§ Mr. Richard Shepherdasked the Lord Privy Seal what restrictions have been placed by the Governments of Nigeria, Ghana and Tanzania, respectively, on the transmission of profits to Great Britain by British-owned companies; and if he will make a statement.
§ Mr. BlakerAs regards Nigeria, there are no restrictions on the remittance of dividends. For management and technical fees the maximum remittance allowed is 3 per cent of net profit. There are also restrictions on the remittance of proceeds of indigenisation: only 300,000 naira may be remitted every six months from the proceeds of the sale of shares. A maximum of 30 per cent of consultancy fees may be remitted.
There are no particular restrictions on transmission of profits from Ghana and Tanzania. But in both cases remittance of funds is subject to foreign exchange being made available.