Nigeria accounts for nearly one-fourthof Sub-Saharan Africa s population and is the seventh mostpopulous country in the world. As of April 2014 it isrecognized as the continent s largest economy. Ranking 13thin the world for its oil production, Nigeria is Africa slargest producer and holds the second highest proven oilreserves on the continent, after Libya.3 Since embarking onthe path of democracy in 1999, the country has enjoyedconsistent and high economic growth rates, in the range of6-8 percent annually in recent years. With its largereserves of human capital and natural resources, a largedomestic market, and strong economic fundamentals, Nigeriais well positioned to join the group of large emergingmarkets and be the continent s powerhouse. Nigeria hasalready been identified as one of the promisingMINT economies (an acronym for Mexico, Indonesia, Nigeria andTurkey), 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, isa key component of the country s development agenda set outin Vision 20:2020. Good governance and effectiveinstitutions at the federal and state levels are critical tostrengthening a business climate that encourages inclusivegrowth. Nigeria s 36 states and Abuja, Federal CapitalTerritory (FCT) operates with a high degree of autonomy.Without commensurate reforms by state governments, themacroeconomic and institutional reforms of the federalgovernment cannot produce the desired impact to createemployment and reduce poverty.
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