Investment Policy Review - Nigeria

image of Investment Policy Review - Nigeria

Nigeria is well known as a major oil producer. However, oil wealth has not been converted unto a comparable improvement in living standards, due to decades of economic mismanagement. The report provides an overview of foreign direct investment (FDI) trends and performance; analyses the investment framework; outlines a strategy of “supported market forces” to induce and support foreign affiliates in manufacturing to increase their presence in the country and in so doing the contribution to Nigeria’s development. The final chapter summarizes the main findings of the report and the proposed policy recommendations.



FDI trends and performance

Today, the FDI story of Nigeria is dominated by the oil industry. It was not always so. At independence, in 1960, there was a widespread FDI presence in the economy. Policy design thereafter narrowed the scope for FDI and decades of political instability, economic mismanagement and endemic corruption further reduced Nigeria's ability to attract and retain FDI. This was compounded by a relentless deterioration of the country's social conditions and physical infrastructure, in spite of increased public revenues generated by the oil sector.


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