Since the return to democracy in 1999, Nigeria has embarked upon an ambitious reform programme towards greater economic openness and liberalisation. As a result, Nigeria has become a top recipient of foreign direct investment in Africa, with inflows which have 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.
To address these challenges, the government has examined their 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. For the first time, the PFI is being applied at sub-national level with a special chapter on Lagos State.
Consultation on the findings of the review Paris, 2 December 2013
Led by Mrs Uju A. Hassan Baba, Nigerian government officials presented the draft investment policy review to OECD committee delegates in December 2013. This was followed by a peer review discussion of the report and its recommended policy options. Comments received at this meeting will be used to finalise the report which is scheduled for publication early 2015.