLIC.
COMPANIES THAT ARE INVOLVED IN LOCAL RAW MATERIAL DEVELOPMENT;
LOCAL VALUE ADDED; LABOUR INTENSIVE PROCESSING; EXPORT ORIENTED
ACTIVITIES; IN-PLANT TRAINING; ARE ALSO QUALIFIED FOR ADDITIONAL
CONCESSIONS.
TAX RELIEF
FOR RESEARCH AND DEVELOPMENT (R&D)
UP TO 120%
OF EXPENSES ON R&D ARE TAX DEDUCTIBLE PROVIDED THAT SUCH
R&D ACTIVITIES ARE CARRIED OUT IN NIGERIA AND ARE CONNECTED
WITH BUSINESSES TO WHICH ALLOWANCES ARE GRANTED. THE RESULT
OF SUCH RESEARCH COULD BE PATENTED AND PROTECTED IN ACCORDANCE
WITH INTERNATIONALLY ACCEPTED INDUSTRIAL PROPERTY RIGHTS.
LOCAL
RAW MATERIALS UTILISATION:
30% TAX
CONCESSION FOR FIVE YEARS TO INDUSTRIES THAT ATTAIN MINIMUM
LOCAL RAW MATERIALS UTILISATION AS FOLLOWS:- - AGRO 80% - AGRO
ALLIED 70% - ENGINEERING 65% - CHEMICAL 60% - PETRO-CHEMICAL
70%
LABOUR
INTENSIVE MODE OF PRODUCTION:
15% TAX
CONCESSION FOR FIVE YEARS. THE RATE IS GRADUATED IN SUCH A WAY
THAT AN INDUSTRY EMPLOYING ONE THOUSAND PERSONS OR MORE WILL
ENJOY 15% TAX CONCESSION WHILE AN INDUSTRY EMPLOYING ONE HUNDRED
WILL ENJOY ONLY 6%, WHILE THOSE EMPLOYING TWO HUNDRED WILL ENJOY
7%, AND SO ON.
LOCAL
VALUE ADDED
10% TAX
CONCESSION FOR FIVE YEARS. THIS APPLIES ESSENTIALLY TO ENGINEERING
INDUSTRIES, WHILE SOME FINISHED IMPORTED PRODUCTS SERVE AS INPUTS.
THIS IS AIMED AT ENCOURAGING LOCAL FABRICATION RATHER THAN THE
MERE ASSEMBLY OF COMPLETELY KNOCKED DOWN PARTS.
IN-PLANT
TRAINING
2% TAX CONCESSION
FOR FIVE YEARS, OF THE COST OF THE FACILITIES FOR TRAINING.
EXPORT
ORIENTED INDUSTRIES
10% TAX
CONCESSION FOR FIVE YEARS. THIS CONCESSION WILL APPLY TO INDUSTRIES
THAT EXPORT NOT LESS THAN 6% OF THEIR PRODUCTS.
INFRASTRUCTURE
20% OF THE
COST OF PROVIDING BASIC INFRASTRUCTURES SUCH AS ROADS, WATER,
ELECTRICITY, WHERE THEY DO NOT EXIST, IS TAX DEDUCTIBLE ONCE
AND FOR ALL.
INVESTMENT
IN ECONOMICALLY DISADVANTAGED AREAS
100% TAX
HOLIDAY FOR SEVEN YEARS AND ADDITIONAL 5% DEPRECIATION OVER
AND ABOVE THE INITIAL CAPITAL DEPRECIATION.
ABOLITION
OF EXCISE DUTY
ALL EXCISE
DUTIES WERE ABOLISHED WITH EFFECT FROM THE 1ST OF JANUARY, 1999.
IMPORT
DUTY REBATE
A 25% IMPORT
DUTY REBATE WAS INTRODUCED IN 1995 TO AMELIORATE THE ADVERSE
EFFECT OF INFLATION AND TO ENSURE INCREASE IN CAPACITY UTILISATION
IN THE MANUFACTURING SECTOR. INVESTORS ARE HOWEVER, ADVISED
TO ASCERTAIN THE CURRENT OPERATIVE FIGURES AT THE TIME OF MAKING
AN INVESTMENT, BECAUSE THESE CONCESSIONS HAVE UNDERGONE SOME
AMMENDMENTS IN THE PAST FEW YEARS.
