BUSINESS ENVIRONMENT AND COMPETITIVENESS IN NIGERIA – CONSIDERATIONS FOR NIGERIA’S VISION 2020
By Uwem Essia
Business environment and competitiveness constitute what is generally regarded as ‘functioning’, which facilitates production and service delivery. Business potentials and possibilities are numerous in Nigeria, but the business environment is widely considered costly and risky, with difficulties in starting businesses, dealing with licenses, and enforcing contracts. Equally the turnabout time for registration of property and obtaining approvals/certifications are considerably long. Improving the business environment calls for holistic planning, policy consistency, deepening of the financial sector, and decentralization of certifications, licensing, and approvals. The paper is divided into four parts. The first part discusses the enablers and de-enablers of business competitiveness. The second part, attempts a brief description of Nigeria’s business environment, and the third identifies key learning points from the experiences of highly competitive economies. The concluding part identifies key imperatives for Nigeria’s business environment to meet the overall expectations of Vision 20: 2020.
Keywords: competitiveness, doing business Download