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Doing Business in Nigeria
Winning over investors in a difficult global climate
Wide-ranging economic and institutional reforms have reshaped the business landscape in Nigeria since the return of democracy in 1999. Recent years have seen unprecedented improvements in macroeconomic conditions, inflation has fallen to single figures and world demand for oil has helped swell government coffers, maintaining fiscal stability. Financial markets have developed, banks have embraced the concept of a foreign exchange market and the state is inviting private participation in virtually every facet of the economy. It is not surprising, then, that most Nigerians want to see these reforms translate into wealth generation and improved living standards.
Last April, the Public Information Centre at the Nigeria Economic Summit Group (NESG) in Lagos, in partnership with the World Bank, gathered to offer stakeholders the chance to identify the remaining challenges facing the country’s competitive business environment and offer some possible solutions. Steven Dimitriyev, the Bank's senior private sector development specialist in Abuja, noted that Nigeria now ranks 108th among 178 countries in the Doing Business in Nigeria 2008 report.
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