By Giuseppe Iarossi
Nigeria has a transparent imaginative and prescient of the place it desires to be. the rustic s imaginative and prescient 2020 expresses a daring wish to be one of the most sensible twenty economies via the yr 2020. The economic climate has published notable development figures considering 2003 pushed via greater oil costs and a chain of home-grown, financial reforms. the rustic is now firmly at the street to middle-income prestige. yet what else do govt and the personal quarter have to do to create the roles and progress that might underpin the nationwide improvement procedure? What are the demanding situations that Nigeria s companies face this present day? What can executive do to advertise activity construction? What are the jobs of the Federal and nation governments in selling deepest area progress? This funding weather research goals to supply solutions to those questions. it really is equipped on a 2,300 company survey and offers evidence-based ideas designed to aid the imaginative and prescient 2020 and the President s seven aspect schedule. we discover that executive needs to stream fast to take on activity construction and poverty relief. different key demanding situations contain a determined scarcity of power and a negative transportation community in addition to low-levels of schooling and carrying on with unrest within the Niger Delta. Nigeria s employees have to be extra efficient to compete in a globalized twenty first century financial system. even supposing they're poorly paid Nigerian staff are even much less efficient than their opposite numbers in additional dynamic international locations reminiscent of Kenya, Brazil and India. bettering productiveness will take simultaneous efforts to foster pageant, to enhance the enterprise surroundings in addition to to facilitate greater administration and coaching inside of person agencies. Nigeria s most sensible corporations haven't been in a position to develop their industry proportion. to permit this to occur, policy-makers have to deal with and do away with the stumbling blocks to pageant together with obstacles to access, convoluted taxation, estate registration and licensing.
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Extra resources for An Assessment of the Investment Climate in Nigeria
6 Industry Foreign Dom. 8 Manuf. 7 Source: Investment Climate Survey in Nigeria. services paid by Nigerian firms is among the highest, at the same level as Kenya, in which security is a major concern. 11). This leads us to conclude that although crime is not in the group of the most important constraints, survey data show that it remains a significant obstacle to doing business in Nigeria with significant cost implications. CHAPTER 3 Comparing the State-Level Investment Climate While other chapters analyzed Nigeria’s investment climate and compared it with that of other countries in Africa and beyond, this chapter benchmarks the investment climate at the state level in the following states: Abia, Abuja, Anambra, Bauchi, Cross River, Enugu, Kaduna, Kano, Lagos, Ogun, and Sokoto.
Major constraints emerged; electricity, finance, and transportation. 2) The perception of other obstacles varies across firms. Although electricity appears to be a challenge for all firms, its impact is more significant in the manufacturing sector. Access to and the cost of finance appear to affect small and medium firms more significantly than they affect large firms, as well as firms located in the less industrialized states. Domestic firms complain significantly more of access to finance than do foreign firms.
3. The World Bank Group-DFID State Level Investment Climate Program. 4. Labor cost and unit labor cost are often used to assess the relative competitiveness of countries. Labor cost is calculated by dividing total employer’s costs (total compensation) by total number of employees. Unit labor cost is defined as the ratio of total wage bill to value added. Firm Productivity in Nigeria 19 5. We opt for value added, defined as sales minus total raw materials, to allow for comparison with previous assessment of Nigeria’s private sector performance (World Bank, RPED Nigeria 2002).
An Assessment of the Investment Climate in Nigeria by Giuseppe Iarossi