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An Act to re-enact the Nigerian Enterprises Promotion Act of 1977, dissolve the Board established thereby and to vest its powers in the Minister for Industries and to re-schedule all enterprises under one schedule.
1. Enterprises exclusively reserved for Nigerians.
(1)Subject to subsection (2) of this section, all enterprises specified in the Schedule to this Act are hereby exclusively reserved for Nigerian citizens or associations and accordingly no such enterprise shall be established in Nigeria by an alien on or after the commencement of this Act.(2)Notwithstanding the provisions of subsection (1) of this section, an alien may be the owner of any enterprise specified in the Schedule to this Act if the capitalisation involved is not less than ₦20,000,000.(3)Nothing in this section shall…
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