BusinessTop Story

FG implements 140 reforms to ease business in Nigeria

447

 

•Targets Nigeria to be among 100 countries by 2020

 

 

The Vice President, Yemi Osinbajo, has disclosed that the Federal Government has implemented no fewer than 140 reforms in the past three years, to ease business in Nigeria.

This is even as five states; Kaduna, Enugu, Lagos, Abia, and Anambra, were named and awarded top most reformed states for ease of doing business in 2018.

Kaduna State improved its score from 55 to 65.97 by making it easier to start a business.

Enugu State improved its score from 47 to 56.82 by making it easier to start a business, register property as well as enforce contracts in the State.

Lagos State improved its score from 48 to 54.90 by making it easier to start a business, register property and obtain construction permits in the State.

Abia State improved its score from 46 to 53.90 by making it easier to start a business and to register property in the State.

Anambra State improved its score from 47 to 53.50 by making it easier to start a business and to register property in the State.

Osinbajo, who made the disclosure at the State House Conference Center, Abuja, at the Presidential Enabling Business Environment Council (PEBEC) Award Dinner, applauded the private sector for their contribution to improve business climate in the country.

He listed some of the successful reforms to include the ability to-reserve a business name within four hours; complete the registration of a company within 24 hours online; apply for and receive approval of a visa-on-arrival electronically within 48hrs, file and pay taxes online; and access specialised small claims commercial courts in Lagos and Kano.

According to Osinbajo, “In the past three years, Nigeria has implemented more than 140 reforms to make doing business in Nigeria easier. The World Bank also reported in 2018 that 32 states of Nigeria improved their Ease of Doing Business environment led by Kaduna, Enugu, Abia, Lagos and Anambra states.

“In 2019, PEBEC set a goal to move Nigeria into the top-100 on the 2020 World Bank Doing Business Index (DBI). To achieve this, we will be pursuing the continued implementation of reforms across all indicators, including the implementation of legislative reforms, specifically the passage of the new Companies and Allied Matters Act and the Omnibus Bills; the expansion of the regulatory reform program which started with NAFDAC and NAICOM; and now to include other regulators; the establishment of a National Trading Platform for ports; and the concession of our major international airports.”

The Vice President further said that other areas of reforms were enhancing efficiency in the small claims court, and enhancing the application and approval system for visas on arrival, to mention a few.

According to him, the council will continue to work extensively with all MDAs, the National Assembly and other key stakeholders.

In her address, Coordinator PEBEC and Senior Special Assistant to the President on Industry Trade and Investment, Jumoke Oduwole, said the award was to appreciate Ministries, Departments and Agencies(MDAs) for contributing to implementation of PEBEC mandate.

She said that the reforms were aimed at reducing bureaucratic bottlenecks and improve perceptions about Nigerias business environment.

On his part, the Minister of State for Industry, Trade and Investment, Okechukwu Enelamah, said the award was a landmark in journey of creating an enabling business environment in Nigeria.

He said that PEBEC was a foundation for creating a Nigeria that the citizens deserved.

The awards which came under various categories were also presented tovarious government agencies and private establishments which had creditably acquitted themselves in terms of reforms in ease of doing business.

Notable among the awards was the World Banks sub-National Award for Reformed States in 2018 which went to Anambra, Abia, Lagos, Enugu and Kaduna States.

The Abia State Governor, Okezie Ikpeazu told State House Correspondents that he was excited over award and was dedicating it to God and Abia people.

He said: “But I must acknowledge the dark room team the various ministries and departments and agencies that reformed and reformed quickly.

“This falls in line with our promotion for the Enyimba Economic City, my ambition is to make Abia the investment destination not only in Nigeria but in Africa and the only way to do this is to ensure that the ease of doing business is enhanced in Abia.”

Other companies and individuals that got awards at the ceremony included Oil and Gas Free Zone Authority, Corporate Affairs Commission, National Office for Technology Acquisition and Promotion.

Others were the Court of Appeal, Nigeria Bar Association, Nigeria Economic Summit Group, National Assembly Environment Round Table, DFiD, World Bank, Oando Energy Resources, First Bank of Nigeria.

Other recipients were FIRS, Nigeria Custom Service, Nigeria Port’s Authority, Nigeria Shippers Council, Nigeria Electricity Regulatory Commission, Lagos State Judiciary.

Leave a comment

Related Articles

Tinubu Congratulates Newly-elected Canadian Prime Minister, Mark Carney

President Bola Tinubu has congratulated Mr. Mark Joseph Carney on his election...

Just in: Touting: FG orders one-stop unified screening at airports

In a bid to tackle the issues of disorder and touting within...

Breaking: Wanted socialite Achimugu nabbed at Abuja airport

The Economic and Financial Crimes Commission (EFCC) has arrested wanted businesswoman, Aisha...

Uxoricide: Nwachukwu, Widower of Gospel Singer Osinachi, Sentenced to Death by Hanging

The Federal Capital Territory High Court in Wuse Zone 2, Abuja, has...

Annie’s Slip, Davido’s Triumph, and the Unforgettable Moments at Headies’‘Back to Base’

Stepping onto the 17th Headies Awards stage at the Landmark Event Centre...

Lagos Hotel Drug Bust Nets NDLEA N1.04bln Haul

In another significant crackdown on drug trafficking, the National Drug Law Enforcement...

FCT Minister Wike Launches Crackdown on Unregistered Hospitals, Quack Practitioners

Determined to improve the integrity of the capital’s healthcare system, the Federal...

Pope Francis Laid to Rest in Rome’s Santa Maria Maggiore Basilica

Pope Francis was buried inside his favourite Rome church, the Santa Maria...

WTO’s Okonjo-Iweala Calls on Africa to Boost Intra-Regional Trade Amid US Tariffs

Faced with broad tariffs declared by the United States on African goods,...

Information Commissioners in APC-Controlled States Hail Tinubu’s Reforms, Nigerians’ Resilience

President Bola Tinubu’s administration received commendation from Information Commissioners of APC-controlled states...

NDLEA, NAPTIP Inaugurate Taskforce to Combat Drug, Human Trafficking

In a strategic move to combat the intertwined threats of human trafficking,...

Climate Change Exacerbates Nigeria’s Food Security Issues, Agric Minister Warns

Nigeria’s food security challenges, exacerbated by climate change, require adaptive solutions, Agriculture...

US Dollar Climbs to N1,605 as Naira Weakens

The Nigerian naira has continued its depreciation against the US dollar at...

Freedom at Last: Jude Okoye Released After Two Months in EFCC Custody

It’s a moment of relief and celebration for Nigerian singer Paul Okoye,...

Rivers New Administrator Makes First Appearance at NEC Meeting

The Sole Administrator of Rivers State, Retired Vice Admiral Ibok-Ete Ibas, made...

NDLEA, NYSC Eye Closer Anti-Drug Collaboration

To tackle substance abuse effectively, the Chairman/CEO of the National Drug Law...

Breaking: PDP’s Delta Gov. Oborevwori, Okowa, Others Defect to APC

Amid speculation and denials, Governor of Delta State, Sheriff Oborevwori, the immediate...

Pres. Tinubu returns to Abuja after two-week working visit to France, UK

President Bola Tinubu on Monday evening returned to Abuja after a two-week...

President Tinubu Mourns Pope Francis, Hails Late Pontiff as ‘Voice of Justice for the World’s Forgotten’

President Bola Ahmed Tinubu has expressed deep sorrow over the passing of...

Breaking: Pope Francis, 88, exits

The Vatican has confirmed the passing of Pope Francis, the 266th Pope...