Wednesday, November 27, 2013





NIGERIAN INVESTMENT PROMOTION COMMISSION
GUIDELINES / PROCEDURES FOR DOING BUSINESS IN NIGERIA

Based on the existing legal framework, any investor that wishes to do business in Nigeria is required by law to register a company with the Corporate Affairs Commission and pay stamp duties with the Federal Inland Revenue Services (FIRS).

For the purpose of clarity and simplicity, the NIPC has divided into stages the procedures for doing business in Nigeria either by a local or a foreigner as the case maybe. Please find below the processes:

Stage 1:

Corporate Affairs Commission (CAC) was established under the Companies and Allied Matters Decree No. 1 of 1990. The Commission has statutory responsibility for registration of companies, business names and Incorporated Trustees.
.
REQUIREMENTS FOR COMPANY INCORPORATION

Conduct an availability/name Search, at the CAC Desk, for the proposed Company to be registered.
Once the desired name has been cleared, a set of incorporation forms will be purchased, and the investor may proceed to prepare the Memorandum and Articles of Association for the Company.
Initial documents are then submitted to the Federal Inland Revenue Service Desk for payment of stamp duties and stamping.
Completed and stamped documents with attached permit(s) are to be submitted to the CAC Desk for verification.
The Certificate of Incorporation is then handed over, with accompanying Certified True Copies of relevant documents, to the investor.
Note:
The investor has an 18-month grace period before paying for Annual Returns on the Company.
All Post Incorporation processes are done at the Head Office of CAC where all Company files are kept in safe custody pending the completion of the on-going data entry on CAC records.

For further information visit website at www.cac.ng.org.

FEDERAL INLAND REVENUE SERVICE (FIRS)

Under the extant laws in Nigeria, Companies are required to register and render their tax returns to the FIRS Tax Offices nearest their registered addresses and pay their taxes there.




Requirements for payment of Stamp Duties

Documents submitted for the payment of Stamp Duty are the CAC 2 Form (statement of share capital), and 2 (two) duly completed and signed Memorandum and Articles of Association.
When the Stamp Duty has been paid and the incorporation documents stamped at the FIRS Desk, the investor returns to the CAC Desk to complete the incorporation process. He or she will be given FIRS Taxpayer Registration input form for companies to fill and submit to the FIRS Desk.
A Tax Clearance Certificate is issued after the investor presents evidence of incorporation.
At the point of collection of the Tax Clearance Certificate, the following relevant Tax forms are issued with the addresses of the Integrated Tax Offices to enable the investor commence the process of rendering returns.
Note: Payment of Stamp Duties on share capital is compulsory for all incorporating companies, and varies according to the company’s share capital amount.

Value Added Tax
The Value Added Tax (Nigeria) is a tax on supply of goods and services which is eventually borne by the final consumer but collected at each stage of the production and distribution chain at the rate of 5%. The VAT was introduced to Nigeria Tax Laws in 1993 as a replacement to the Sales Tax and came into force on 1st January, 1994.

WHO IS REQUIRED TO REGISTER
All domestic manufacturers, wholesalers, distributors, importers and suppliers of goods and services in Nigeria are expected to register for VAT. Also, non-resident companies that carry on businesses in Nigeria are expected to register using the addresses of the persons with whom they have subsisting contracts as their addresses for the purposes of correspondences relating to the tax.

TAXABLE ACTIVITY
A taxable activity includes any activity other than those mentioned in the exempt list of the Value Added Tax Act, 2007, conducted as business, vocation, trade and profession. It includes the activities of governments, associations and clubs.

ZERO-RATED SUPPLIES
Zero-rated supplies are supplies that are charged to tax at the rate of 0%. This includes non-oil exports, goods and services purchased by diplomats and goods purchased for use in humanitarian donor funded projects. The main difference between a company whose products have been exempted from VAT and a company whose supplies are zero-rated is that the former need not register for VAT while the latter is mandatory to register and also submit VAT returns.

SUBMISSION OF TAX RETURNS
Once a company is registered for VAT, such a company is expected to render VAT returns of activities on a monthly basis to the Tax Office treating the tax matters of the company. The activity of a particular month is reported on the VAT returns of the following month which is due for submission on or before the end of that month.

For further information, please  visit www.firs.gov.ng

Stage 2:

In accordance with the NIPC Act No. 16 of 1995, every company with foreign participation after incorporation with Corporate Affairs Commission (CAC) must register their company with the NIGERIAN INVESTMENT PROMOTION COMMISSION (NIPC).

Requirements for Business Registration

i.   Duly completed NIPC Form I (collected at the OSIC Centre)
ii.  Memorandum & Articles of Association
iii. Evidence of Incorporation
iv. CAC Forms CO2 and CO7
v.  Power of Attorney/ Letter of Authority (where applicable)

Stage 3:

An enterprise, in which foreign participation is involved, shall obtain Business Permit and Expatriate Quota before commencing operations in Nigeria with the Ministry of Interior.

