TRADE AND INVESTMENT
Nigeria Vision 20: 2020
The Vision 2020 is a grand agenda, which the federal government adopted as the main thrust of what it is out to accomplish between now and the year 2020. It is a 13-year plan of dramatic socio-economic transformation of the country.
The goal of the vision is to transform the Nigerian economy to be in the league of the 20 most industrialized countries of the world.
Nigeria’s economic potential is well recognized. It is the biggest economy in the West African sub region.
Given the country’s considerable resource endowment and coastal location there is potential for strong growth. Yet Nigeria has realized very little of this potential.
Previous efforts at planning and visioning were not sustained. The history of economic stagnation, declining welfare and social instability, has undermined development for most of the past 30 years.
Investment Opportunities in Nigeria
There are over 2000 industrial establishments in the country. Among these are a giant oil industry, Iron complexes, steel rolling mius, pharmaceutical industries, food processing, car assembling and the up-coming Export Processing Zone (EPZ).
Government economic policy favours and places priority on greater investment in agricultural production and manufacturing and exports of production, abundantly skilled and versatile human resources and access to a vast local market of over 100 million people and beyond in the sub-region.
Investment Climate in Nigeria
Nigeria is a country endowed with arable land and abundant natural resources. Government policy has been directed towards ensuring that what nature has provided is harnessed and utilized to the fullest, for the benefit of the citizenry.
Development policy is as enunciated in the VISION 2010 Report which is: To make Nigeria a major industrial nation and economic power that continually strive for sustained economic growth and development towards the quality of life for all Nigerians.