Nigeria is basically a free enterprise country subject to regulations necessary in the national interest.
For economic development, our Constitution recognizes the need to encourage Nigerian participation in economic activities. By section 16(1)(d) of the Constitution of the Federal Republic of Nigeria, 1999 as amended, "the State shall, within the context of ideals and objectives for which provisions are made in this Constitution, without prejudice to the right of any person to participate in areas of the economy within the major sectors of the economy, protect the right of every citizen to engage in any economic activities outside the major sectors of the economy." As such, every Nigerian citizen has a right, as protected by the Constitution, to participate in both the major and minor sectors of the economy and the government has a duty to protect this right. Every citizen has the right to engage in any business either as an individual or as a member of a group. But of course, this right is subject to some relevant laws. An example of these laws is the Nigerian Investment Promotion Commission Act, 1995 which by section 32 prohibits any person from engaging or investing in what it describes as a "negative list". This list includes the production of arms and ammunition, military and para-military wear and accoutrement, production of and dealing in narcotics and such other items as the Federal Executive Council may from time to time determine.
With regard to aliens (non-Nigerian citizens), they are also free to engage in business activities within Nigeria but they have to satisfy some prerequisites as provided by legislation. This will however be contained in another post.
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