Bureaucracy, lack of transparency dampen investors’ confidence

Senior Special Adviser to the President on Industry, Trade and Investment,Dr. Jumoke Oduwole, has said government bureaucracy and lack of transparency in administration have reduced investors’ confidence in Nigeria.

Oduwole made this known in Makurdi on Saturday at the ongoing management retreat for officers of the Ministry of Industry, Trade and Investment and its parastatal agencies.

Presenting a paper entitled: “Building an Enabling Business Environment’’, Oduwole said Nigeria moved up one place from “Ease of Doing Business in 2016’’ but still ranks 36 out of 47 in sub-Saharan Africa.

The theme of the conference is; “Implementing the Economic Recovery and Growth Plan (ERGP) through Industry, Trade and Investment’’.

“Drastic, fast-paced business reforms must be conducted simultaneously to improve the business environment and attract foreign investors.
“Reforms must be adopted within the next 12 months to reflect in the 2018 Ease of Doing Business report,’’ Oduwole said.

According to her, lack of coordination between ministries and agencies, inadequate planning and monitoring has led to poor implementation and follow-up.

Oduwole said another challenge was lack of political will and determination by government to pursue existing blue-prints and initiatives.

According to her, as Nigeria aspires to become Africa’s leading economy, the country has to become more business friendly.

She called for the capacity of agencies to be built as well as the strengthening of their capabilities for long-term basis in order to sustain the improvements on an on-going basis.

Also speaking, Mr Bello Mahmud, the Registrar-General, Corporate Affairs Commission said the commission had integrated the company registration portal to the stamp duty portal of the Federal Inland Revenue Services.

Mahmud spoke while presenting a paper entitled; “improving the Nigerian business environment for domestic and foreign investment: the role of corporate affairs commission’’.

Mahmud said in order to encourage small enterprises to formalise their registration and improve Nigeria’s rating, the commission reduced filing fees payable for registration of small and medium size companies by 50 per cent.

According to him, six state offices can start and finish registration process without recourse to the head office.

He added that the commission had introduced a new form, which had helped to bring down the registration fee as customers only have to pay the sum of ₦2,000 for certified true copy of the new form.