Nigeria

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The Federal Republic of Nigeria located in West Africa comprises 36 states and a federal capital territory, Abuja. It borders the North Atlantic Ocean between the Republic of Benin and Cameroon. The official language is English as Nigeria was a British colony until gaining independence on October 1st, 1960. It is a member of the Commonwealth, the UN, the AU and the IMO. The Nigerian government has been in civil rule since 1999 The President is the Commander-in-Chief of the Nigerian Armed Forces. The legal system is based on Nigerian legislation and judicial precedents, Received English law comprising Common Law; doctrines of equity; statutes of general application in force in England on January 1, 1990 and Customary law (which includes Islamic law in some northern states).

The Nigerian economy, shored up by robust banking and fiscal regimes has matured considerably as a result of which Nigeria is currently regarded as an emerging market that continues to attract FDI. Chief trading partners remain the United States and the EC nations. There is a notable and fast-growing trading relationship with China. The currency used is the Naira. (NGN)

The law which governs ship registrations in Nigeria is the Merchant Shipping Act, 2007 (MSA). In 2004 Nigeria introduced a cabotage regime established by the Coastal and Inland Shipping (Cabotage) Act 2003. The current regulatory body for the Nigerian maritime industry is the Nigerian Maritime Administration and Safety Agency (NIMASA) established by the NIMASA Act 2007. There is other legislation for maritime matters like the Admiralty Jurisdiction Act 1991 which regulates jurisdiction for maritime suits.

OGSR gratefully acknowledges the kind assistance of Funke Agbor and Chisa Uba of Adepetun, Caxton-Martins, Agbor and Segun with the preparation of this summary.

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Tel:  [234] (1) 4622094 or 462240 | Fax: [234] (1) 4613140 | Email: fagbor@acas-law.com; cuba@acas-law.com