By Paul Collier, Catherine Pattillo, Charles C. Soludo

This booklet demonstrates that there's enough facts at the Nigerian economic system and society to notify many coverage matters, and divulges the present difficulties and coverage strategies 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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The National Assembly has begun to reassert itself, and some elements of the civil service linked to the reform programme have been reinvigorated. This being said, there was a substantial legacy of distrust between the public and private sector inherited by the administration in 1999 that will take a concerted effort over a period of time to fully overcome. Corruption and rent-seeking thrived under weak institutions. Public sector dominance of the oil sector helped create a ‘rentier’ state whose principal concern was sharing resource rents through large-scale public spending, job creation in government and public enterprises, and protection of numerous sectors of the economy.

Nigeria is currently presented with a rare opportunity for growth. Oil prices are at unprecedented levels and projected to remain relatively high for the foreseeable future given significant upward structural shifts in global demand for oil. The government is putting in place new mechanisms to better manage oil revenues and reduce the inefficiency associated with past boom–bust cycles. Fundamental changes in economic direction are tackling distortions that have reduced incentives for investment and productive activity.

Clearing and forwarding agents note that importers typically avoid the principal import document (Form 36 Kwakwa et al. M) and its financial obligations by dealing with port-based syndicates. For a fee of 1000–4500 naira these syndicates provide a Form M and forge bank signatures and stamps. Clearance procedures for an EPZ are significantly more streamlined but the EPZ still incurs many of these problems. Over the past five years significant reforms have taken place in the process for business registration in Nigeria.

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