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Institutions of Doing Business and Investments in West African: Lesson for Nigeria

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This paper investigated the relative effects of Doing Business Indicators on investment behaviour in West Africa and draw lessons for Nigeria. A panel data comprising of 15 West African countries over a period 2006 to 2018 was used for the analysis. Random effects model was used to estimate a one-way panel model after comparing it with the fixed effects model using Hausman specification test. The empirical result revealed that starting a business, dealing with construction permits, getting electricity, and protecting minority investors, as well as economic growth have significant positive impact on investment. It is therefore recommended that policymakers should make conscious efforts to reduce the number of procedures, time required and cost of starting business, getting connected to electricity and getting construction permit. More efforts should also be made to protect the interest of minority investors. Equally, efforts should be made to improve the entire business environment by making improvement in all the indicators of doing business.

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  • A. Kilishi, Abdulhakeem & A. Akerele, Victoria, 2022. "Institutions of Doing Business and Investments in West African: Lesson for Nigeria," Working Papers 22, Department of Economics, University of Ilorin.
    • Handle: RePEc:ris:decilo:0022
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