Nigeria - Competitiveness and Growth : Country Economic Memorandum, Volume 2. Main Report
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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
ACCOUNTING, AGRICULTURAL COMMODITIES, AGRICULTURE, ARREARS, AUCTION SYSTEM, BALANCE OF PAYMENTS, BANK ACCOUNT, BANKING SECTOR, BENCHMARK, BENCHMARKS, BOND, BOND ISSUANCE, BOOM-BUST CYCLES, BROAD MONEY, CAPITAL MARKET, CAPITAL MARKETS, CAPITAL STOCK, CAPITAL STOCKS, CENTRAL BANK, COMMERCIAL BANKS, COMPARATIVE ANALYSIS, COMPETITIVE ADVANTAGE, COMPETITIVENESS, CONSUMER GOODS, CONSUMERS, CONTRACT ENFORCEMENT, CREDIT POLICIES, CREDIT RATING, CREDIT STRENGTHS, CREDIT STRUCTURE, CREDITORS, CREDITWORTHINESS, DEBT, DEBT BURDEN, DEBT MANAGEMENT, DEBT OBLIGATIONS, DEBT OUTSTANDING, DEBT OVERHANG, DEBT RELIEF, DEBT SERVICE, DEPOSIT, DEPOSIT INSURANCE, DEVELOPING COUNTRIES, DEVELOPMENT BANK, DEVELOPMENT STRATEGY, DIVIDENDS, DOMESTIC MARKET, DOMESTIC MARKETS, DUTCH AUCTION, ECONOMIC DEVELOPMENT, ECONOMIC DEVELOPMENTS, ECONOMIES OF SCALE, ELASTICITY, EMERGING MARKET, EQUIPMENT, EQUITY FUNDS, EXCHANGE COMMISSION, EXCHANGE RATE, EXCHANGE RATES, EXPENDITURE, EXPENDITURES, EXPORT COMPETITIVENESS, EXPORT GROWTH, EXPORT PERFORMANCE, EXPORTER, EXPORTS, EXTERNAL BORROWING, EXTERNAL DEBT, EXTERNAL FINANCE, FINANCIAL MANAGEMENT, FINANCIAL SECTOR, FISCAL DEFICIT, FISCAL DISCIPLINE, FISCAL POLICY, FIXED CAPITAL, FIXED INVESTMENT, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE MARKETS, FOREIGN EXCHANGE RESERVES, FOREIGN FINANCING, FOREIGN INVESTMENT, FOREIGN INVESTORS, FREE TRADE, GDP, GDP PER CAPITA, GINI COEFFICIENT, GLOBAL MARKETS, GOVERNANCE ISSUES, GOVERNMENT EXPENDITURE, GOVERNMENT FINANCING, GOVERNMENT POLICIES, GOVERNMENT REVENUE, GOVERNMENT REVENUES, GOVERNMENT SPENDING, GROSS DOMESTIC PRODUCT, GROSS FIXED CAPITAL FORMATION, GROSS NATIONAL SAVINGS, GROWTH RATE, HOLDING, HOUSEHOLD INCOMES, HOUSING FINANCE, HUMAN CAPITAL, IMPLICIT SUBSIDY, INCOME, INCOME ELASTICITY OF DEMAND, INCOME INEQUALITY, INDUSTRIALIZATION, INEFFICIENCY, INFLATION, INFRASTRUCTURE FINANCE, INSURANCE, INSURANCE COMPANIES, INSURANCE CORPORATION, INTEREST RATE, INTEREST RATE FLEXIBILITY, INTERNATIONAL CAPITAL, INTERNATIONAL CAPITAL MARKETS, INTERNATIONAL FINANCE, INTERNATIONAL FINANCIAL INSTITUTIONS, INTERNATIONAL MARKETS, INTERNATIONAL RATING AGENCIES, INTERNATIONAL STANDARDS, INTERNATIONAL TRADE, INVESTING, INVESTMENT CLIMATE, INVESTMENT FUND, INVESTMENT INCOME, INVESTMENT RATES, LABOR MARKET, LIQUIDITY, LIQUIDITY MANAGEMENT, LOAN, LOCAL ECONOMY, LOCAL GOVERNMENT, LOCAL MARKETS, LONG-TERM DEBT, MACROECONOMIC ANALYSIS, MACROECONOMIC INSTABILITY, MACROECONOMIC POLICIES, MACROECONOMIC POLICY, MACROECONOMIC STABILITY, MARKET ACCESS, MARKET COMPETITION, MARKET FOR GOVERNMENT SECURITIES, MARKET SHARE, MATURITY, MICRO FINANCE, MICRO-FINANCE, MICRO-FINANCE INSTITUTION, MISSING MARKETS, MOBILE PHONE, MONETARY FUND, MONETARY POLICY, MORTGAGE, MORTGAGE FINANCE, NATURAL RESOURCES, NET DEBT, OIL BOOM, OIL BOOMS, OIL PRICE, OIL PRICES, OIL RESOURCES, OPEN MARKET, OVERVALUATION, PENSION, PENSION FUND, PER CAPITA INCOME, POLITICAL ECONOMY, POLITICAL RISK, PREFERENTIAL MARKET ACCESS, PRIMARY MARKET, PRIVATE EQUITY, PRIVATE INVESTMENT, PRIVATE SECTOR CREDIT, PRODUCTION INCREASES, PUBLIC DEBT, PUBLIC FINANCE, PUBLIC INVESTMENT, PUBLIC SPENDING, REAL EXCHANGE RATE, REAL GDP, REMITTANCE, REMITTANCES, RESERVES, RETURN, RETURNS, SECONDARY MARKET, SECONDARY MARKET TRADING, SECURITIES, SETTLEMENT, SMALL BUSINESS, SMALL BUSINESSES, SMALLHOLDER AGRICULTURE, SOVEREIGN DEBT, STOCK EXCHANGE, STOCK MARKET, STOCKS, TAX, TAX RATE, TELECOMMUNICATIONS, TOTAL FACTOR PRODUCTIVITY, TOTAL FACTOR PRODUCTIVITY GROWTH, TOTAL REVENUE, TRADE DEFICIT, TRADE POLICIES, TRADE PROTECTION, TRADE REGIME, TRANSACTION, TRANSPARENCY, TREASURY, TREASURY BILL, TREASURY BILL RATE, TREASURY BILLS, TRUST FUND, UNEMPLOYMENT, VALUE ADDED, WAGE RATES, WAGES, WITHDRAWAL, WORLD TRADE ORGANIZATION, WTO