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Since its inauguration in 1999, the Government of President Olusegun Obasanjo has introduced a number of policies and sponsored the enactment of various laws that are aimed at improving the operating environment for investors, strengthening public financial management and promoting fiscal discipline, economic growth and transparency in governance. Even prior to 1999, the legal and regulatory environment in Nigeria was reasonably investor-friendly, with foreign investors permitted to own 100% of the equity of almost all Nigerian businesses and to freely repatriate dividends, interest, and capital.

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