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OECD Investment Policy Reviews: Nigeria 2015

image of OECD Investment Policy Reviews: Nigeria 2015

Since the return to democracy in 1999, Nigeria has embarked upon an ambitious reform programme towards greater economic openness and liberalisation. As a result, gross domestic product growth picked up consistently, never going below 5% since 2003. Nigeria has become a top recipient of foreign direct investment in Africa, with inflows having surpassed those to South Africa since 2009. The federal government’s Transformation Agenda recognises private sector development as the main engine for economic growth and includes bold investment reforms. Growth has however not yet been translated into inclusive development and the investment climate still suffers from severe challenges.

This Investment Policy Review examines Nigeria’s investment policies in light of the OECD Policy Framework for Investment (PFI), a tool to mobilise investment in support of economic growth and sustainable development. It provides an assessment and policy recommendations on different areas of the PFI: investment policy; investment promotion and facilitation; trade policy; infrastructure investment; competition; corporate governance and financial sector development. It also includes a special chapter analysing the PFI in Lagos State. The Review follows on the request addressed by the Minister of Industry, Trade and Investment of Nigeria to the OECD Secretary-General in December 2011. It has been prepared in close co-operation with the Federal Government of Nigeria and Lagos State Government.

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Foreword

The OECD Investment Policy Review of Nigeria presents an assessment of the investment climate of Nigeria, including the regulatory and institutional framework for investment. It uses the Policy Framework for Investment to discuss the challenges and opportunities faced by the country in its reform efforts. Covering a wide range of policy areas at Federal level, the report also includes a special chapter on Lagos State focusing on policy options that can be specifically applied at State level. Undertaken within the framework of the NEPAD-OECD Africa Investment Initiative, the Review reflects the growing interest of Nigeria in integrating into the global economy.

English

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