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Openness to, and Restrictions upon, Foreign Investment Nigeria, Africa's most populous nation, has an estimated population of over 170 million.
Since the near collapse in 2009 of Nigeria’s banking sector, the CBN has pursued broad financial sector reforms by strengthening regulation and narrowing the types of financial activities in which banks can engage.The Nigerian economy, including its non-oil economy, continues to grow strongly, despite persistent structural weaknesses, and continues on track to become the largest in Sub-Saharan Africa.Over the past six years, Nigeria has experienced strong real Gross Domestic Product (GDP) growth averaging 6.6 percent and 2012 growth will remain in this range despite recent flood-related declines in oil and food production.However, international oil companies operating in Nigeria have expressed concern that this latest version of the PIB would boost GON royalty and tax revenues to a level that makes new investment unprofitable.In contrast, the GON has argued that the PIB reflects current internationally-accepted industry contract standards.A significant bottleneck to broad-based economic development remains Nigeria’s underdeveloped power sector, which currently supplies less than 5,000 megawatts of power -- enough to power a mid-sized U. city -- compared with 48,000 megawatts generated by South Africa, a country with less than one-third of Nigeria’s population.
A comprehensive reform of Nigeria’s power sector continues broadly on-track.Growth in poverty levels has been equally strong, however, with absolute poverty up from 55 percent of the population in 2004 to 62 percent in 2011, according to Nigerian government (GON) statistics.Nigeria ranks as Africa’s largest oil producer and the twelfth largest in the world, producing high-value, low-sulfur content crude oil.Significant challenges remain, however, including the need to deregulate natural gas pricing more fully to provide incentives to develop greater supply for domestic power generation.And, while power sector reform has progressed, Nigeria’s transportation infrastructure -- road, rail, and aviation -- remains broadly inadequate, and GON efforts to attract private capital to develop these sectors, including through public-private sector partnerships (PPP), have remained slow and only intermittently-successful.In early 2011, real interest rates remained negative, inflation hovered at 12 percent, and CBN reserves had fallen from billion in 2008 to billion.