The legal framework governing venture capital firms and investments provides stability and protection, encouraging both local and international investors to participate in Nigeria's vibrant start-up ecosystem. By addressing challenges and leveraging opportunities, Nigeria can further strengthen its position as a leading destination for venture capital investments in Africa, contributing to the country's long-term sustainable development.
In addition to the requirement in a local content plan, there should be a mandatory requirement for a CSR plan and how the company intends to implement the plan followed by a later inspection of the CSR project, and a certificate of CSR issued to the company upon satisfactory completion of the projects in the host communities. This certificate will serve as a prerequisite in applying for license approvals or permits.
It has become increasingly difficult to uphold obligations with the present economic situation of the world, especially in relation to capital-intensive projects and projects. How then can parties protect themselves? This is where performance guarantee comes in.