Lack of access to credit, policy inconsistencies, infrastructural deficiencies and corruption have been identified as major constraints to doing business in Nigeria.
The sectors include banking, insurance, transport, oil and gas, agriculture, manufacturing, consulting, telecommunications, aviation, among others. Specifically, the survey, according to the NOI Polls, which works closely with Gallup Poll (USA) and the NESG, was conducted through interviews and questionnaires distributed to some top business executives.
The survey stated that though the global economy showed a remarkable resilience in its efforts to recover from the economic crisis, which started in 2007, with evident signs of an upturn in major industrialised economies, which manifested in slower rates of output decline and even marginal growth in some economies, but in Nigeria, the macroeconomic environment continued to deteriorate.
The survey in relation to other parts of the world showed that U.S. Gross Domestic Product (GDP) grew by 3.5 per cent in quarter three of 2009, from 0.7 per cent contraction in quarter two; UK contracted from 5.5 per cent in quarter two to 5.2 per cent; while the Eurozone declined by 4.1 per cent in quarter three, from 4.8 per cent in quarter two. According to survey, these improvements were largely due to the injection of liquidity into the financial system and other stimulus programmes adopted by governments around the world.
However, the survey showed that the foreign exchange market remained relatively stable for the most part of 2009, after an initial turbulence in the first quarter, following measures taken by the CBN. It stressed that as at end-December 2009, the Whole Dutch Auction System (WDAS) average exchange rate was N149.6 to a U.S. dollar compared with N126.48 per dollar at end of December 2008.