26 Mar New Nigeria Business and Investor Visas
Introduction
The Federal Government of Nigeria recently adopted a proactive approach in promoting Nigeria to become a competitive economy globally. In achieving such goal, the government recognises the importance of foreign investment, and has as such paid special attention to business visa in Nigeria. The Nigeria Visa Policy (NVP) 2020 introduces 9 (nine) classes of visa to cater for business travellers, up from formerly just one visa.
Background
It would be pertinent to first briefly highlight certain important changes before looking at the 9 classes of visas as stated above. Firstly, the policy divides visas into three categories; Short Visit Visas (usually valid for not more than 90 days), Temporary Residence Visas (Usually valid for not more than 2 years) and Permanent Residence Visa which grant holders the right to stay in Nigeria for an extended period of time.
The Visa Policy also introduces different Visa Channels through which applications for visa can now be made, these are through; Embassy, E-Visa (applying electronically) and Visa on Arrival (VoA) (applying at point of entry). Note that not all visa channels are available for all classes of visa.
Classes of Business and Investor Visa
The Federal Government of Nigeria recognising that investors have varying needs as to how long they stay at their place of investment made provision for both short visit visas and long residence visas.
Short Visit Business Visas
The Classes of Visa under this category are:
- F4A, Business – Single Entry Visa
- F4B, Business – Multiple Entry Visa
- F4C, Business – Frequently Travelled Executives Visa
The requirements for these visas are similar in certain respects and differ in others.
F4A, F4B, F4C are visitor permits which grant the holders right to stay in Nigeria for a period not exceeding 90 days. The visa permits holders to carry the following activities; Attending of meetings, conference, seminar, contract negotiation, marketing, sales, procurement of Nigerian goods/services, Trade Fairs, job interviews (interviews for only F4A & F4B).
The requirements for these visas are
- Valid Passport for 6 months.
- Two recent passport sized photograph.
- Return ticket.
- Evidence of sufficient funds.
- Evidence of Hotel. Reservation/host address in Nigeria.
The requirements for these classes of visas are different as to who are eligible to apply, number of permitted entries and permitted visa channels, for clarity they are presented in a table below;
In respect of F4A, Foreigner travellers visiting for the permitted purpose (above) are eligible to apply for the visa, however the Visa only permits single entry. This visa can be applied for electronically (e-visa) or at a Nigerian embassy
F4B permits only citizens of countries who offer similar multiple entry business visa to Nigeria citizens to apply. This class grants multiple entry, bust can only be applied for at a Nigerian embassy.
F4C provides that the person eligible to apply here are; frequently travelled persons with investments up to $250,000 in Nigeria. This class also grants multiple entry, and can also be applied for either electronic (e-visa), at point of entry (VoA) or at a Nigerian Embassy.
Investors Residence Visas
The classes of visa under this category are:
- N3 – Investor Visa (Small Scale Enterprises)
- N3B – Investor Visa (Medium Scale Enterprise)
- N3C – Investor Visa (Large Scale Corporations)
- N3D – Investor Visa (Ultra Large-Scale Corporations)
- N3E – Investors Visa (Oil, Gas & Power Sector)
The classes of visa under this category have similar requirements and benefits, except as regards who can apply for each.
The visas are valid for 5 (five) years (renewable). The visas grants multiply entry into Nigeria, and permit the holders to carry out investment activities in the country throughout their period of residence. These classes of visa can be only be applied for at a Nigerian Embassy.
The requirements which differ among them are listed below:
| Visa Class | Eligibility | Requirements |
| N3 – Investor Visa (Small Scale Enterprises) | Small scale enterprises investors | – Evidence of $250,000 – $500,000 as importation and retention of investors’ capital.
– Police report from countries in which applicant was resident in the last 5 years. – Documentary proof of investment in Nigeria. |
| N3B – Investor Visa (Medium Scale Enterprise) | Medium scale enterprise investors | – $500,000 – $1,000,000 as importation and retention of investors’ capital.
– Police report from countries in which applicant was resident in the last 5 years. – Documentary proof of investment in Nigeria. |
| N3C – Investor Visa (Large Scale Corporations) | Large Scale Corporations investors | – Evidence of $1,000,000 – $10,000,000 as importation and retention of investors capital.
– Police report from countries in which applicant was resident in the last 5 years – Documentary Proof of investment in Nigeria |
| N3D – Investor Visa (Ultra Large-Scale Corporations) | Ultra Large Scale Corporations investors | – Evidence of $10,000,000 and above as importation and retention of investors capital
– Police report from countries in which applicant was resident in the last 5 years. Documentary proof of investment in Nigeria |
| N3E – Investors Visa (Oil, Gas & Power Sector) | Oil/gas/power sector investors | – Evidence of $100,000,000 as importation and retention of investors’ capital
– police report from countries in which applicant was resident in past 5 years. – Documentary proof of investment in Nigeria. |
Conclusion
The New Nigeria Visa policy is a step in the right direction because it provides for visas which specifically cater to investor’s needs, although some classes of visa do seem to grant similar rights. Also, it is yet to be seen how effective the new visa channels will operate in practice.
The information provided in this article is for general informational purposes only and does not constitute legal advice. If you require specific legal advice on any of the matters covered in this article please contact info@berkeleylegal.com.ng