The Citizenship and Business Department of the Ministry of Interior has responsibility for administering and enforcing the provisions of the immigration Act. 1963 as they relate to the establishment of business in Nigeria and the employment of expatriates. In other words, the Interior Ministry is entrusted principally with the following responsibilities:

Requirements for Business Permit and Expatriate Quota

i.Formal application letter to the Honourable Minister, Ministry of Interior
ii.Minimum share capital requirement of N10million
iii.Duly completed Immigration Form T1
iv.Certificate of incorporation
v. CAC forms C02 and CO7
vi.Memorandum and Articles of Association
vii.Tax Clearance Certificate
viii.Certificate of Capital Importation
ix.Evidence of acquisition of business premises
x.Tenancy or Lease Agreement (to be registered with Federal Inland Revenue)
xi.Feasibility Report or Business Plan
xii.Training Programme for Nigerians
xiii. Schedule of names, addresses, qualifications and positions to be occupied by expatriates
xiv. Evidence of machinery acquisition (where necessary)
xv. Bank reference

For further information please contact the Commission’s help desk on osicinfodesk@nipc.gov.ng  

Fees of different Agencies at the One Stop Investment Centre (OSIC)

A.     GRANT OF BUSINESS REGISTRATION CERTIFICATE

SN
SERVICES
FEES
1
Business Registration application form
(NIPC Form 1)
Free
2
Issuance of Business Registration certificate
N50,000

B.      GRANT OF PIONEER STATUS INCENTIVE

SN
SERVICES
FEES

1

NIPC Form 2
 N40, 000.00
2
Processing fee
N100, 000.00
3
Collection of Approval Letter        
N60, 000.00
4
Application of Pioneer Status Extension                       
Free
5
Approval of Pioneer Extension     
N100, 000.00

C.      COMPANY INCORPORATION (Corporate Affairs Commission)

SN
SERVICES
FEES
1
A set of company incorporation forms
N 500
2
Availability form
N 200
3
Registration of public companies
whose share capital does
not exceed N1m

Exceeds N1m
N 20,000.00



N 30,000.00 for the
first N 1m and thereafter,

N 20,000.00 for every N 1m of part there of
4
Registration of private companies
whose share capital does not exceed N1m

Exceeds N1m
N 10,000.00


N 10,000.00 for the
first N 1m and thereafter,
N10,000.00 for every
N1m of part there of
5
Registration of increase in share capital of public companies for every N1m
N20,000.00
6
Registration of increase in share capital of private companies for every N1m
N10,000.00
7
Certified True Copy of Memorandum and Articles of Association
N3,000.00
8
Certified True Copy of CO2, CO7,
and CO6
N2,000.00 each


D.     STAMP DUTY (Federal Inland Revenue Service)

N1.50 is charged for every N200.00 worth of Share Capital. A sum of N100.00 is also charged on each Memorandum and Articles of Association submitted for stamping.
E.      FEES FOR EXPATRAITE QUOTA POSITIONS ( Federal Ministry of Interior)
S/N
SERVICES
FEES
1.
Business Permit/Expatriate Quota:  ( Form T1)
N75,000.00
2.
Grant of Establishment Quota (per slot)
N10,000.00
3.
Renewal of Quota Position (per slot)
N5,000.00
4.
Additional Quota (per slot)
N10,000.00
5.
Stay of Action
N5,000.00
6.
Regarding of Quota (per slot)
N10,000.00
7.
Appeal Processing Fee
N10,000.00
8.
Restoration of Lapsed Quota
N55,000.00
9.
Upgrading of Quota P.U.R (per slot)
$10,000
10.
Resignation of P.U.R. slot (GM to MD or MD to
GM etc)

$10,000
11.
De-tagging /Extension of Quota (per slot) 
N10,000.00
12.
Revalidation of Lapsed Quota (per slot)
N10,000.00





F.       FEES FOR IMMIGRATION SERVICES (Nigerian Immigration Services)

S/NO
CATEGORY
FORM ISSUED
CERPAC
VALID 1 YEAR
1.
Missionary
CR
$200
2.
Students
CR
$200
3.
Non ECOWAS
African Nationals
CR
$200
4.
Cameroonians
CR
$240
5.
Others
AO
$350


Agencies and the services rendered at the One Stop Investment Centre

Agency
Mandate
Role in OSIC
1.
NIGERIAN INVESTMENT PROMOTION COMMISSION (NIPC)
The Nigerian Investment Promotion Commission (NIPC), as a Federal Government Agency, was established by Act of Parliament No. 16 of 1995 to among others; encourage, promote and coordinate investments in the Nigerian economy.
Registration of Foreign Investments, Issuance of Business Permits, Complaint Management, Linkages with NIPC Departments, and other Government Agencies, Country-wide liaison with the 36 States on investment matters etc.
2.
CORPORATE
AFFAIRS
COMMISSION (CAC)
CAC was established under the Companies and Allied Matters Decree No. 1 of 1990.The Commission has statutory responsibility for registration of companies, business names and Incorporated Trustees.

