| Receiving the largest amount of FDI inflow on an aggregate level and having the largest Oil resource magnitude in Africa is an impetus for rapid and sustainable economic growth.In spite of this trends,Nigeria has not made significant advancement in its economic development and diversification of FDI into various sectors of the economy.This paper carries out a groundbreaking investigation into the investment climate of Nigeria.It reviews the type of FDI inflow based on the sectoral analysis and the ripple effect of the various forms of FDI inflow into Nigeria.The main objective of this study to reveal the strategies and reforms needed to rejuvenate the eagerness of the government and the citizens to stimulate a unique dynamics of development and to overcome the political,social,economic crises that have beleaguered Nigeria for several about two decades.The study identified the challenges to investment climate reforms in Nigeria such as corruption,lack of public trust and legitimacy,poor infrastructure,the underperformance of manufacturing industry,the financial institutions and too much dependency on oil revenue.In solving these challenges,the paper recommends a rapid diversification of the nation's economy,strategic implementation of favorable regulations to boost the manufacturing sector,steady power supply,total eradication of corruption and its vices.The paper concludes that a good investment climate is a key to growth and poverty reduction.Government regulations and firms implementation,shape investment climate and in the process play out over a wide field.Although it is safe to point out that,every country has a mixture of weakness and strength as well as threats and opportunities about its investment climate.Furthermore,an excellent investment climate is not the condition for reaping the benefits of sound investment climate. |
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