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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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The policy framework for investment in Lagos State

This chapter examines the policy framework for investment in Lagos State. The chapter analyses its various facets in which Lagos State Government has the largest policy space in terms of encouraging investment at state level to support economic growth and sustainable development. These areas include: the resolution of business disputes, where Lagos has proved to be a forerunner in promoting innovative and alternative dispute resolution means; access to land for investors in Lagos State; the institutional framework governing investment promotion in Lagos State, with a particular focus on the newly created Investment Promotion Unit; measures to enhance the business environment, facilitate investment and improve consultations with the private sector; free trade zones development and investment incentives; business linkages and measures to support SMEs operating in Lagos State; and the policy framework for private sector participation in the development of state infrastructure with a focus on clean energy and public-private partnerships.

English

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