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On 28-29 March 2015, Africa’s most populous country and number 1 economy organises peaceful elections, which were internationally recognised as “free and fair” and led to the first democratic transition in Nigeria’s history. The election results seem to show that the role of ethnic, religious and geographic factors is gradually shrinking.
The economy has enjoyed sustained economic growth for a decade, with annual real GDP increasing by around 7%; it was 6.3% in 2014. The non-oil sector has been the main driver of growth, with services contributing about 57%
With Africa’s population set to double by 2050, modernising local economies will be vital to make the continent more competitive and to increase people’s living standards, according to the African Economic Outlook 2015, released at the African Development Bank Group’s 50th Annual Meetings.
This Investment Policy Review examines Nigeria's achievements in developing an open and transparent investment regime and its efforts to reduce restrictions on international investment.
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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4-page policy note detailing the key results and recommendations from OECD Trade Policy Paper 179 on the Participation of Developing Countries in Global Value Chains.
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24-page summary paper of the OECD trade policy paper #179 on participation of developing countries in global value chains available on the OECD iLibrary.
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At an estimated cost of 21 billion USD in 2006, the trans-Saharan gas pipeline would have the\ capacity to transport some 30 billion cubic meters of gas per year from Nigeria to Europe.
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At the end of the 90s, the Boko Haram sect began as a protest movement in response to corruption among northern governors responsible for implementing Sharia law. Its supporters demanded full application of Koranic law and rejected the “modernity” of southern Nigeria, whose misguided “education” was considered a sin.
By participating more effectively in the global production of goods and services, Africa can transform its economy and achieve a development breakthrough, according to the latest African Economic Outlook, released at the African Development Bank Group’s Annual Meetings.