RE-INVESTMENT
ALLOWANCE
THIS INCENTIVE
IS GIVEN TO MANUFACTURING COMPANIES THAT INCUR CAPITAL EXPENDITURE
FOR PURPOSES OF APPROVED EXPANSION OF PRODUCTION CAPACITY; MODERNISATION
OF PRODUCTION FACILITIES; DIVERSIFICATION INTO RELATED PRODUCTS.
IT IS AIMED AT ENCOURAGING REINVESTMENT OF PROFITS.
INVESTMENT
TAX ALLOWANCE
UNDER THIS
SCHEME, A COMPANY WOULD ENJOY GENEROUS TAX ALLOWANCE IN RESPECT
OF QUALIFYING CAPITAL EXPENDITURE INCURRED WITHIN FIVE YEARS
FROM THE DATE OF THE APPROVAL OF THE PROJECT.
DIVIDENDS
DERIVED FROM MANUFACTURING COMPANIES IN PETRO-CHEMICAL AND LIQUEFIED
NATURAL GAS SUB-SECTOR ARE EXEMPT FROM TAX.
COMPANIES
WITH TURNOVER OF LESS THAN N1 MILLION ARE TAXED AT A LOW RATE
OF 20% FOR THE FIRST FIVE YEARS OF OPERATION IF THEY ARE INTO
MANUFACTURING.
DIVIDEND
FROM COMPANIES IN MANUFACTURING SECTOR WITH TURNOVER OF LESS
THAN N100 MILLION IS TAX-FREE FOR THE FIRST FIVE YEARS OF THEIR
OPERATION.
INVESTMENT
GUARANTEES/EFFECTIVE PROTECTION
TRANSFERABILITY
OF FUNDS SECTION 24 OF NIPC DECREE PROVIDES THAT A FOREIGN
INVESTOR IN AN ENTERPRISE SHALL BE GUARANTEED UNCONDITIONAL
TRANSFERABILITY OF FUNDS THROUGH AN AUTHORISED DEALER IN FREELY
CONVERTIBLE CURRENCY OF:
- DIVIDENDS
OR PROFIT (NET OF TAXES) ATTRIBUTABLE TO THE INVESTMENT;
- PAYMENTS
IN RESPECT OF LOAN SERVICING WHERE A FOREIGN LOAN HAS BEEN
OBTAINED;
- REMITTANCE
OF PROCEEDS (NET OF ALL TAXES)AND OTHER OBLIGATIONS IN THE
EVENT OF A SALE OR LIQUIDATION OF THE ENTERPRISE OR
- ANY INTEREST
ATTRIBUTABLE TO THE INVESTMENT.
GUARANTEES
AGAINST EXPROPRIATION
BY THE PROVISION
OF SECTION 25 OF THE SAME NIPC DECREE, NO ENTERPRISE SHALL BE
NATIONALISED OR
EXPROPRIATED
BY ANY GOVERNMENT OF THE FEDERATION, UNLESS THE ACQUISITION
IS IN THE NATIONAL INTEREST OR FOR PUBLIC PURPOSE; AND NO PERSON
WHO OWNS EITHER WHOLLY OR IN PART, THE CAPITAL OF ANY ENTERPRISE
SHALL BE COMPELLED BY LAW TO SURRENDER HIS INTEREST IN THE CAPITAL
TO ANY OTHER PERSON.
THESE CAN
ONLY BE DONE UNDER A LAW THAT MAKES PROVISION FOR:
- PAYMENTS
OF FAIR AND ADEQUATE COMPENSATION; AND
- RIGHT
OF ACCESS TO THE COURTS FOR THE DETERMINATION OF THE INVESTOR'S
INTEREST OR RIGHT AND THE AMOUNT OF COMPENSATION TO WHICH
HE IS ENTITLED.
IN ADDITION
TO ALL THESE SAFEGUARDS, THE NIGERIAN GOVERNMENT IS PREPARED
TO ENTER INTO INVESTMENT PROTECTION AGREEMENT WITH FOREIGN ENTERPRISES
WISHING TO INVEST IN NIGERIA.
ACCESS
TO LAND
ANY COMPANY
INCORPORATED IN NIGERIA IS ALLOWED TO HAVE ACCESS TO LAND RIGHTS
FOR THE PURPOSE OF ITS ACTIVITY IN ANY STATE IN THE COUNTRY.
