NIGERIA Invest in 2012-13 - Newsdesk Media

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48 the economy and finance Nigeria’s economic uplift A recent opinion poll found that a large majority of Nigerians expect greater prosperity in 2012-13 invest in niGeRia 2012-13
While the effects of the financial crisis continue to undermine attempts at growth among Western economies, Nigeria has joined the pack of nations experiencing increased prosperity. Beth Holmes considers Nigeria’s status in Africa and across the global stage as it steers a course to become one of the world’s top 20 economies While the developed nations in the West continue to buckle under ongoing debt crises and severe economic instability, the emerging nations are not only beginning to catch up, but to forge ahead. According to the International Monetary Fund (IMF), Nigeria’s economy, which is fuelled mostly by oil exports, is expected to be worth $400 billion by 2016. Meanwhile, a recent survey by Gallup of economic optimism around the globe found that Nigerians are the most optimistic about the year ahead, with more than eight out of 10 saying that they expected a “year of economic prosperity” in 2012. With economists at investment bank Morgan Stanley predicting that Nigeria’s gross domestic product (GDP) will probably overtake that of South Africa by 2025, the prospects for the country are bright and seem to be a far cry from the instability that has dogged its progress in decades past. It is up to the policymakers, the investment community and the population at large to take advantage of emerging opportunities, and help to position Nigeria as the most influential African voice on the world stage. Although issues of security continue to be a challenge, a transparent and consistent focus on key strategic policies at the macroeconomic level have helped to make Nigeria an economic success story, and may help to turn the nation’s international aspirations into reality. Nigeria has lived through distinct periods of growth and development under various policy regimes, from the pre-oil boom decade of 1960-70, through the oil boom of the 1970s and to the current day. A succession of development plans was introduced from the 1960s to provide a framework for development and restructuring. The First National Development Plan (1962-68) was introduced to kick-start the economy, with priority given to agriculture and industrial development. The Second National Development Plan (1970-74) focused on rebuilding the infrastructure that had been damaged during the country’s civil war. Response to the oil boom The Third National Development Plan (1975-80) was launched as a response to the large oil revenues that the country enjoyed during the oil boom of the 1970s, but the subsequent collapse of international oil prices meant that a Fourth National Development Plan (1981-85) was introduced. Two changes of government seriously disrupted the implementation of this final programme and, consequently, the performance of the economy during the fourth plan period was generally poor. In 1986, the government accepted the IMF-sponsored Structural Adjustment Programme (SAP), which was aimed at creating a more market-friendly environment that would encourage private enterprise. Some of the benefits that accompanied increased deregulation the economy and finance 49 were lost in 1994, with the actions of the new military government, which, over five years, reregulated after interest rates reached an all-time high of 48 per cent in commercial banks and 60 per cent in non-bank financial institutions. A series of reforms aimed at halting economic decline and stimulating growth were instigated with the return to democracy. They also improved Nigeria’s image abroad and enabled it to be more proactive – regionally and internationally. Between 2003 and 2007, there was a major initiative to raise living standards though the National Economic Empowerment Development Strategy (NEEDS), which attempted to tackle basic deficiencies such as electricity and water supplies, while also addressing macroeconomic stability through a variety of reforms, including deregulation, privatisation, transparency and accountability. A longer-term economic development programme is the United Nations (UN) sponsored Millennium Development Goals for Nigeria, which covers the years from 2000-15. It commits the country to achieving ambitious objectives concerning poverty reduction, education, gender equality, health, the environment and international development cooperation. International goodwill was further boosted in May 2011, after a successful national election. President Goodluck Jonathan tasked his government with continuing to focus on economic progress, while also tackling concerns over terrorism and militancy. The emergence of the BRIC countries (Brazil, Russia, India and China) as the economic giants of the future also creates an opportunity for oil-rich Nigeria. The country is the primary supplier to Brazil, provides 20 per cent of India’s crude oil, and is invest in niGeRia 2012-13
Page 1 and 2: Invest in NIGERIA 2012-13 Published
Page 3 and 4: Mubadala is an investment and devel
Page 5 and 6: Invest in NIGERIA 2012-13 Editor La
Page 7 and 8: Trade Facilitation/Development Init
Page 9 and 10: Contents Forewords 16 21 The Policy
Page 11 and 12: 44 Promoting free and fair election
