Investment policy

Investment policy reform in Nigeria

 

The Investment Policy Review of Nigeria was released on 21 May 2015

 

Background to the review

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.

 

The review was undertaken within the framework of the NEPAD-OECD Africa Investment Initiative with the support of the UK Department for International Development.
 


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.
    
View photos from the consultation Link to an external site icon

 


DOCUMENTS AND LINKS
  

Lagos adopts OECD Policy Framework for Investment
DFID newsletter, August 2013

Policy Framework for Investment
 
List of all country investment policy reviews
 
NEPAD-OECD Africa Investment Initiative
 
NEPAD: www.nepad.org

Timeline

2011  
Dec The Ministry of Industry, Trade and Investment partners with the NEPAD-OECD Africa Investment Initiative to undertake a review based on the Policy Framework for Investment (PFI).
   
2012  
June OECD fact-finding mission to Nigeria to define the scope of the review with the federal and Lago State governments.
July- Dec Creation of a federal and Lagos State taskforce.
   
2013  
Mar OECD mission to Nigeria to launch the review process, under the chairmanship of the Minister of Industry, Trade and Investment in Abuja and the Commissioner for Industry and Commerce in Lagos
 July OECD fact-finding mission to Nigeria and over 20 meetings with government and stakeholder groups.
Oct Presentation by the OECD to the Nigerian Government of the preliminary key findings and recommendations of the review and chapter on Lagos State.
Nov Presentation by the OECD of the review to the Nigerian Honorary International Investors Council, chaired by the President of the Republic, in London.
Dec Nigerian officials present the draft review to OECD Investment Committee delegates and engage in a peer review discussion.
   
2015  
21 May Publication of the Investment Policy Review of Nigeria

 


 

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