World Bank2012-06-122012-06-122007-05https://hdl.handle.net/10986/7827The 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.CC BY 3.0 IGOACCESS TO CAPITALACCOUNTINGAGRICULTUREARREARSAUCTION SYSTEMBANK LIQUIDITYBANKING SECTORBENCHMARKBENCHMARKINGBENCHMARKSBINDING CONSTRAINTBINDING CONSTRAINTSBLUE CHIPBONDBOND MARKETBOOM-BUST CYCLESBUSINESS CLIMATEBUSINESS ENVIRONMENTCAPACITY BUILDINGCAPITAL BASECAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKETSCOMMERCIAL CONTRACTSCOMPETITIVE ADVANTAGECOMPETITIVENESSCONSOLIDATION PROCESSCONSUMERSCONTRACT ENFORCEMENTCORPORATE BONDCORPORATE BOND ISSUESCOST EFFECTIVENESSCREDIBILITYCREDIT HISTORYCREDIT QUALITYCREDITORCREDITOR RIGHTSCURRENT ACCOUNT BALANCECURRENT ACCOUNT SURPLUSESDEBTDEBT ACCUMULATIONDEBT AGREEMENTDEBT OVERHANGDEBT RELIEFDEFAULT RISKDEFICITSDEMOCRATIC INSTITUTIONSDEPOSITDEPOSITSDOCUMENTATION REQUIREMENTSDOMESTIC ECONOMYDOMESTIC MARKETDOMESTIC MARKETSDURABLEDUTCH AUCTIONECONOMIC DEVELOPMENTECONOMIC DEVELOPMENTSECONOMIC PERFORMANCEECONOMIC PROGRESSEMERGING ECONOMIESENTERPRISE PERFORMANCEEQUIPMENTEQUITY FUNDSEXCESS LIQUIDITYEXCHANGE RATEEXCHANGE RATESEXISTING INFRASTRUCTUREEXPENDITUREEXPENDITURESEXPORT MARKETSEXPORT PERFORMANCEEXPORTEREXPORTSEXTERNAL DEBTFEDERAL AGENCYFINANCIAL HEALTHFINANCIAL INSTITUTIONSFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL SECTORFINANCIAL SECTOR DEVELOPMENTFINANCIAL SYSTEMFISCAL DEFICITFISCAL DISCIPLINEFISCAL POLICYFOREIGN COMPANIESFOREIGN EXCHANGEFOREIGN EXCHANGE MARKETSFOREIGN EXCHANGE RESERVESFOREIGN EXCHANGE TRANSACTIONSFOREIGN MARKETSGDPGDP PER CAPITAGLOBAL MARKETGLOBAL MARKETSGLOBAL STANDARDSGOVERNMENT ACTIONGOVERNMENT BUDGETSGOVERNMENT FUNDINGGOVERNMENT POLICYGOVERNMENT SPENDINGGOVERNMENT SUPPORTHUMAN CAPITALINCOMEINCOMESINFLATIONINFORMAL ECONOMYINFORMATION TECHNOLOGYINFRASTRUCTURE PROJECTSINSTITUTIONAL CAPACITYINSURANCEINSURANCE INDUSTRYINTEREST RATEINTEREST RATE VOLATILITYINTEREST RATESINTERNATIONAL TRADEINVESTMENT BEHAVIORINVESTMENT CLIMATEINVESTMENT IN GOVERNMENT SECURITIESINVESTMENT OPPORTUNITIESINVESTMENT PROJECTSINVESTMENT STRATEGIESJOB CREATIONJUDICIAL SYSTEMJURISDICTIONSLABOR MARKETLARGE-SCALE INVESTMENTLEGAL MECHANISMSLEVIESLEVYLIBERALIZATIONLIFE EXPECTANCYLIQUID ASSETSLIQUID SECONDARY MARKETLIQUIDITYLOANLOAN MATURITIESLOCAL CURRENCYLOCAL GOVERNMENTLOCAL GOVERNMENTSLONG TERM FINANCELONG-TERM INVESTMENTMACROECONOMIC INSTABILITYMACROECONOMIC LEVELMACROECONOMIC MANAGEMENTMACROECONOMIC POLICIESMACROECONOMIC POLICYMACROECONOMIC VARIABLESMACROECONOMIC VOLATILITYMARKET ACCESSMARKET FAILURESMARKET SHAREMATURITYMICROENTERPRISESMIDDLE INCOME COUNTRIESMINIMUM CAPITAL REQUIREMENTSMONETARY POLICYMONOPOLYMORTGAGEMORTGAGE FINANCENATURAL RESOURCEOIL BOOMOIL PRICEOIL PRICESOIL RESOURCESOUTPUTOUTSOURCINGOUTSTANDING CREDITPENSIONPENSION REFORMPENSIONSPOLITICAL ECONOMYPRICE VOLATILITYPRIVATE SECTOR DEVELOPMENTPRIVATE SECTOR GROWTHPRODUCTIVE INVESTMENTSPRODUCTIVITYPRODUCTIVITY GROWTHPROPERTY RIGHTSPUBLIC DEBTPUBLIC INVESTMENTRAPID EXPANSIONRAPID GROWTHREAL EXCHANGE RATEREAL EXCHANGE RATESREFORM PROGRAMREGIONAL TRADEREGISTRATION PROCESSREGULATORREGULATORY ENVIRONMENTREINVESTMENTRENT SEEKINGRETURNRETURNSRURAL INFRASTRUCTURESAVINGSSECONDARY MARKETSHORT-TERM BORROWINGSIDE EFFECTSSMALL BUSINESSESSOVEREIGN BONDSSTOCK EXCHANGESUBORDINATED DEBTTAXTAX COLLECTIONTAX POLICYTAX RATETAX SYSTEMTAXATIONTELECOMMUNICATIONSTOTAL FACTOR PRODUCTIVITYTRADE POLICYTRADINGTRANSACTIONTRANSACTION COSTTRANSPARENCYTRANSPARENT GOVERNANCEUNEMPLOYMENTVALUE ADDEDWAGESWEALTHWITHDRAWALWTOWorld Bank10.1596/7827