An Assessment of the Investment Climate in Nigeria
World Bank Publications, 2009 - Business & Economics - 126 pages
Nigeria has a clear vision of where it wants to be. The country?'s vision 2020 expresses a bold desire to be among the top twenty economies by the year 2020. The economy has posted impressive growth figures since 2003 driven by higher oil prices and a series of home-grown, economic reforms. The country is now firmly on the road to middle-income status. But what else do government and the private sector need to do to create the jobs and growth that will underpin the national development strategy? What are the challenges that Nigeria?'s businesses face today? What can government do to promote job creation? What are the roles of the Federal and State governments in promoting private sector growth? This Investment Climate Analysis aims to provide answers to these questions. It is built on a 2,300 firm survey and provides evidence-based recommendations designed to support the vision 2020 and the President?'s seven point agenda. Improving productivity will take simultaneous efforts to foster competition, to improve the business environment as well as to facilitate better management and training within individual firms. Nigeria?'s best firms have not been able to grow their market share. To allow this to happen, policy-makers need to address and eliminate the obstacles to competition including barriers to entry, convoluted taxation, property registration and licensing.
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11 Nigerian 20 percent Abia Abuja Bauchi access to finance access to land added per worker allocative efficiency Anambra average Brazil business environment capital China comparator countries corruption Corruption Perceptions Index cost of finance Cost of short-term crime Cross River Electricity EMPI entrepreneurship Enugu export Firm size Ownership firms in Nigeria Firms Reporting Major formal sector higher ICA Survey impact improve India indicators indirect costs Infrastructure inputs Investment Climate Index Investment Climate Survey Kaduna Kano Kenya labor productivity Labor regulations large firms lines of credit Management Practices Managerial micro sector Nigerian firms obstacle overdrafts perceived percent of firms percent of sales Percentage performance power outages private sector ranking Retail share of firms short-term finance significant smaller firms Sokoto Source South Africa state-level survey in Nigeria tax rates Total Factor Productivity Transparency International Transport unit labor cost value added variables Venezuela women World Bank