Undergo Name searches and Company Incorporation
3.
NIGERIA
IMMIGRATION
SERVICE (NIS)
The Nigerian Immigration Service (NIS) was formally established by an act of Parliament (section 5 of Immigration Act L.N. Cap. 171 1963) to attend to immigration matters.

Provision of information and guidance on immigration matters, regularization of Permanent Work Permits and issuance of STR Visas


4.
NIGERIA CUSTOMS SERVICE (NCS)
Established by Customs and Excise Management Act (CAP 45 LFN 2004), ‘An Act to regulate the management and collection of duties of Customs and Excise, and for purposes ancillary thereto’.

Issuance of Import & Export Guidelines, Procedure for citing Excise Factories, Goods clearance facilitation and general information on Fiscal Policy issues.
5.
FEDERAL INLAND REVENUE SERVICE (FIRS)
FIRS mandate is to assess, collect and account for the taxes accruable to the Federal Government under the Companies Income Tax (amendment) Act, 2007, the Value Added Tax (Amendment) Act, 2007 and the Federal Inland Revenue Service (Amendment) Act, 2007.

Tax Registration , Payment of Stamp Duties, Issuance of Tax  Clearance Certificates and issuance of Tax Forms
6.
NATIONAL OFFICE FOR TECHNOLOGY ACQUISITION & PROMOTION (NOTAP)
NOTAP, a parastatal of the Federal Ministry of Science and Technology, was established by Decree No. 70 of 1979 to among other things facilitate and implement the acquisition, promotion and development of technology in Nigeria.

To facilitate the registration of contract agreements dealing with transfer / acquisition of Technology between Nigerians and their foreign partners.

Facilitate approvals for licenses, Patents and Franchises etc. 
7.
NATIONAL AGENCY FOR FOOD & DRUG ADMINISTRATION & CONTROL (NAFDAC)
National Agency For Food & Drug Administration & Control (NAFDAC), was established by Decree No 15 of 1993 as amended by Decree 19 of 1999 and now the National Agency For Food & Drug Administration & Control Act Cap N1 Laws of the Federation of Nigeria (LFN) 2004.

This Act mandates NAFDAC to regulate and control the manufacture, importation, exportation, distribution, advertisement, sale and use of food, drugs, cosmetics, chemicals, detergents, medical devices and packaged water (known as regulated products).
Provision of information, advisory services, facilitation and kick starting of registration process on products. 

On-going processes such as registration of pharmaceuticals and food can be facilitated at the Centre.  The registration status of a product can also be obtained at the Centre through the NAFDAC Registered Products Automated Database (NARPAD).
8.
STANDARDS ORGANIZATION OF NIGERIA (SON)
SON was established by Enabling Act No. 56 of 1971 for preparing, implementing and promoting standards for products and processes and for ensuring compliance with Federal Government policies on standardization and conformity assessment of both locally manufactured and imported goods, throughout the country.
Facilitates all aspects of Standardization activities, approvals or permits for use of standards.

Provision of information and guidance on the following:
·      MANCAP Certification
·      SONCAP Certificate
·      Training in NIS ISO 9000 and NIS ISO 14000
9
MINISTRY OF MINES AND STEEL DEVELOPMENT (MMSD)
The Ministry is saddled with responsibility for the formulation and execution of policies as well as the enforcement of all Laws relating to prospecting, mining, and quarrying of Solid Minerals throughout Nigeria. The Ministry, through its Agency, the Nigerian Geological Survey Agency (NGSA), is also responsible for the geological mapping and exploration of Minerals with a view to providing information for investors.

Facilitation in obtaining Exploration Licenses, Mining Leases and Provision of information and guidelines on investing in the Solid Minerals Sector
10
NATIONAL BUREAU OF STATISTICS (NBS)
The National Bureau of Statistics (NBS) is the Federal Agency mandated by Law to produce statistics for the Nation on all aspects of Human Activities
Provision of information on Statistical Data on the Nigerian Economy
11
MINISTRY OF THE FEDERAL CAPITAL TERRITORY (FCTA)
The Federal Capital Development Authority (FCDA) was created by virtue of the FCT Act of 1976 to oversee the development of the new city. In 1979, it was given the status of a Ministry called the Ministry of Federal Capital Territory created via an official gazette extra-ordinary no. 55 volume 66 October 26, 1979, by virtue of this Act FCDA has the responsibility of planning and development of the entire FCT.
Facilitation on Land Matters for investment Projects, promotion of investments especially in Tourism, Infrastructure, Industries etc and provision of general information on the FCT.
12
FEDERAL MINISTRY OF FINANCE (FMF)
The Federal Ministry of Finance is conferred with the responsibility of controlling, managing and monitoring revenues and expenditures of public finance of the Federation

