An Assessment of the Investment Climate in Nigeria (Directions in Development)

Nigeria's Vision 2020 has expressed a bold desire for the country to be among the world's top 20 economies by the year 2020. The economy has posted impressive growth figures since 2003, driven by higher oil revenues 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? 'An Assessment of the Investment Climate in Nigeria' provides answers to these questions. Based on a survey of 2,300 companies, it provides evidence-based recommendations designed to support Vision 2020 and the president's seven-point agenda.The authors find that government must move quickly to create jobs and reduce poverty. Key challenges include a desperate shortage of energy and a poor transportation network, as well as low levels of education and continuing unrest in the Niger delta. In addition, Nigeria's workers need to become more productive in order to compete in a globalized economy. As a matter of fact, they are less productive than workers in more dynamic countries, such as Brazil, China, and Kenya. Improving productivity will require simultaneous efforts to foster competition, improve specific aspects of the business environment, and facilitate better management and training within individual firms. In addition to the issues of productivity, Nigeria's best firms have not been able to expand their market share. Consequently, policy makers need to address and elimate obstacles to competition, including barriers to entry, convoluted taxation, property registration, and licensing.

This report from the World Bank assesses challenges faced by Nigeria's businesses, based on a survey of 2,387 companies, and provides recommendations to support the president's seven-point agenda and the country's Vision 2020, which proposes that the country become one of the world's top 20 economies by 2020. It discusses firm productivity, the business environment, the investment climate in different states, access to finance, entrepreneurship and managerial capacity, functioning of the labor market, micro enterprises, and gender differences. The volume is a shorter version of the Nigeria Investment Climate Assessment (ICA) produced in June 2008 by the Finance and Private Sector Development Group of the World Bank's Africa Region and the African Development Bank under the Joint World Bank Group-DFID Nigeria Investment Climate Program. Annotation ©2009 Book News, Inc., Portland, OR (booknews.com)

This book sheds light on some of the most important policy issues required to put Nigeria on a higher growth path. It highlights the challenges that Nigeria's businesses face today and what government can do to overcome such obstacles.

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.