IT IS, HOWEVER, A REQUIREMENT THAT INDUSTRIAL COMPANIES COMPLY
WITH REGULATIONS ON USE OF LAND FOR INDUSTRIAL PURPOSES AND
WITH ENVIRONMENTAL REGULATIONS. LAND LEASE IS USUALLY FOR A
TERM OF 99 YEARS UNLESS THE COMPANY STIPULATES A SHORTER DURATION.
OIL &
GAS SECTOR
THE FOLLOWING
FISCAL INCENTIVES HAVE BEEN APPROVED BY THE GOVERNMENT IN THE
GAS PRODUCTION PHASE:
- TAX RATE
UNDER PETROLEUM PROFIT TAX (PPT) ACT TO BE AT THE SAME RATE
AS COMPANY TAX WHICH IS CURRENTLY AT 30%;
- CAPITAL
ALLOWANCE AT THE RATE OF 20% PER ANNUM IN THE FIRST 4 YEARS,
19% IN THE 5TH YEAR AND THE REMAINING 1% IN THE BOOKS;
- INVESTMENT
TAX CREDIT AT THE CURRENT RATE OF 5%;
- ROYALTY
AT THE RATE OF 7% ON SHORE AND 5% OFFSHORE.
GAS TRANSMISSION
AND DISTRIBUTION
- CAPITAL
ALLOWANCE AS IN PRODUCTION PHASE;
- TAX RATE
AS IN PRODUCTION PHASE;
- TAX HOLIDAY
UNDER PIONEER STATUS.
LNG PROJECTS
- APPLICABLE
TAX RATE UNDER PPT IS 45%;
- CAPITAL
ALLOWANCE IS 33% PER ANNUM ONSIGHT-STRAIGHT-LINE BASIS IN
THE FIRST THREE YEARS WITH WITH 1% REMAINING IN THE BOOKS;
- INVESTMENT
TAX CREDIT OF 10%;
- ROYALTY
OF 7% ON SHORE, 5% OFFSHORE TAX DEDUCTIBLE.
GAS EXPLOITATION
(UPSTREAM OPERATIONS)
- ALL INVESTMENTS
NECESSARY TO SEPARATE OIL FROM GAS FROM THE RESERVES INTO
SUITABLE PRODUCTS IS CONSIDERED PART OF THE OIL FIELD DEVELOPMENT;
- CAPITAL
INVESTMENT FACILITIES TO DELIVER ASSOCIATED GAS IN USABLE
FORM AT UTILISATION OR TRANSFER POINTS WILL BE TREATED FOR
FISCAL PURPOSES AS PART OF THE CAPITAL INVESTMENT FOR OIL
DEVELOPMENT;
- CAPITAL
ALLOWANCES, OPERATING EXPENSES AND BASIS FOR ASSESSMENT WILL
BE SUBJECTED TO THE PROVISIONS OF THE PPT ACT AND THE REVISED
MEMORANDUM OF UNDERSTANDING (MOU).
GAS UTILISATION
(DOWNSTREAM OPERATIONS)
INCENTIVES
FOR ENCOURAGEMENT OF EXPLOITATION AND UTILISATION OF ASSOCIATED
GAS FOR COMMERCIAL PURPOSE INCLUDE:
- AN INITIAL
TAX FREE PERIOD OF THREE YEARS RENEWABLE FOR AN ADDITIONAL
TWO YEARS;
- 15% INVESTMENT
CAPITAL ALLOWANCE WHICH SHASHALL NOT REDUCE THE VALUE OF THE
ASSET;
- ALL FISCAL
INCENTIVES UNDER THE GAS UTILISATION DOWN-STREAM OPERATIONS
IN 1997 ARE TO BE EXTENDED TO INDUSTRIAL PROJECTS THAT USE
GAS IN POWER PLANTS, GAS TO LIQUID PLANTS, FERTILISER PLANTS
AND GAS DISTRIBUTION/TRANSMISSION PLANTS;
- THE INITIAL
TAX HOLIDAY IS TO EXTEND FROM THREE TO FIVE YEARS;
- GAS IS
TRANSFERRED AT 0% PPT AND 0% ROYALTY;
- INVESTMENT
CAPITAL ALLOWANCE IS INCREASED FROM 5% TO 15%;
- INTEREST
ON LOANS FOR GAS PROJECTS IS TO BE TAX DEDUCTIBLE PROVIDED
THAT PRIOR APPROVAL WAS OBTAINED FROM THE FEDERAL MINISTRY
OF FINANCE BEFORE TAKING THE LOAN;
- ALL DIVIDENDS
DISTRIBUTED DURING THE TAX HOLIDAY SHALL NOT BE TAXED.
OIL &
GAS FREE ZONE
INCENTIVES
AND FISCAL MEASURES APPROVED BY THE GOVERNMENT THAT FAVOUR AND
ENCOURAGE LARGE INVESTMENT IN THE REGION INCLUDE:
- NO PERSONAL
INCOME TAX;
- 100%
REPATRATION OF CAPITAL & PROFIT;
- NO FOREIGN
EXCHANGE REGULATION;
- NO PRE-SHIPMENT
INSPECTION FOR GOODS IMPORTED INTO THE FREE ZONE;
- NO EXPATRIATE
QUOTA;
- INITIAL
TAX HOLIDAYS PERIOD HAS BEEN EXTENDED FROM 3 TO 5 YEARS AND
RENEWABLE FOR ANOTHER 2 YEARS;
- INVESTMENT
CAPITAL ALLOWANCE HAS BEEN INCREASED FROM 5% TO 15%;
- ALL DIVIDENDS
DISTRIBUTED DURING THE TAX HOLIDAY SHALL BE TAX-FREE, ETC.
PETROLEUM
INDUSTRY
VERY SIMILAR GENEROUS INCENTIVES PACKAGE WAS GRANTED THE JOINT
VENTURE SYSTEM AND IS CONTAINED IN THE MOU SIGNED WITH OIL COMPANIES.
DETAILS OF THIS CAN BE DOWN-LOADED FROM OUR SOON-TO-BE-LAUNCHED
EMBASSY WEBSITE - WW.NIGERIAEMBASSYUSA.ORG.
AGRICULTURE
WITHOUT
PREJUDICE TO GOVERNMENTS DEREGULATION OF THE FINANCIAL SECTOR,
BANKS HAVE BEEN ENJOINED TO RECOGNISE THE DIFFERENCES IN THE
GESTATION PERIODS WITHIN EACH CATEGORY OF AGRICULTURAL LOANS
RANGING FROM 6 MONTHS TO 10 YEARS, FOR CROPS, LIVESTOCK, FISHERIES,
FORESTRY AND WILD LIFE.
IN ADDITION,
THE FOLLOWING INCENTIVES ARE ALSO AVAILABLE;
- COMPANIES
IN THE AGRO-ALLIED BUSINESS DO NOT HAVE THEIR CAPITAL ALLOWANCE
RESTRICTED TO 60% BUT GRADUATED IN FULL - 100%;
- AGRO-ALLIED
PLANT AND EQUIPMENT ENJOY ENHANCED CAPITAL ALLOWANCES OF UP
TO 50%.
SOLID
MINERALS
NIGERIA
IS RICHLY ENDOWED WITH A VARIETY OF SOLID MINERALS OF VARIOUS
CATEGORIES RANGING FROM PRECIOUS METALS, STONES AND INDUSTRIAL
MINERALS
SUCH AS BARYTES, GYPSUM, KAOLIN AND MARBLE.
THE MINISTRY
OF SOLID MINERALS HAS WORKED OUT A PACKAGE OF ATTRACTIVE INCENTIVES
FOR POTENTIAL INVESTORS IN THE SOLID MINERALS SECTOR, INCLUDING:
- 3 TO
5 YEARS TAX HOLIDAY;
- DEFERRED
ROYALTY PAYMENTS DEPENDING ON THE MAGNITUDE OF THE INVESTMENT
AND STRATEGIC NATURE OF THE PROJECT;
- POSSIBLE
CAPITALISATION OF EXPENDITURE ON EXPLORATION AND SURVEYS;
- PROVISION
OF 100% FOREIGN OWNERSHIP OF MINING COMPANIES OR CONCERNS;
- IN ADDITION
TO ROLL-OVER RELIEF UNDER THE CAPITAL GAINS TAX (CGT), COMPANIES
REPLACING THEIR PLANTS AND MACHINERY ARE TO ENJOY A ONCE-AND-FOR-ALL
95% CAPITAL ALLOWANCE IN THE FIRST YEAR WITH 5% RETENTION
VALUE UNTIL THE ASSET IS DISPOSED OF, ETC.
TOURISM
THE TOURISM
SECTOR WAS ACCORDED PREFERRED SECTOR STATUS IN 1991. THIS MAKES
IT QUALIFY FOR SUCH INCENTIVES AS TAX HOLIDAYS, LONGER YEARS
OF MORATORIUM AND IMPORT DUTY EXEMPTION ON TOURISM RELATED EQUIPMENT;
STATE GOVERNMENTS
ARE PREPARED TO FACILITATE ACQUISITION OF LAND THROUGH THE ISSUANCE
OF CERTIFICATE OF OCCUPANCY FOR THE PURPOSE OF TOURISM DEVELOPMENT;
25% OF INCOME
DERIVED FROM TOURISTS BY HOTELS IN CONVERTIBLE CURRENCIES ARE
TAX-EXEMPT PROVIDED SUCH INCOME IS PUT IN A RESERVE FUND TO
BE UTILIZED WITHIN 5 YEARS FOR EXPANSION OR THE CONSTRUCTION
OF NEW HOTELS, CONFERENCE CENTRES, ETC THAT ARE USEFUL FOR TOURISM
DEVELOPMENT.
ENERGY
SECTOR
ALL AREAS
OF INVESTMENT IN THIS SECTOR ARE CONSIDERED TO BE PIONEER PRODUCT
OR INDUSTRY. AS A RESULT, THERE IS A TAX HOLIDAY OF 5 TO 7 YEARS
FOR INVESTMENTS IN THE SECTOR.
THERE HAS
BEEN A DEREGULATION OF THIS SECTOR RESULTING IN THE EMERGENCE
OF INDEPENDENT POWER PRODUCERS (IPP) THAT WILL SOON START OPERATION
IN NIGERIA.
TELECOMMUNICATIONS
GOVERNMENT
PROVIDES NON-FISCAL INCENTIVES TO PRIVATE INVESTORS IN ADDITION
TO A TARIFF STRUCTURE THAT ENSURES THAT INVESTORS RECOVER THEIR
INVESTMENT OVER A REASONABLE PERIOD OF TIME, BEARING IN MIND
THE NEED FOR DIFFERENTIAL TARIFFS BETWEEN URBAN AND RURAL AREAS.
REBATE AND TAX RELIEF ARE PROVIDED FOR THE LOCAL MANUFACTURE
OF TELECOMMUNICATIONS EQUIPMENT AND PROVISION OF TELECOMMUNICATION
SERVICES.
TAX
INCENTIVES FOR OTHER LINES OF TRADE
COMPANIES
PROFITS IN RESPECT OF GOODS EXPORTED FROM NIGERIA, ARE EXEMPT
FROM TAX PROVIDED THE PROCEEDS ARE REPATRIATED TO NIGERIA AND
USED EXCLUSIVELY FOR THE PURCHASE OF RAW MATERIALS, PLANTS EQUIPMENT
AND SPARE PARTS.
PROFITS
OF COMPANIES WHOSE SUPPLIES ARE EXCLUSIVELY INPUT TO THE MANUFACTURING
OF PRODUCTS FOR EXPORTS, ARE EXCLUDED FROM TAX.
ALL NEW
INDUSTRIAL UNDERTAKINGS INCLUDING FOREIGN COMPANIES AND INDIVIDUALS
OPERATING IN AN EXPORT PROCESSING ZONE (EPZ), ARE ALLOWED FULL
TAX HOLIDAYS FOR THREE CONSECUTIVE YEARS.
AS A MEANS
OF ENCOURAGING INDUSTRIAL TECHNOLOGY, COMPANIES AND OTHER ORGANISATIONS
THAT ENGAGE IN RESEARCH AND DEVELOPMENT ACTIVITIES FOR COMMERCIALISATION
ARE TO ENJOY 20% INVESTMENT TAX CREDIT ON THEIR QUALIFYING EXPENDITURE.
ALL COMPANIES
ENGAGED WHOLLY IN THE FABRICATION OF TOOLS, SPARE PARTS AND
SIMPLE MACHINERY FOR LOCAL CONSUMPTION AND EXPORT ARE TO ENJOY
25% INVESTMENT TAX CREDIT ON THEIR QUALIFYING CAPITAL EXPENDITURE
WHILE ANY TAX PAYER WHO PURCHASES LOCALLY MANUFACTURED PLANTS
AND MACHINERY ARE SIMILARLY ENTITLED TO 15% INVESTMENT TAX CREDIT
ON SUCH FIXED ASSETS BOUGHT FOR USE.
EXPORT
INCENTIVES FOR NON-OIL SECTOR
EXPORT PROCEEDS
CAN BE RETAINED IN FOREIGN CURRENCY IN A DOMICILIARY ACCOUNT
WITH ANY AUTHORISED BANK IN NIGERIA.
A SPECIAL
EXPORT DEVELOPMENT FUND HAS BEEN SET UP BY THE GOVERNMENT TO
PROVIDE FINANCIAL ASSISTANCE TO PRIVATE SECTOR EXPORTING COMPANIES
TO COVER A PART OF THEIR INITIAL EXPENSES IN SOME EXPORT PROMOTION
ACTIVITIES, INCLUDING TRAINING COURSES, SYMPOSIA, SEMINARS AND
WORKSHOPS, EXPORT MARKET RESEARCH, ADVERTISING AND PUBLICITY
CAMPAIGNS IN FOREIGN MARKETS, TRADE MISSIONS, ETC.
THERE IS
ALSO AN EXPORT ADJUSTMENT FUND SCHEME WHICH SERVES AS SUPPLEMENTARY
EXPORT SUBSIDY TO COMPENSATE EXPORTERS FOR THE HIGH COST OF
LOCAL PRODUCTION ARISING MAINLY FROM INFRASTRUCTURAL DEFICIENCIES,
AND OTHER NEGATIVE FACTORS BEYOND THE CONTROL OF THE EXPORTER.
FINALLY,
NIGERIAN GOVERNMENT ESTABLISHED IN I991, AN EXPORT PROCESSING
ZONE (EPZ), WHICH ALLOWS INTERESTED PARTIES TO SET UP INDUSTRIES
AND BUSINESSES WITHIN DEMARCATED ZONES, WITH THE OBJECTIVE OF
EXPORTING THE GOODS AND SERVICES MANUFACTURED OR PRODUCED WITHIN
THE ZONES.
CALABAR
IN CROSS RIVER STATE HAS BEEN DESIGNATED AS THE PRIMARY EPZ
TERRITORY IN NIGERIA. INCENTIVES WITHIN THE TERRITORY INCLUDE,
TAX HOLIDAY RELIEF; UNRESTRICTED REMITTANCE OF PROFITS AND DIVIDENDS
EARNED BY FOREIGN INVESTORS; NO IMPORT OR EXPORT LICENSES ARE
REQUIRED; UP TO 100% FOREIGN OWNERSHIP OF ENTERPRISES; SALE
OF UP TO 25% OF PRODUCTION IS PERMITTED IN DOMESTIC MARKET;
ETC,
ALL EXPORTS
UNDER THE NIGERIAN VALUE ADDED TAX (VAT) SYSTEM ARE ZERO-RATED
AND DIVIDENDS RECEIVED FROM INVESTMENT IN EXPORT-ORIENTED BUSINESSES
ARE TO BE FREE OF TAX.
NIGERIAN
GOVERNMENT ACCEPTS THE PRIVATE SECTOR AS THE ENGINE OF GROWTH AND
THE CREATOR OF WEALTH, WHILE THE GOVERNMENT'S MAJOR RESPONSIBILITY
IS TO PROVIDE THE ENABLING ENVIRONMENT FOR THE PRIVATE INVESTORS
TO OPERATE. IN THIS REGARD, LAWS WHICH HAD HITHERTO HINDERED PRIVATE
SECTOR INVESTMENTS HAVE BEEN EITHER AMENDED OR REPEALED AND A NATIONAL
COUNCIL ON PRIVATISATION HAS BEEN ESTABLISHED TO OVERSEE ORDERLY
DIVESTMENT TO PRIVATE OPERATORS IN VITAL AREAS OF THE ECONOMY SUCH
AS MINING, TRANSPORTATION, ELECTRICITY, TELECOMMUNICATIONS, PETROLEUM
AND GAS.