Administration of Industrial Incentives, Tariff Administration and general information and guidelines on Fiscal Policy
13
CENTRAL BANK OF  NIGERIA (CBN)
The core mandate of the Central Bank of Nigeria (CBN) is derived from the provisions of the CBN Act of 2007. The functions are mainly in the following:

§  Ensure Monetary and Price stability
§  Issuance of legal tender currency
§  Maintenance of External Reserve to safeguard the international value of the legal tender currency;
§  Promotion of a Sound Financial System and
§  Banker and financial adviser to the Federal Government.
Provision of information on financial sector regulatory requirements and procedures for carrying on such transactions by prospective investors, guidelines on correspondent banking and funds transfer, including Capital Importation.
14
NIGERIA MARITIME ADMINISTRATION AND SAFETY AGENCY (NIMASA)
NIMASA has the mandate to superintend the holistic but systematic implementation of the National Shipping Policy, the Nigerian Maritime Labour Policy; the Cabotage Law and the Nigerian Shipping Laws which are all geared towards the development of the Nigerian Maritime Sector to contribute optimally to the country’s socio-economic development.

Provision of general information and guidance and facilitating investments in the Maritime Sector.
15
THE FEDERAL MINISTRY OF INTERIOR (FMI)
The Ministry of Interior has responsibility for administering and enforcing the provisions of the Immigration Act. 1963 as they relate to the establishment of business in Nigeria and the employment of expatriates.  Hence the Ministry is statutorily mandated to, amongst others to do the following:

·   Responsible for Commercial and Civil Regulation.
·   Issuance of Expatriate Quota / Business Permit in Nigeria.

Provision of general information and guidance and facilitating the issuance of Business Permits and Expatriate Quota
16
NIGERIAN EXPORT PROMOTION COUNCIL (NEPC)
The Nigerian Export Promotion Council (NEPC) is the apex government agency charged with the responsibility of promoting non Oil Export in Nigeria. It was established through the Nigerian Export Decree No. 26 of 1976 and is statutorily mandated to, amongst others do the following:

·  Promote the development and diversification of Nigeria’s export trade.
·  Assist in promoting the development of export-related industries in Nigeria.
·  Spearhead the creation of appropriate export incentives.
·  Articulate and promote the implementation of export policies and programmes of the Nigerian Government.

Facilitating investments and Provision of general information and guidance related to Nigeria’s Export Trade.
17
NIGERIAN ELECTRICITY REGULATORY COMMISSION (NERC)
NERC is an independent regulatory agency which was established by the Electric Power Sector Reform Act 2005 and is mandated to carry out the monitoring and regulation of the electricity industry, issuance of licenses to market participants, and  to ensure compliance with market rules and operating guidelines.

Facilitating investments and Provision of general information and guidance in the Electricity Industry in Nigeria.

18
MINISTRY OF FOREIGN AFFAIRS (MFA)
The Ministry of Foreign Affairs (MFA) by the provision of the constitution of the Federal Republic of Nigeria is the statutory organ of Government charged with the primary responsibility of formulating, articulating and conducting Nigeria’s Foreign Policy.
Facilitating and fast-tracking all trade and investment related issues through over hundred Missions abroad and carrying out basic due diligence of foreign companies.


19
NATIONAL PLANNING COMMISSION
NPC was established by Act No. 71 of 1993 to among other things determine and advices on policies that will best promote national unity and integration and sustain the Nigerian nation. The key functions include:
·         Provision of policy advice to Mr. President in particular and Nigeria in general on all sphere of national life;
·         Set national priorities and goals and engender consensus amongst public & private sectors stakeholders for its accomplishment;
·         Undertake periodic review of & appraisal of the human & material resource capabilities of Nigeria for efficient and effective utilization;
·         Formulate and prepare short, medium & long term development plans and coordinate their implementation at the three tiers of government;
·         Monitor projects and progress relating to plan implementation;
·         Conduct research into various aspects of national interest and public policy with a view to foster sustainable economic development of Nigeria;
·         Manage multilateral & bilateral economic cooperation, including development aids, and technical assistance programming; and
·         Deals with matters relating to regional economic cooperation - ECOWAS, UNECA, South-South Cooperation etc.  
  
·         Provision of information and technical advice on macroeconomic indicators;

·         Provision of information on Government Policy thrusts and priority sectors of the Nigerian economy;

·         Facilitation of registration of Non-profit making International NGOs;

·         Facilitate the activities and operations of the development partners in Nigeria such as EU, USAID, JICA, CIDA, DFID, UNICEF etc; and

·         Follow-up action on other matters relating to NPC mandates and functions at the Commission’s Headquarters in Abuja.
 
