The Federal Republic of Nigeria consists of thirty-six states and a Federal Capital Territory, located in Abuja, which is geographically situated in the middle of the country.
Effective participation in governance by all adults is assured through the sharing of powers, revenue and responsibilities between the three tiers of government, i.e. the Federal Government, the State Governments and the various Local Government Authorities.
The Economy
With a population of over 120 million people, Nigeria is obviously the largest market in sub Saharan Africa with reasonably skilled and potential manpower for the efficient and effective management of investment projects within the country. It is well connected by a wide network of motorable all-season roads, railway tracks, inland waterways, maritime and air transportation.
Nigeria's economy could be aptly described as most promising. It is a mixed economy and accommodates all corners, individuals, corporate organisations and government agencies, to invest in almost all range of economic activities. Since 1999, the Government has introduced some bold economic measures, which have had a salutary effect on the economy by halting the declining growth in the productive sectors and putting a stop to galloping inflation; they have reduced the debt burden, stabilised the exchange rate of the Naira and corrected the balance of payments disequilibrium.
The fiscal measures introduced by Government addressed the exchange rate regime and the capital flight issue, which hitherto inhibited project planning and execution. The policy of expanded production through guided deregulation is paying off, as the economy is recording steady growth. Government is also addressing the issue of Inflation.
Health
Prior to 1999, the major problem of the health sector in Nigeria was identified to be the mortality rate among women and children due to preventable diseases, undernourishment as well as inadequate and decaying health facilities. These problems were further compounded, over the years, by inadequate funding, due to competing needs of other sectors such as education, housing, agriculture etc.
The problems are however, being addressed by the Government. The National Program on Immunization was established to take care of the high mortality rate among children, and eradicate communicable and vaccine-preventable diseases, and it has been highly successful. Specific days of the year have been set aside by the Government, during which health officials go from house to house to immunize children against major childhood diseases. Moreover, the immunizations are readily available at various hospitals and health centers, at no cost to parents. The Government is being assisted in this regard by many Non-Governmental Organizations and International Agencies. The Rotary International, for example has committed millions of dollars to the project known as "Kick Polio out of Africa" campaign, the positive result of which has been tremendous.
Other measures the Government has taken to enhance the quality of health of Nigerians are the establishment of the National Action Committee on Aids (NACA) to combat the HIV/AIDS scourge, the National Foods and Drugs Administration Commission (NAFDAC) which has brought international recognition to Nigeria. The Government has equally introduced the National Health Insurance Scheme (NHIS) which is designed to make health-care affordable for all citizens by making everyone contribute to the healthcare system, instead of putting the whole burden on Government.
To sustain improvements in health-care delivery, attention is being paid to the expansion and strengthening of the primary health care system throughout the country. Family and reproductive health services are being strengthened, with particular emphasis on fighting HIV/AIDS and other sexually-transmitted diseases, as well as malaria. Rehabilitation of strategic Teaching and Specialist Hospitals are also on-going.
Main Thrust of Nigeria is Trade and Industrial Policy
Nigeria's current industrial policy thrust is anchored on a guided de-regulation of the economy and Government's dis-engagement from activities which are private-sector oriented, leaving Government to play the role of facilitator, concentrating on the provision of incentives policy and infrastructure that are necessary to enhance the private sector's role as the engine of growth.
The industrial policy is intended to:
- Generate productive employment and raise productivity;
- Increase export of locally manufactured goods;
- Create a wider geographical dispersal of industries;
- Improve the technological skills and capability available in the country;
- Increase the local content of industrial output by looking inward for the supply of basic and intermediate inputs;
- Attract direct foreign investments (FDIs);
- Increase private sector participation.
The Nigerian Enterprises Promotion Act, which hitherto regulated the extent and limits of foreign participation in diverse sectors of the economy has been repealed. The principal laws regulating foreign investments now are, the Nigerian Investment Promotion Commission Act and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act. Appropriate measures have also been put in place to stabilize the banking and finance sectors and promote confidence in these vital institutions. Also, measures have been put in place to update and consolidate capital market laws and regulations into a single code.
Under the Privatisation and Commercialisation law of 1988, the government successfully sold its holdings in industrial enterprises and financial institutions, and such divestments were made by way of "Offers for Sale" on the floors of the Exchange, so that ultimate shareholdings in such enterprises could be widespread.
As a policy objective, the liberalization and deregulation of the exchange control regime is designed to facilitate and enhance trading activities. Items on the import prohibition list have been drastically reduced, with government opting to utilise tariff structures to protect end-user product pricing of local industries and discourage frivolous imports.
Additional and up-to-date information on Nigeria's fiscal and investment promotion policies as well import prohibition list can be obtained from the following websites:
