Nigeria - Competitiveness and Growth : Country Economic Memorandum, Volume 1. Executive Summary

World Bank

Nigeria - Competitiveness and Growth : Country Economic Memorandum, Volume 1. Executive Summary

2007

World Bank

The theme of this report is Nigeria's competitiveness and growth. This report consequently focuses on constraints, opportunities and strategic choices associated with increasing productivity and growth of the Nigerian economy on a sustained basis. Its objective is not to present a "blueprint" for Nigeria's growth but rather to raise issues and provide some options for the consideration of policy makers and other Nigerian stakeholders. The report is structured in four main sections. The first section analyzes Nigeria's growth history, examines the recent growth pick up and assesses its sustainability. The second section analyses how the critical constraints to competitiveness and growth may be addressed. The third section discusses how trade -domestic and external - can be used more effectively to drive growth and poverty reduction. The final chapter provides policy conclusions and suggestions on what could be key elements of a growth agenda for Nigeria. The analysis in this report suggests the following key elements for a growth strategy for Nigeria: 1) Strengthening actions to tackle the most immediate constraints to the competitiveness of the economy presented by infrastructure and the business environment; 2) Using domestic trade more effectively to enhance productivity and competitiveness by strengthening their functioning, and building stronger linkages between the oil and non-oil sectors, and over time strengthening Nigeria's integration into global markets; 3) Ensuring that the poor can participate more fully in growth by placing urgent emphasis on (i) finding ways to give back some of the proceeds of oil windfall directly to Nigerians; (ii) raising agricultural productivity-including through enhanced technology; and (iii) encouraging the transition from informality to the formal sector; and 4) Building the human capital and technological base of the economy over the longer term.

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Mots clés AGROVOC

accounting agriculture benchmarks capacity building capital market consumers debt domestic markets economic development equipment exchange rate expenditure exports external debt financial institutions financial market human capital income inflation information technology insurance interest rates international trade levies levy liquid assets liquidity local government market access maturity microenterprises monopoly pension pensions price volatility productivity property rights public debt public investment reinvestment returns savings secondary market side effects stock exchange taxation telecommunications unemployment value added wages wto

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Editeur

Washington, DC

D'autres materias

Investment climate; Market failures; Binding constraint; Auction system; Investment in government securities; Wealth; Deficits; Business environment; Life expectancy; Emerging economies; Economic developments; Corporate bond; Jurisdictions; Export performance; Fiscal discipline; Market share; Judicial system; Registration process; Arrears; Federal agency; Government support; Gdp; Macroeconomic volatility; Oil prices; Bond; Political economy; Real exchange rates; Creditor rights; Long term finance; Labor market; Trade policy; Macroeconomic policy; Large-scale investment; Exchange rates; Benchmark; Financial sector; Equity funds; Investment strategies; Total factor productivity; Expenditures; Economic progress; Credibility; Banking sector; Subordinated debt; Small businesses; Credit quality; Loan maturities; Sovereign bonds; Bank liquidity; Macroeconomic variables; Excess liquidity; Macroeconomic instability; Infrastructure projects; Tax system; Regional trade; Interest rate; Private sector development; Foreign exchange markets; Capital market development; Local currency; Short-term borrowing; Blue chip; Business climate; Return; Trading; Enterprise performance; Tax rate; Mortgage; Deposits; Economic performance; Creditor; Macroeconomic policies; Private sector growth; Fiscal deficit; Competitive advantage; Regulator; Democratic institutions; Competitiveness; Government action; Debt overhang; Oil boom; Interest rate volatility; Transparent governance; Liquid secondary market; Debt accumulation; Transparency; Liberalization; Long-term investment; Foreign exchange reserves; Rent seeking; Rapid expansion; Benchmarking; Foreign exchange; Financial management; Financial sector development; Global standards; Oil resources; Tax collection; Withdrawal; Output; Pension reform; Government funding; Outsourcing; Institutional capacity; Investment projects; Middle income countries; Productivity growth; Job creation; Monetary policy; Current account balance; Foreign markets; Local governments; Investment behavior; Macroeconomic management; Existing infrastructure; Commercial contracts; Government policy; Capital base; Bond market; Government spending; Debt agreement; Boom-bust cycles; Deposit; Investment opportunities; Fiscal policy; Financial system; Gdp per capita; Default risk; Mortgage finance; Corporate bond issues; Natural resource; Rapid growth; Incomes; Dutch auction; Global market; Oil price; Global markets; Cost effectiveness; Consolidation process; Insurance industry; Informal economy; Government budgets; Export markets; Contract enforcement; Foreign companies; Regulatory environment; Minimum capital requirements; Foreign exchange transactions; Binding constraints; Exporter; Tax policy; Transaction; Loan; Documentation requirements; Durable; Financial health; Legal mechanisms; Real exchange rate; Transaction cost; Reform program; Debt relief; Productive investments; Macroeconomic level; Domestic market; Tax; Access to capital; Credit history; Domestic economy; Capital markets; Outstanding credit; Current account surpluses; Rural infrastructure

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http://hdl.handle.net/10986/7827http://creativecommons.org/licenses/by/3.0/World BankCC BY 3.0 Unported

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Nigeria - Competitiveness and Growth : Country Economic Memorandum, Volume 1. Executive Summary

2007

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