20
DEPARTMENT OF PETROLEUM RESOURCES
Established by the Petroleum Act 1969, the Department of Petroleum Resources has the responsibility -
         To regulate and monitor Upstream and Downstream oil and gas activities in Nigeria, ensure standards, compliance and best international industry practices.
         To manage and administer Nigeria’s oil and gas acreage and concessions.
         To conserve the nation’s hydrocarbon resources, and maximize returns on investment to government.
         To determine/collect royalties and other Oil and Gas statutory fees, charges, and penalties.
         To serve as the repository for archiving and retrieval of all oil and gas data in Nigeria.
         To advise government on the nation’s authentic oil and gas reserves, production and export for planning and development purposes.
         To ensure that oil and gas activities are carried out in a safe and environmentally sustainable manner.
         To co-operate with other agencies in ensuring that Oil and Gas operations in Nigeria have linkages with the host communities, and meet local content aspirations of government.
         To follow best practices in global HSE and environmental standards and adapt same to our national circumstances.
         To implement government policies on Oil and Gas matters.
         To grant necessary / relevant approvals, Licenses and Permits for operations and installations in the Oil and Gas Industry.
·   Provision of general Information/data on DPR statutory mandate and the Oil and Gas Sector to facilitate informed investment decisions.

·   Facilitation and guidance to investors in the issuance of various approvals/licenses granted by the DPR.

·   Provision of general advisory services on the investment opportunities in the Oil & Gas Sector, including matching investors’ requirements with opportunities available in the Sector.

·   Assisting investors through facilitation with relevant stakeholders in the Oil & Gas industry on access to support in respect of investment projects.

21
ODU’A INVESTMENT COMPANY LIMITED
Odu’a Investment Company Limited was incorporated in July, 1976 to take over the business interests of the former Western State of Nigeria now comprising Oyo, Ogun, Ondo, Osun and Ekiti including Lagos State.

The Company was established to promote the socio-economic and industrial growth of the host States and create employment opportunities.
The Desk serves as the information bank for investment opportunities in the 5 South-Western States, with a view to attract foreign / local investments into the States including Lagos State.

Provision of relevant investment data on security and incentives.
22
NEW NIGERIA DEVELOPMENT COMPANY (NNDC)
NNDC is a Development Finance Institution (DFI) owned by the (19) states that constitute the Northern Region of Nigeria. The company was established in 1949 to contribute to the Socio-Economic development of the region.
Provision of general advisory services on investment opportunities in Northern States, including matching investors requirements
23
SOUTHEAST/SOUTH SOUTH REGIONAL DESK
The Southeast/South-south Regional Desk is an innovation by NIPC at OSIC, established on march 16th, 2009 as part of the Commission’s proactive strategy to facilitate and fast-tracking inflow of foreign and local investment into the eleven(11) states of the SE/SS regional block.

Provision of data on investment opportunities, investment environment and incentives in the Southeast/South South Region of Nigeria.

The Desk also liaises, co-ordinates and maintains necessary investment promotion and facilitation in collaboration with the States.
24
PHARMACISTS COUNCIL OF NIGERIA (PCN)
PCN is the agency statutorily charged with the responsibility for the regulation and control of the Practice of Pharmacy in Nigeria.

·                     Provision of general Information/data on PCN statutory mandate and the Health Sector to facilitate informed investment decisions.

·                     Facilitation and guidance to investors in the issuance of various approvals/licenses granted by the PCN.

·                     Provision of general advisory services on the investment opportunities in the Pharmaceutical Industry, including matching investors’ requirements with opportunities available in the Sector.

·                     Facilitation with relevant stakeholders in the industry on access to support in respect of investment projects on behalf of investors.
25
NIGERIAN COPRYRIGHT COMMISSION (NCC)
NCC is the Anti-Piracy and Enforcement agency for Intellectual Properties in Nigeria.

The agency plays an important role in the maintenance of effective databank of authors, their works and the monitoring of the copyright Industry.

·   Provision of general Information/data on the Agency’s statutory mandate and the Copyright Industry to facilitate informed investment decisions.

·   Facilitation and guidance to Investors in the issuance of various approvals/licenses granted by the NCC.
                                      
·   Provision of general advisory services on the general requirements in the Copyright Industry.

·   Facilitation with relevant stakeholders in the Copyright industry on access to support in respect of investment projects on behalf of investors.
26
MANUFACTURERS ASSOCIATION OF NIGERIA (MAN)
MAN is the focal point of communication and consultation between industry on one hand and the Government and the general public on the other hand. 

MAN plays a strategic role in Nigeria and has contributed immensely to Government Policy formulation through constructive recommendations and view points.

 It has provided manufacturers with the means of formulating and influencing general policies with regard to industrial, labour, social, legal, training, and technical matters in the overall interest of stakeholders.

·   Provision of general information/data based on the objectives/mandate of MAN to facilitate informed investment decisions.

·   Facilitation and guidance to investors on membership registration.

·   Provision of general advisory services on the investment opportunities in the Manufacturing Sector, including matching investors’ requirements with opportunities available in the Sector.

·   Facilitation with relevant stakeholders in the Manufacturing industry on access to support in respect of investment projects on behalf of investors.



