Doing Business in Nigeria 2014

Nigeria accounts for nearly one-fourth
of Sub-Saharan Africa s population and is the seventh most
populous country in the world. As of April 2014 it is
recognized as the continent s largest economy. Ranking 13th
in the world for its oil production, Nigeria is Africa s
largest producer and holds the second highest proven oil
reserves on the continent, after Libya.3 Since embarking on
the path of democracy in 1999, the country has enjoyed
consistent and high economic growth rates, in the range of
6-8 percent annually in recent years. With its large
reserves of human capital and natural resources, a large
domestic market, and strong economic fundamentals, Nigeria
is well positioned to join the group of large emerging
markets and be the continent s powerhouse. Nigeria has
already been identified as one of the promising MINT
economies (an acronym for Mexico, Indonesia, Nigeria and
Turkey), following the BRICs on the path to develop rapidly.
Creating jobs to improve the well-being of all Nigerians,
regardless of their personal circumstances and location, is
a key component of the country s development agenda set out
in Vision 20:2020. Good governance and effective
institutions at the federal and state levels are critical to
strengthening a business climate that encourages inclusive
growth. Nigeria s 36 states and Abuja, Federal Capital
Territory (FCT) operates with a high degree of autonomy.
Without commensurate reforms by state governments, the
macroeconomic and institutional reforms of the federal
government cannot produce the desired impact to create
employment and reduce poverty.