Nigeria - Competitiveness and Growth : Country Economic Memorandum, Volume 1. Executive Summary
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Washington, DC
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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.
Palabras clave
ACCESS TO CAPITAL, ACCOUNTING, AGRICULTURE, ARREARS, AUCTION SYSTEM, BANK LIQUIDITY, BANKING SECTOR, BENCHMARK, BENCHMARKING, BENCHMARKS, BINDING CONSTRAINT, BINDING CONSTRAINTS, BLUE CHIP, BOND, BOND MARKET, BOOM-BUST CYCLES, BUSINESS CLIMATE, BUSINESS ENVIRONMENT, CAPACITY BUILDING, CAPITAL BASE, CAPITAL MARKET, CAPITAL MARKET DEVELOPMENT, CAPITAL MARKETS, COMMERCIAL CONTRACTS, COMPETITIVE ADVANTAGE, COMPETITIVENESS, CONSOLIDATION PROCESS, CONSUMERS, CONTRACT ENFORCEMENT, CORPORATE BOND, CORPORATE BOND ISSUES, COST EFFECTIVENESS, CREDIBILITY, CREDIT HISTORY, CREDIT QUALITY, CREDITOR, CREDITOR RIGHTS, CURRENT ACCOUNT BALANCE, CURRENT ACCOUNT SURPLUSES, DEBT, DEBT ACCUMULATION, DEBT AGREEMENT, DEBT OVERHANG, DEBT RELIEF, DEFAULT RISK, DEFICITS, DEMOCRATIC INSTITUTIONS, DEPOSIT, DEPOSITS, DOCUMENTATION REQUIREMENTS, DOMESTIC ECONOMY, DOMESTIC MARKET, DOMESTIC MARKETS, DURABLE, DUTCH AUCTION, ECONOMIC DEVELOPMENT, ECONOMIC DEVELOPMENTS, ECONOMIC PERFORMANCE, ECONOMIC PROGRESS, EMERGING ECONOMIES, ENTERPRISE PERFORMANCE, EQUIPMENT, EQUITY FUNDS, EXCESS LIQUIDITY, EXCHANGE RATE, EXCHANGE RATES, EXISTING INFRASTRUCTURE, EXPENDITURE, EXPENDITURES, EXPORT MARKETS, EXPORT PERFORMANCE, EXPORTER, EXPORTS, EXTERNAL DEBT, FEDERAL AGENCY, FINANCIAL HEALTH, FINANCIAL INSTITUTIONS, FINANCIAL MANAGEMENT, FINANCIAL MARKET, FINANCIAL SECTOR, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SYSTEM, FISCAL DEFICIT, FISCAL DISCIPLINE, FISCAL POLICY, FOREIGN COMPANIES, FOREIGN EXCHANGE, FOREIGN EXCHANGE MARKETS, FOREIGN EXCHANGE RESERVES, FOREIGN EXCHANGE TRANSACTIONS, FOREIGN MARKETS, GDP, GDP PER CAPITA, GLOBAL MARKET, GLOBAL MARKETS, GLOBAL STANDARDS, GOVERNMENT ACTION, GOVERNMENT BUDGETS, GOVERNMENT FUNDING, GOVERNMENT POLICY, GOVERNMENT SPENDING, GOVERNMENT SUPPORT, HUMAN CAPITAL, INCOME, INCOMES, INFLATION, INFORMAL ECONOMY, INFORMATION TECHNOLOGY, INFRASTRUCTURE PROJECTS, INSTITUTIONAL CAPACITY, INSURANCE, INSURANCE INDUSTRY, INTEREST RATE, INTEREST RATE VOLATILITY, INTEREST RATES, INTERNATIONAL TRADE, INVESTMENT BEHAVIOR, INVESTMENT CLIMATE, INVESTMENT IN GOVERNMENT SECURITIES, INVESTMENT OPPORTUNITIES, INVESTMENT PROJECTS, INVESTMENT STRATEGIES, JOB CREATION, JUDICIAL SYSTEM, JURISDICTIONS, LABOR MARKET, LARGE-SCALE INVESTMENT, LEGAL MECHANISMS, LEVIES, LEVY, LIBERALIZATION, LIFE EXPECTANCY, LIQUID ASSETS, LIQUID SECONDARY MARKET, LIQUIDITY, LOAN, LOAN MATURITIES, LOCAL CURRENCY, LOCAL GOVERNMENT, LOCAL GOVERNMENTS, LONG TERM FINANCE, LONG-TERM INVESTMENT, MACROECONOMIC INSTABILITY, MACROECONOMIC LEVEL, MACROECONOMIC MANAGEMENT, MACROECONOMIC POLICIES, MACROECONOMIC POLICY, MACROECONOMIC VARIABLES, MACROECONOMIC VOLATILITY, MARKET ACCESS, MARKET FAILURES, MARKET SHARE, MATURITY, MICROENTERPRISES, MIDDLE INCOME COUNTRIES, MINIMUM CAPITAL REQUIREMENTS, MONETARY POLICY, MONOPOLY, MORTGAGE, MORTGAGE FINANCE, NATURAL RESOURCE, OIL BOOM, OIL PRICE, OIL PRICES, OIL RESOURCES, OUTPUT, OUTSOURCING, OUTSTANDING CREDIT, PENSION, PENSION REFORM, PENSIONS, POLITICAL ECONOMY, PRICE VOLATILITY, PRIVATE SECTOR DEVELOPMENT, PRIVATE SECTOR GROWTH, PRODUCTIVE INVESTMENTS, PRODUCTIVITY, PRODUCTIVITY GROWTH, PROPERTY RIGHTS, PUBLIC DEBT, PUBLIC INVESTMENT, RAPID EXPANSION, RAPID GROWTH, REAL EXCHANGE RATE, REAL EXCHANGE RATES, REFORM PROGRAM, REGIONAL TRADE, REGISTRATION PROCESS, REGULATOR, REGULATORY ENVIRONMENT, REINVESTMENT, RENT SEEKING, RETURN, RETURNS, RURAL INFRASTRUCTURE, SAVINGS, SECONDARY MARKET, SHORT-TERM BORROWING, SIDE EFFECTS, SMALL BUSINESSES, SOVEREIGN BONDS, STOCK EXCHANGE, SUBORDINATED DEBT, TAX, TAX COLLECTION, TAX POLICY, TAX RATE, TAX SYSTEM, TAXATION, TELECOMMUNICATIONS, TOTAL FACTOR PRODUCTIVITY, TRADE POLICY, TRADING, TRANSACTION, TRANSACTION COST, TRANSPARENCY, TRANSPARENT GOVERNANCE, UNEMPLOYMENT, VALUE ADDED, WAGES, WEALTH, WITHDRAWAL, WTO