Payment Terms Legislation In Nigeria

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Nigeria

Please scroll down for a summary of payment terms in Nigeria and the various industries across which payment term legislation appears.

To access the complete international payment terms data, download the international payment terms whitepaper.

Industries Laws Codes Notes Interest Rate
Government
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Construction
Manufacturing
Retail_agriculture
Services

Laws

Public Procurement Act 2007, Section 37 requires procuring entities to pay suppliers and contractors within 60 days of receiving a valid invoice.

Government
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Interest Rate

Nigeria has no fixed statutory late payment interest rate for public procurement. Section 37 of the Public Procurement Act 2007 requires the applicable interest rate to be expressly stipulated in each contract.

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