The Investment Policy Review of Nigeria was released on 21 May 2015
Background to the review
Since the return to democracy in 1999, Nigeria has embarked upon an ambitious reform programme towards greater economic openness and liberalisation. As a result, Nigeria has become a top recipient of foreign direct investment in Africa, with inflows which have surpassed those to South Africa since 2009.
The federal government’s Transformation Agenda recognises private sector development as the main engine for economic growth and includes bold investment reforms. Growth has however not yet been translated into inclusive development and the investment climate still suffers from severe challenges.
To address these challenges, the government has examined their investment policies in light of the OECD Policy Framework for Investment (PFI), a tool to mobilise investment in support of economic growth and sustainable development. For the first time, the PFI is being applied at sub-national level with a special chapter on Lagos State.
The review was undertaken within the framework of the OECD Sustainable Investment Programme for Africa with the support of the UK Department for International Development.
Consultation on the findings of the review Paris, 2 December 2013
Led by Mrs Uju A. Hassan Baba, Nigerian government officials presented the draft investment policy review to OECD committee delegates in December 2013. This was followed by a peer review discussion of the report and its recommended policy options. Comments received at this meeting will be used to finalise the report which is scheduled for publication early 2015. View photos from the consultation
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DOCUMENTS AND LINKS
Lagos adopts OECD Policy Framework for Investment DFID newsletter, August 2013
Policy Framework for Investment List of all country investment policy reviews NEPAD-OECD Africa Investment Initiative NEPAD: www.nepad.org
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Timeline
2011 |
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Dec |
The Ministry of Industry, Trade and Investment partners with the NEPAD-OECD Africa Investment Initiative to undertake a review based on the Policy Framework for Investment (PFI).
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2012 |
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June |
OECD fact-finding mission to Nigeria to define the scope of the review with the federal and Lago State governments.
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July- Dec |
Creation of a federal and Lagos State taskforce.
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2013 |
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Mar |
OECD mission to Nigeria to launch the review process, under the chairmanship of the Minister of Industry, Trade and Investment in Abuja and the Commissioner for Industry and Commerce in Lagos |
July |
OECD fact-finding mission to Nigeria and over 20 meetings with government and stakeholder groups. |
Oct |
Presentation by the OECD to the Nigerian Government of the preliminary key findings and recommendations of the review and chapter on Lagos State. |
Nov |
Presentation by the OECD of the review to the Nigerian Honorary International Investors Council, chaired by the President of the Republic, in London. |
Dec |
Nigerian officials present the draft review to OECD Investment Committee delegates and engage in a peer review discussion. |
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2015 |
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21 May |
Publication of the Investment Policy Review of Nigeria |
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