Village produce market in Nigeria. The country’s agriculture sector has helped grow the economy 6 to 8 percent annually over the past decade. Photo by: Curt Carnemark / World Bank / CC BY-NC-ND
Nigeria spent decades under military rule before moving to a democratic system of governance in 1999. Since then, the country has achieved a stable political climate and strengthened its economy considerably. Four elections have been held since Nigeria’s transition to democracy, the latest of which received praise from the international community for being the most successful electoral process in the country’s history both in the fairness of its results and relatively low level of election-related violence. Another is set to take place in 2015.
Several steps have also been taken by the government toward building its institutional capacity. The Freedom of Information Act, which entered into force in 2011, reinforced transparency and accountability in public institutions. The utilization of the International Public Sector Accounting Standards at all levels of the government has improved the quality of financial reporting by aligning local practices with international standards. A treasury single account is currently being developed to further strengthen public financial management. Reforms in customs, tax administration and pension administration are likewise underway.