Despite West Africa’s nigerian foreign direct investment data investment potential, its integration into the global economy is low. With 189 member countries, staff from more 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.
The World Bank Group works in every major area of development. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. The main hurdles for national, regional, and foreign investors are cross-border constraints. Small businesses and service providers are especially affected.
Bala Bello, Deputy Director for Policy and Advocacy at the Nigerian Investment Promotion Commission. Trade and Competitiveness Global Practice of the World Bank Group is looking at ways of addressing these problems by supporting both regional organizations and individual West African countries. It wants to help them address a range of investment policy issues that constitute barriers to private sector investment across the region. Iyalode Alaba Lawson, Vice-President of the Federation of the West African Chambers of Commerce and Industry. Regional-level private sector involvement, from investment policy initiation to formulation through to execution, allows for easier implementation when introduced into the business environment. The first forum for this was at an inaugural technical workshop in the Senegalese capital of Dakar in June 2015, and has since been moved up to national level. National reform action plans have been made by six, pilot countries—Cote d’Ivoire, Mali, Senegal, Ghana, Nigeria, and Sierra Leone—for a formal commitment to a regional monitoring scorecard.
A regional workshop with national governments and private sector associations deepened their familiarity and understanding of investment policy and promotion. Countries explored how they can promote and retain new and existing investment, and how they can leverage FDI for domestic business environment reforms. Another avenue for convergence is the launch of the ECOWAS Investment Climate Scorecard. European Union, and the World Bank Group, have formally endorsed the scorecard as a tool for deepening regional investment integration. The scorecard is an innovative instrument that enables both the ECOWAS Commission and national policymakers to identify investment barriers and track the progress of national and regional reforms. A digital dashboard will aggregate its data to facilitate analysis and decision making. Zeinabou Keita, Head of the Technical Unit of Business Climate Reform at Mali’s Ministry of Investment Promotion in Private Sector, who added that removing constraints would make individual economies and the region more competitive.
Eme Essien, International Finance Corporation Country Manager, Nigeria. She said the project was using a unique, hybrid approach to support the ECOWAS Commission to further regional integration by working simultaneously at regional and national levels to identify, address, and monitor the elimination of specific barriers to the expansion of cross-border investment. The project is funded by the European Union and implemented by the World Bank Group. The World Bank Group, All Rights Reserved. On 17 December 2014, Nigeria’s Coordinating Minister for Economy and Finance, Dr. The appropriation bill was addressed in the second reading on the floor of the Senate on 15 January 2015, with the Senate describing it as a deficit budget and grossly inadequate.