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Tuesday, November 26, 2013

THE BIG GAMES OF DECEPTION VIA SHORT CODE MESSAGES


Have you come across some scrupulous short messages from our mobile operators lately,they usually comes in various forms,from bettings to predictions,and even asking the silliest of questions like what is the Name of the current president of Nigeria.What infuriates me about the so called short code SMS is the timing,some messages comes in the sweetest part of the night when you really need that sleep or early in the morning when you need to complete that dose of sleep recommended,apparently the mobile operators were taking advantage of Nigeria's weak consumer protection law.I recieved a short code SMS today very early in the morning and it almost knocked me off again as i was just recuperating from serious headache the previous day.The message read thus.......''BIG Games in association with Toyota,is giving away a Corolla this week,in the BIG Toyota Corolla giveaway.Text BIG to 5045 to qualify(N100/SMS)..culled from my MTN messages.This to me seems absurd and disturbing,they should at least ask if i want to receive such message or not before asking me to part with N100 for no good reason.At least they need to be cautioned and warned to desist from polluting our phones.
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Wednesday, November 20, 2013

How You Can Make millions of Naira in Palm Oil Business in Nigeria.

  How You Can Make millions of Naira in Palm Oil Business in Nigeria



You can make over 1 million naira this season storing and reselling red palm oil
Nigeria-Red-Palm-Oil 

I am going to show you exactly how to do it. It's not difficult at all; in fact it is one of the easiest business you can do in Nigeria and make quick money within four months. I happen to know places in Nigeria where you can get this product at cheap prices and place where you can sell it at good price, I am going to make everything clear to you on this post...

What is Red Palm Oil? Red palm oil is natural oil extract from palm three fruit. You and I knows the importance of red palm oil in Nigeria. No home that doesn't cook with it and no tribe or religion that forbids it. It is generally accepted and widely used, not only in Nigeria but around the world. 

Using palm oil for cooking has greater health benefits over the vegetable oil as it is said to have high concentration of vitamin E in the finest proportion. Your body tends to get better health benefits as a result of the vitamin E present in the red palm oil rather than taking a commercial vitamin E capsule. It is also rich in carotene and possess strong healing power.

Why Trade on Red Palm Oil

Palm oil is one of the commodity constantly in high demand in Nigeria. There is never a time it wouldn't be a hot cake in the market and it is consumed at the same rate as rice and garri. Palm oil is currently sold in Lagos and other major cities across the country at N6,000 for 25liters but if you go to the farm areas where it is produced in quantity, you can get the same 25 lt
rs at N4,000.

There are even a time of the year you may get this product at N2,500 - N3,000 per 25litres. If you can get it in quantity during the time of surplus and store it for some months, you will sell at 100% profit. It is usually surplus around December to April and sells at the highest around July to September.

If you invest N500,000 and wait for 4 months, you will be making profit of another N500,000 without any substantial effort. That is a good deal by all standard and the more money you invest, the more profit you make.

If you decides to trade all season that will even be better. All you need to do is to find out where it's being processed in much quantity and buy at cheap price from there, transport it to the city and sell at good price, repeat your journey as often as you can and make money all year round.

So, how do you trade on this commodity and make money?

1. Secure a Shop - You will need a shop or any safe place for storage. If you have your own house, that will be nice, just dedicate one room for the storage. However, it will be better if you can rent a shop specifically for it preferably near the market.

Red Palm Oil Ready to be Transported

2. Look for Places to Buy - There are many places you can get palm oil very cheap and in great quantity in Nigeria. It is available in bulk in various parts of Ondo State.It is also available in Edo State but the king of original, high quality palm oil is Ebonyi State.Travel round the states and source from the various local markets and local palm oil processors. 

Transport Your Goods - If you have your own truck or van, that will be fantastic but if not, you'd have to make do with hiring. Buy everything you want to buy, get a truck to transport it to your base and store it in your shop.

Sell Your Goods - Wait until the price goes up then you open your shop and sell at a very good price. It is a perfect way to invest money instead of keeping it to the bank with peanut paid as interest on fix deposit. It is like buying property and reselling at higher prices later.
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Tuesday, September 4, 2012

OVERLOADING FOR PROFIT!

