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Doing Business in Nigeria 2014 : Understanding Business Regulations for Small and Medium-Size Enterprises

ACCESS TO SERVICES ACCOUNT ACCOUNTANT ACCOUNTANTS ACQUISITION ACTION PLANS ARREARS AUDITED ACCOUNTS BANK LOAN BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY LAWS BILLS BORROWER BUSINESS ENTRY BUSINESS ENVIRONMENT BUSINESS INDICATOR BUSINESS INDICATORS BUSINESS OPERATIONS BUSINESS REGISTRATION BUSINESS REGULATION BUSINESS REGULATIONS BUSINESSES BUYER BUYERS CADASTRE CAPITAL GAINS CENTRAL BANK CERTIFICATE CERTIFICATES CHECKS COLLATERAL COLLATERAL AGREEMENT COLLATERAL AGREEMENTS COLLATERAL FOR LOANS COLLATERAL LAW COLLATERAL LAWS COLLATERAL REGISTRY COMMERCIAL ACTIVITIES COMMERCIAL BANK COMMERCIAL BUSINESS COMPANY LAWS COMPETITIVENESS COMPLIANCE COSTS CONFIRMATION OF RECEIPT CONTRACTORS CREDIT HISTORY CREDIT INFORMATION CREDIT INFORMATION SYSTEM CREDIT INFORMATION SYSTEMS CREDIT SOURCE CREDITORS DEBTOR DEBTS DEED DEEDS DEFAULTS DEPOSIT DERIVATIVE DISCLOSURE REQUIREMENTS DISTRIBUTION NETWORK DOMAIN E-MAIL ELECTRICITY EMAIL ADDRESSES EPAYMENT EQUIPMENT FINANCIAL HISTORY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL RESOURCES GOOD PRACTICE IDENTIFICATION NUMBER IMMOVABLE PROPERTY IMPACT ASSESSMENT INCOME TAX INFORMATION SHARING INFORMATION SYSTEM INFORMATION SYSTEMS INSPECTION INSPECTIONS INSTALLATION INSTALLATIONS INSURANCE INSURANCE POLICY INTERNAL PROCESS INTERNATIONAL BANK INTERNATIONAL FINANCE INVESTOR PROTECTION INVESTOR PROTECTIONS ISSUANCE LAND OWNERSHIP LEGAL RIGHTS LENDER LENDERS LENDING DECISIONS LEVY LICENSE LICENSES LIENS LIMITED LIABILITY LOCAL BUSINESS MACROECONOMIC CONDITIONS MATERIAL MINIMUM CAPITAL REQUIREMENT MINIMUM CAPITAL REQUIREMENTS MINORITY INVESTORS MINORITY SHAREHOLDER MINORITY SHAREHOLDER PROTECTIONS MINORITY SHAREHOLDERS MORTGAGE MORTGAGES MOVABLE ASSETS MOVABLE COLLATERAL NEW MARKETS NOTARIES NOTARY NOTARY PUBLIC ONE-STOP SHOP ONLINE TRANSACTION OPTIMAL SIZE ORIGINAL ASSETS OVERHEAD PERSONAL ASSETS PERSONAL INCOME POSSESSORY SECURITY PRIVATE CREDIT PRIVATE CREDIT BUREAU PRIVATE CREDIT BUREAUS PRIVATE PROPERTY PRIVATE SECTOR PRIVATE SECTOR CREDIT PROCUREMENT PROPERTY RIGHTS PUBLIC REGISTRY PURCHASING QUERIES QUERY REGISTRATION FEE REGISTRATION FEES REGISTRATION PROCESS REGISTRIES REGISTRY REGULATORY ENVIRONMENT REGULATORY REQUIREMENTS REPAYMENT RESERVE RESULT RETURN SALES SALES AGREEMENT SEARCH SECURITIES SECURITIES REGULATIONS SECURITY INTEREST SELLING SERVICE PROVIDERS SHAREHOLDER SHAREHOLDERS STAMP DUTIES STAMP DUTY STOCK EXCHANGE SUPERVISION TAX IDENTIFICATION NUMBER TECHNICAL STANDARDS TELEPHONE TELEPHONE LINE TRADE CREDITORS TRADING TRANSACTIONS SYSTEM TRANSLATION TRANSPARENCY TURNOVER USERS USES VERIFICATION WAREHOUSE WAREHOUSES
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Washington, DC
Africa | Nigeria
2015-05-21T18:39:06Z | 2015-05-21T18:39:06Z | 2014-09

Nigeria accounts for nearly one-fourth of Sub-Saharan Africa s population and is the seventh most populous country in the world. As of April 2014 it is recognized as the continent s largest economy. Ranking 13th in the world for its oil production, Nigeria is Africa s largest producer and holds the second highest proven oil reserves on the continent, after Libya.3 Since embarking on the path of democracy in 1999, the country has enjoyed consistent and high economic growth rates, in the range of 6-8 percent annually in recent years. With its large reserves of human capital and natural resources, a large domestic market, and strong economic fundamentals, Nigeria is well positioned to join the group of large emerging markets and be the continent s powerhouse. Nigeria has already been identified as one of the promising MINT economies (an acronym for Mexico, Indonesia, Nigeria and Turkey), following the BRICs on the path to develop rapidly. Creating jobs to improve the well-being of all Nigerians, regardless of their personal circumstances and location, is a key component of the country s development agenda set out in Vision 20:2020. Good governance and effective institutions at the federal and state levels are critical to strengthening a business climate that encourages inclusive growth. Nigeria s 36 states and Abuja, Federal Capital Territory (FCT) operates with a high degree of autonomy. Without commensurate reforms by state governments, the macroeconomic and institutional reforms of the federal government cannot produce the desired impact to create employment and reduce poverty.

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