Nigeria: Transparency a driver for Nigeria's development
Nigeria's highly lucrative oil sector has the potential to act as a major draw to overseas investors, but its growth has been hampered by accusations of corruption that have decimated investor confidence. Dan Agbor reports on new initiatives to clean up the extractive industries sector and bring foreign money back to Lagos
Since its inauguration in 1999, the Government of President Olusegun Obasanjo has introduced a number of policies and sponsored the enactment of various laws that are aimed at improving the operating environment for investors, strengthening public financial management and promoting fiscal discipline, economic growth and transparency in governance. Even prior to 1999, the legal and regulatory environment in Nigeria was reasonably investor-friendly, with foreign investors permitted to own 100% of the equity of almost all Nigerian businesses and to freely repatriate dividends, interest, and capital.
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