By Paul Collier, Catherine Pattillo, Charles C. Soludo
This e-book demonstrates that there's enough facts at the Nigerian economic climate and society to notify many coverage matters, and divulges the present difficulties and coverage ideas democratic Nigeria might want to debate and get to the bottom of. It provides an time table of reform as unfinished company.
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Sample text
In particular, frequent changes in trade tariffs and in the use of import bans have been a major source of uncertainty for investors. 13 In 2003, more than 42 import categories were banned, including most types of textiles and men’s footwear. In 2005, the number stood at 44. This protectionist stance contributed to inefficiency, in part because firms were not compelled to seek competitiveness improvements. 1 per cent and the maximum tariff from 150 per cent to 50 per cent. There is, however, still considerable resort to ad hoc import bans.
Moreover, selected interest groups who have special access to those in authority are able to capture policy-making and exercise a considerably greater say. Policy decisions therefore often did not reflect broad economic interests. This has led to a shifting and unpredictable policy environment that has not been conducive to private investment. Since the return to democracy and constitutional rule, there has been a gradual shift in the balance of power. The National Assembly has begun to reassert itself, and some elements of the civil service linked to the reform programme have been reinvigorated.
For the rest of the non-oil sector, particularly agriculture and the large informal economy, returns are low, evidenced in low levels of productivity and high levels of unused capacity in manufacturing. Therefore returns in Nigeria can be argued to be low. A low return in Nigeria is also consistent with low investment returns in Africa relative to other regions. 3 Is low investment due to low savings or due to low returns to investment? If domestic savings were scarce and the binding constraint on investment, high foreign debt or a large current account deficit would signal that Nigeria is making extensive use of foreign savings.