To make extra dough is not easy at all,see overload and even inappropriate carrier moving the water tank.If this man is accosted i bet he will tell you the water tank is meant for his new site but on a closer inspection of the vehicle it looks very much like the types used in conveying pepper and yam from mile12 market.
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Wednesday, January 11, 2012

Are you aware governors were in support “of the withdrawal of subsidy so that they will have money and less deductions from the Federation Account Allocation Committee (FAAC)”. I think the governors are the driving force behind Goodluck Jonathan and half of the blame should go to governors.And there is a saying that "he who pays the puppet dictates the tune".I also think theses are some of the agreement reached between Jonathan and the governors when the EXCESS CRUDE ACCOUNT was scrapped in place of SOVEREIGN WEALTH FUND.The govs now know they ll receive so much money once fuel subsidy is removed,so my people lets start the movement against our govs to tell us their position on fuel subsidy removal.i rest my case..
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Sunday, January 3, 2010

NEW DAWN

Hello good people out there,its been a wonderful new year since Jan 1st.A whole lot of business opprtunities still abound everywhere and i hope i get a good partner to carry out some of them.
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Wednesday, December 23, 2009

HOPEFUL

Its the end of the year and i hope to come out strong by January.
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HOPE

Its the end of the year and i hope to come out strong by January.
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HOPEFUL

Its the end of the year and i hope to come out strong by January.
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Its the end of the year and i hope to come out strong by January.
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Wednesday, October 21, 2009

INSPIRATIONS

IF SOMEONE FEELS THAT THEY HAD NEVER MADE A MISTAKE IN THEIR LIFE,THEN IT MEANS THEY HAD NEVER TRIED A NEW THING IN THEIR LIFE---EINSTEIN

::Finance/Currency-Trading

FOREX 101: Make Money with Currency Trading




For those unfamiliar with the term, FOREX (FOReign EXchange market), refers to an international exchange market where currencies are bought and sold. The Foreign Exchange Market that we see today began in the 1970's, when free exchange rates and floating currencies were introduced. In such an environment only participants in the market determine the price of one currency against another, based upon supply and demand for that currency.

FOREX is a somewhat unique market for a number of reasons. Firstly, it is one of the few markets in which it can be said with very few qualifications that it is free of external controls and that it cannot be manipulated. It is also the largest liquid financial market, with trade reaching between 1 and 1.5 trillion US dollars a day. With this much money moving this fast, it is clear why a single investor would find it near impossible to significantly affect the price of a major currency. Furthermore, the liquidity of the market means that unlike some rarely traded stock, traders are able to open and close positions within a few seconds as there are always willing buyers and sellers.

Another somewhat unique characteristic of the FOREX money market is the variance of its participants. Investors find a number of reasons for entering the market, some as longer term hedge investors, while others utilize massive credit lines to seek large short term gains. Interestingly, unlike blue-chip stocks, which are usually most attractive only to the long term investor, the combination of rather constant but small daily fluctuations in currency prices, create an environment which attracts investors with a broad range of strategies.

How FOREX Works

Transactions in foreign currencies are not centralized on an exchange, unlike say the NYSE, and thus take place all over the world via telecommunications. Trade is open 24 hours a day from Sunday afternoon until Friday afternoon (00:00 GMT on Monday to 10:00 pm GMT on Friday). In almost every time zone around the world, there are dealers who will quote all major currencies. After deciding what currency the investor would like to purchase, he or she does so via one of these dealers (some of which can be found online). It is quite common practice for investors to speculate on currency prices by getting a credit line (which are available to those with capital as small as $500), and vastly increase their potential gains and losses. This is called marginal trading.

Marginal Trading

Marginal trading is simply the term used for trading with borrowed capital. It is appealing because of the fact that in FOREX investments can be made without a real money supply. This allows investors to invest much more money with fewer money transfer costs, and open bigger positions with a much smaller amount of actual capital. Thus, one can conduct relatively large transactions, very quickly and cheaply, with a small amount of initial capital. Marginal trading in an exchange market is quantified in lots. The term "lot" refers to approximately $100,000, an amount which can be obtained by putting up as little as 0.5% or $500.

EXAMPLE: You believe that signals in the market are indicating that the British Pound will go up against the US Dollar. You open 1 lot for buying the Pound with a 1% margin at the price of 1.49889 and wait for the exchange rate to climb. At some point in the future, your predictions come true and you decide to sell. You close the position at 1.5050 and earn 61 pips or about $405. Thus, on an initial capital investment of $1,000, you have made over 40% in profits. (Just as an example of how exchange rates change in the course of a day, an average daily change of the Euro (in Dollars) is about 70 to 100 pips.)

When you decide to close a position, the deposit sum that you originally made is returned to you and a calculation of your profits or losses is done. This profit or loss is then credited to your account.

Investment Strategies: Technical Analysis and Fundamental Analysis

The two fundamental strategies in investing in FOREX are Technical Analysis or Fundamental Analysis. Most small and medium sized investors in financial markets use Technical Analysis. This technique stems from the assumption that all information about the market and a particular currency's future fluctuations is found in the price chain. That is to say, that all factors which have an effect on the price have already been considered by the market and are thus reflected in the price. Essentially then, what this type of investor does is base his/her investments upon three fundamental suppositions. These are: that the movement of the market considers all factors, that the movement of prices is purposeful and directly tied to these events, and that history repeats itself. Someone utilizing technical analysis looks at the highest and lowest prices of a currency, the prices of opening and closing, and the volume of transactions. This investor does not try to outsmart the market, or even predict major long term trends, but simply looks at what has happened to that currency in the recent past, and predicts that the small fluctuations will generally continue just as they have before.

