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Nigeria 2011 : An Assessment of the Investment Climate in 26 States

ACCESS TO CREDIT ACCESS TO FINANCE ACCESS TO FINANCING ACCOUNTING ACCOUNTS RECEIVABLE ACTUAL COSTS AMOUNT OF COLLATERAL BANK LOANS BANKING SECTOR BANKING SECTORS BANKS BARRIERS TO WOMEN BORROWER BORROWING BRIBE BRIBES BUSINESS ENVIRONMENT BUSINESS OWNER BUSINESS OWNERS CASH FLOW CHILD CARE COLLATERAL COLLATERAL AMOUNT COLLATERAL AMOUNTS COLLATERAL REQUIREMENT COLLATERAL REQUIREMENTS COMPANY CORRUPTION COST OF CAPITAL COST OF CREDIT COUNTRY COMPARISONS CREDIT HISTORY CREDIT REPORT CURRENCY DEBT DEBT LEVEL DEBT LEVELS DEVELOPING COUNTRIES DEVELOPMENT BANK DOMESTIC CREDIT DOMESTIC MARKETS EARNINGS ECONOMIC CRITERIA ECONOMIC EMPOWERMENT ECONOMIC GROWTH ECONOMIES OF SCALE EMPLOYEE EMPLOYERS EMPLOYMENT EMPLOYMENT GROWTH ENTREPRENEUR ENTREPRENEURIAL POTENTIAL EQUIPMENT EXCHANGE RATE EXCHANGE RATES EXPANSION EXPORTER EXPORTERS EXTERNAL FINANCING FAMILY RESPONSIBILITIES FEMALE BUSINESS FEMALE ENTREPRENEURS FEMALE ENTREPRENEURSHIP FINANCE ACCESS FINANCE COST FINANCES FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL PRODUCTS FINANCIAL STRUCTURE FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCING SOURCES FIRM PERFORMANCE FIRM SIZE FIXED ASSET FIXED ASSETS FOREIGN FIRMS GENDER GENDER DIFFERENCES GENDER EQUALITY GENDER GAP GENDER GAPS GOVERNMENT REGULATIONS HIGH INTEREST RATE HIGH INTEREST RATES HOLDING HOUSEHOLDS HUMAN CAPITAL HUMAN RESOURCES INCOMPLETE APPLICATION INDIRECT COST INFORMATIONAL ASYMMETRIES INTEREST RATES INTERNAL FINANCE INTERNAL FINANCING INTERNAL FUNDS INTERNATIONAL MARKETS INTERNATIONAL STANDARDS INVENTORIES INVESTMENT CLIMATE JOB CREATION LABOR COSTS LABOR MARKET LAND AS COLLATERAL LAWS LEGISLATION LENDER LENDERS LICENSING LIMITED ACCESS LIMITED ACCESS TO FINANCE LINE OF CREDIT LINES OF CREDIT LOAN LOAN APPLICATIONS LOAN APPROVAL LOAN PERIODS LOAN SIZE LOC LOCAL CURRENCY LONG-TERM FINANCE LONG-TERM INVESTMENT LONG-TERM LOANS MACROECONOMIC ENVIRONMENT MANUFACTURERS MATERIAL OBSTACLE MATERNITY LEAVE MATURITY MICROENTERPRISES MUNICIPAL GOVERNMENTS NATURAL RESOURCES NEW ENTRANTS OVERDRAFT OVERDRAFT FACILITY OVERDRAFTS PENALTIES PERSONAL ASSETS POLICY DESIGN POLICY ENVIRONMENT POOR CREDIT POOR CREDIT HISTORY PRIVATE CREDIT PRODUCTIVITY PROFITABILITY PROPRIETORSHIP PUBLIC POLICY RETAINED EARNINGS RETURN RETURNS SAVINGS SIZE OF FIRM SMALL FIRM SMALL FIRMS START-UP START-UP CAPITAL STATE OWNED BANKS SUPPLIERS TAX TAX ADMINISTRATION TAX RATES TAXATION TELECOMMUNICATIONS TRADE CREDIT TRADE FACILITATION TRANSPORT UNACCEPTABLE COLLATERAL WAGE DIFFERENTIAL WAGES WOMAN WOMEN BUSINESS OWNERS WOMEN ENTREPRENEURS WOMEN IN BUSINESS WORKING CAPITAL
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World Bank, Washington, DC
Africa | Nigeria
Iarossi, Giuseppe | Clarke, George R. G.
2017-06-27T16:26:21Z | 2017-06-27T16:26:21Z | 2011-06

This investment climate analysis reviews the experiences of over 3000 surveyed business owners in 26 states of Nigeria about the aspects of the business climate that affect their businesses. It complements a similar study in 2007 that covered 11 other Nigerian states. The survey asks business owners about both their perceptions and the actual costs of selected constraints. The analysis benchmarks Nigeria against comparator countries, and provides detailed data for each state. Nigerian firms have low productivity, as measured by their output in relation to their labor and capital inputs. Firms in Kenya are about 40 percent more efficient, firms in Russia almost twice as productive, and firms in South Africa almost four times as productive. Nigerian firms that export are about 90 percent more productive than non-exporters. Although labor in Nigeria is inexpensive, it is not inexpensive enough to compensate for this low productivity. The poor performance of Nigerian firms reflects many factors. This study focuses on constraints in the business climate and the serious costs they impose on Nigerian firms. Taken together, the total indirect costs of poor quality infrastructure, crime and security, and corruption amount to over 10 percent of sales for Nigerian firms. This is twice as high as in South Africa, Brazil, Russia and Indonesia. Microenterprises firms with fewer than five workers face similar constraints as larger firm's unreliable power, limited access to finance, corruption, and transportation bottlenecks. But the consequences for their businesses are far more severe. For instance, most microenterprises cannot afford generators, so power outages are more likely to shut down their operation. Lacking collateral, almost no microenterprises have access to formal external financing.

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