FG optimistic of impacting economy with ease of doing business reform

.As VP receives report on promotion of efficiency in Nigeria’s business environment

The Federal government of Nigeria is optimistic that there will be dramatic changes in the country’s economy, with its determined pursuit of reforming Nigeria’s business environment until the full attainment of the objectives.

This is even as the Vice President Yemi Osinbajo, received the 2019 Compliance Report of the Presidential Executive Order 001 which was on the promotion of transparency and efficiency in the business environment.

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This development was contained in a statement signed by the Senior Special Assistant on Media and Publicity Office of the Vice President, Laolu Akande, on Tuesday.

Speaking while receiving the report at the Presidential Villa on Tuesday, VP Osinbajo  stated, “we will keep updating ourselves on the progress of the ease of doing business reforms,” while noting some of the progress already recorded in the last three years since the commencement of the ease of doing business reforms.

For instance, in 2017, in the World Bank Doing Business Ranking, Nigeria moved up 24 places and was also listed among the top ten reforming economies in the world. This year the World Bank also named Nigeria one of the top-20 improvers in doing business out of 190 countries.

Among the notable results of the reforms, besides the better ranking by the World Bank Doing Business Rankings and commendations include that the Federal Inland Revenue Service, FIRS, launched a centralized e-payment channels contributing to a 20 per cent reduction in time businesses spent on documentation and payment of taxes, the launching by the Immigration authorities of a fully digitized e-visa process guaranteeing visa approvals in 48 hours, how the National Agency for Food and Drug Administration and Control, NAFDAC, re-engineered registration processes and reduced processing time from 12 to less than 3 months, and how the Federal Airports Authority of Nigeria, FAAN, improved the user experience at airports by eliminating passenger service charge stickers and manual check-in bag searches.

Some of the other results recorded include how the Corporate Affairs Commission, CAC, simplified company registration processes, resulting in 50% reduction in processing time and the passage by the National Assembly of the Credit Reporting Act 2017, among others.

Commending the collaboration with the National Assembly on driving the reforms, and urging for the eventual attainment of all the other outstanding reform objectives, the Vice President noted, “if we can clean up our business environment, the difference would be dramatic.”

The report was presented by the Minister of State on Industry, Trade and Investment Mariam Katagum and the Special Adviser to the President on Ease of Doing Business, Dr. Jumoke Oduwole during the meeting of the Presidential Enabling Business Environment Council, PEBEC attended by a representative of the Speaker of the Federal House of Representatives, Honourable Dolapo Badru, who is the House Committee Chairman on Industry, nine federal ministers, the Ag. Head of Service, Mrs Folasade Yemi-Esan, and several heads of government agencies.