A Fundamental Analysis is one which analyzes the current situations in the country of the currency, including such things as its economy, its political situation, and other related rumors. By the numbers, a country's economy depends on a number of quantifiable measurements such as its Central Bank's interest rate, the national unemployment level, tax policy and the rate of inflation. An investor can also anticipate that less quantifiable occurrences, such as political unrest or transition will also have an effect on the market. Before basing all predictions on the factors alone, however, it is important to remember that investors must also keep in mind the expectations and anticipations of market participants. For just as in any stock market, the value of a currency is also based in large part on perceptions of and anticipations about that currency, not solely on its reality.

Make Money with Currency Trading on FOREX

FOREX investing is one of the most potentially rewarding types of investments available. While certainly the risk is great, the ability to conduct marginal trading on FOREX means that potential profits are enormous relative to initial capital investments. Another benefit of FOREX is that its size prevents almost all attempts by others to influence the market for their own gain. So that when investing in foreign currency markets one can feel quite confident that the investment he or she is making has the same opportunity for profit as other investors throughout the world. While investing in FOREX short term requires a certain degree of diligence, investors who utilize a technical analysis can feel relatively confident that their own ability to read the daily fluctuations of the currency market are sufficiently adequate to give them the knowledge necessary to make informed investments.

Rich McIver is a contributing writer for The Forex Blog: Currency Trading News ( http://www.forexblog.org ).

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IN A DAY WHEN YOU DONT COME ACROSS ANY PROBLEM YOU CAN BE SURE YOU
ARE TRAVELLING IN A WRONG PATH..........SWAMI VIVEKANANDA






THREE SENTENCES FOR GETTING SUCCESS

a)KNOW MORE THAN OTHER
b)WORK MORE THAN OTHER
C)EXPECT LESS THAN OTHER-WILLIAM SHAKESPEARE
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Wednesday, October 14, 2009

FOREX

A Profitable Forex Strategy
By: Timothy Rohrer

Making money in the forex market is not an easy task by any means. However, given a bit of education and knowledge of the market, it can become quite easy to profit in the forex market. Most traders end up learning that it’s the simply systems that create the wealth. Over analyzing and over thinking can sometimes affect your trading methods and strategy.

The trading method I am going to explain here is probably going to upset you a little and will most likely go against everything you have ever been taught about forex. However, you have to remember that this is my personal strategy and its how I make money. It may not work for the next person, but it has shown me a way to make a substantial amount of money in the forex market.

Through your forex training you might have heard traders tell you to always trade with a stop-loss. If you don’t know what a stop-loss is, it’s simply an order telling the broker when you would like to cut your losses. I don’t trade with a stop-loss period. How is this so? How can I make money without using a stop-loss? I tend to believe that the big players in the forex market like to drive this market in certain directions to take out other traders stop-loss positions. In order for the banks to make money, they have to take other traders monies, therefore taking out stop-loss orders in the market. I don’t allow the banks to do this to me personally.

Secondly, on each trade look to make only a few pips. In some cases this is known as scalping the market. On each trade I am only looking to get 3 to maybe 6 pips or as I like to say, get in and get out.

Your next question might be, “how do I know when to enter and exit the market?” I use a set of indicators combine with a detailed analysis of trend lines and channels. The indicators tell me when to get in and get out and the trend lines give me the overall direction of the market for the next month to few years. Having a good idea of where the market is heading over the course of a few years gives me a good idea whether I am in buy mode or sell mode on a daily basis.

How is it possible to survive without using a stop-loss? Very simply put, do not risk large amounts on each trade. I only risk one tenth of my account balance per trade. For example, I only trade $1 lots on a $10,000 account. What this enables me to do is use no stop-loss. If the market moves 200 points no problem. By the time the market moves 200 points, I’ve already made 100 other trades in profit all for 3 to 6 pips each. If the market continues to get away from me, I continue trading each day gaining which eventually compensates for the few losers and eventually overrides them. When the market comes back in my favor, those losing trades are making profit every step of the way.

Article Source: http://www.content.onlypunjab.com


Tim Rohrer is an established writer and forex trader. To learn more about a profitable forex trading strategy, visit www.forex-investing.us
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Thursday, October 8, 2009

MONEY MAKING REPORTS

What are you going to do if somebody offers to give u net or a fishing line and equally teaches you how to fish?Automatically you should just open a cold room or fish store and start selling immediately there is catch.
So lets say from time to time this blog will give you the opportunity to learn one or two things about business ideas and making money generally.

So watch out!!
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Wednesday, September 23, 2009

MAKE HAY WHILE THE SUN SHINES

It is very possible and sensible to start a small business in this period of economic change and make genuine profit without going to the bank to seek for loan assistance.All you need to do is identify a need peculiar to people in your locality,start with a small capital,understand the market and explore the opportunities of growing big.
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