Yes. There is a foreign direct investment review regime in relation to mergers involving foreign buyers or acquirers, and this is regulated by the FCCPC. Such transaction will be subject to merger review if:

a) it attains the jurisdictional threshold for merger control filing in Nigeria which is (i) a combined annual turnover of the acquirer and the target in, into or from Nigeria, of NGN 1 billion or above (approx. USD 2.4 million); or (ii) an annual turnover of the target in, into or from Nigeria, of NGN 500 million (approx. USD 1.2 million); or

b) it affects the market structure by preventing or lessening competition in Nigeria.

Where a merger occurs purely as a result of a transaction involving undertakings wholly domiciled outside Nigeria (i.e., foreign to foreign mergers with Nigerian component), the Commission will assess the merger if it has a local nexus, for instance, if it has subsidiaries in Nigeria and attains the jurisdictional threshold for merger control filing. Although the Regulations do not prescribe the yardstick for determining the local nexus, a transaction that has an impact on the Nigerian economy will generally fall within this category.

The foreign direct investment regime applies to all sectors except for sectors or activities that have already been excluded from investment in the interest of national security. These sectors and activities include (i) production of arms, ammunitions; (ii) production of and dealing in narcotic drugs and psychotropic substances; (iii) production of military and para-military wears and accoutrement such as police, immigration and prison services wears; and (iv) such items as may be prohibited by the Federal Executive Council from time to time.