Working towards an effective FDI strategy: Conclusions and recommendations

In recent years, Nigeria has attracted increasing levels of FDI, essentially concentrated in the oil sector. Beyond this sector, FDI has, however, remainded low and not played a significant role in industrial development. As articulated in its home-grown strategy, the Government of Nigeria is promoting a private sector-led approach to achieving its national development objectives. In this regard, NEEDS emphasizes the central role of broad-based investment and focuses on the need to attract FDI in a variety of economic activities. Based on the philosophy presented in NEEDS, the role of the Government is therefore evolving towards one of regulation and facilitation of investment rather than direct involvement in business. This was reiterated by the current Administration. Against this background, the authorities have removed virtually all restrictions to FDI entry and are currently extending the scope of FDI by inviting private investment into areas such as public infrastructure and utilities. As economic fundamentals further strengthen and new measures are put in place to improve the investment environment, greater volumes of FDI will undoubtedly enter Nigeria.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure