Nigeria has a bold national vision of becoming one of the world s top 20 economies by 2020. However, despite being the 8th most populous country in the world, it ranks 41st in terms of GDP and 161st in terms of GDP per capita. Nigeria has long depended on oil for its exports and government revenues. This dependence has led to rent seeking and a reluctance to examine potential avenues for economic diversification. The authors of 'Knowledge, Productivity, and Innovation in Nigeria' believe that the goal of becoming a top-twenty economy can only be achieved if Nigeria makes the transition to a new economy rooted in the 21st century that harnesses the power of knowledge and avoids a static oil-based growth strategy. Knowledge has always been central to development, but new technologies have made it globally accessible. Countries such as the Republic of South Korea, India, and the United States that have exploited new technologies and know-how have pushed their innovation and productivity frontiers. Countries that have failed to do so risk remaining mired in poverty. In order to achieve Vision 2020, Nigeria must move beyond the stop-start patterns of oil-based development that have characterized it since independence. It must create a stable and prosperous economy based on a critical mass of knowledge workers. Knowledge, Productivity, and Innovation in Nigeria examines how Nigeria can prepare for this century and where its leaders can focus to achieve their vision, presenting the experiences of other countries from which Nigeria can learn."

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.