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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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Promoting and facilitating investment in Nigeria

Investment promotion and facilitation measures, including incentives, can be effective instruments to attract investment, provided they aim at correcting market failures and are developed in a way that can leverage the strong points of a country’s investment environment. This chapter provides an analysis of the framework for investment promotion and facilitation in Nigeria. It examines existing strategies and institutions governing investment promotion and facilitation with a particular focus on the Nigerian Investment Promotion Commission. It highlights important measures that have been taken by the government to improve the business environment and attract foreign investment in various sectors of the economy. It also provides recommendations on the investment incentives regime as well as on actions to encourage business linkages and other policies to boost foreign investments’ spillovers on domestic small and medium-sized enterprises.

English

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