Page 13 and 14: 120 Industrial Infrastructure 124 1
Page 16 and 17: 16 FOREWORD Goodluck Ebele Jonathan
Page 18 and 19: Ahmadu Bello University, Zaria, Nig
Page 20 and 21: since 1989 Rotary kiln incinerators
Page 22 and 23: Pushing boundaries An emerging lead
Page 24 and 25: 24 the policy agenda Realising Nige
Page 26 and 27: Foreign policy and the investment e
Page 28 and 29: 28 the policy agenda prospects of l
Page 30 and 31: www.nosakgroup.com Corporate Offi c
Page 32 and 33: 32 the policy agenda Democracy and
Page 34 and 35: Sustainable business, social repons
Page 36 and 37: 36 the policy agenda There is no do
Page 38 and 39: 38 the policy agenda Working to ach
Page 40 and 41: 40 the policy agenda they had sexua
Page 42 and 43: 42 the policy agenda “The improve
Page 44 and 45: 44 the policy agenda Promoting free
Page 46 and 47: 46 the policy agenda The April 2011
Page 50 and 51: Murphy Shipping…………Bridging
Page 52 and 53: 52 the economy and finance has been
Page 54 and 55: Since 1994, Nigeria Inter-Bank Sett
Page 56 and 57: 56 the economy and finance Facts an
Page 58: 58 the economy and finance petroleu
Page 61 and 62: Driving growth through Mobile Money
Page 63 and 64: elevating the country to the upper
Page 65 and 66: Zenith Bank plc Zenith Bank was est
Page 67 and 68: the economy and finance 67 Public r
Page 69 and 70: Improving Nigeria’s electricity n
Page 71 and 72: supply of electricity, though, will
Page 73 and 74: oil, gas and minerals 73 Nigeria’
Page 75 and 76: aBc Human development consultants l
Page 77 and 78: oil, gas and minerals 77 The decisi
Page 79 and 80: Empowering Nigeria Seven Energy Int
Page 81 and 82: Reliable partner in NIGERIA JASCON
Page 83 and 84: Crude oil exports by destination, 2
Page 85 and 86: The leading indigenous suppliers of
Page 87 and 88: DrillPet International Limited (DIL
Page 89 and 90: Step on the gas The Nigerian Gas Ma
Page 91 and 92: The original GMP proposed a gas inf
Page 93 and 94: Find out more at www.oriental-er.co
Page 95 and 96: To encourage the participation of l
Page 97 and 98: NEITI: the Nigerian Extractive Indu
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Cakasa (Nigeria) Company Limited St
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The government has ambitious plans
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Potential for growth The Nigerian g
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Oil and the Niger Delta Nigeria’s
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Shell estimates it has an additiona
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High Voltage transmission sending s
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Despite being rich in natural resou
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HEAD OFFICE POWER GENERATION TRANSM
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former university academic addresse
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Although efforts to bring electrici
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www.ilf.com ILF - Engineering Excel
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of one gigawatt coal-fired power pl
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© 2012 Caterpillar All Rights Rese
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The National Economic Development P
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Vehicle imports General cargo Conta
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Engineering & Construction STEMCO,
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132 INDUSTRIAL INFRASTRUCTURE Suppo
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134 INDUSTRIAL INFRASTRUCTURE One o
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136 SOCIAL INFRASTRUCTURE Populatio
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138 SOCIAL INFRASTRUCTURE Tackling
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140 SOCIAL INFRASTRUCTURE the chanc
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142 SOCIAL INFRASTRUCTURE Healthcar
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144 SOCIAL INFRASTRUCTURE Obstetric
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146 agriculture and water Growing t
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Electrical, Mechanical, Civil, Wate
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150 agriculture and water sesame an
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Siat Group Investment Company in Tr
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154 agriculture and water The devel
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156 media, tourism aNd culture A ri
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158 media, tourism aNd culture The
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160 MEDIA, TOURISM AND CULTURE A ci
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162 MEDIA, TOURISM AND CULTURE Top
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164 DIRECTORY Government ministries
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166 DIRECTORY Tel: 236 0521, 236 05
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168 DIRECTORY United States of Amer
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170 Index of advertisers Aero .....
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ffordability - innovation eliabilit
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