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An Assessment of the Investment Climate in Nigeria (Paperback)
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An Assessment of the Investment Climate in Nigeria (Paperback)
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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.
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