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Economy

Ease of Doing Business: FG implements 140 reforms in 3 years— Osinbajo

The federal government has implemented more than 140 reforms aimed at improving the business environment in Nigeria in the past three years. Osinbajo Vice President, Prof. Yemi Osinbajo, stated this at the 2nd Presidential Enabling Business Environment Council  (PEBEC)  Awards. He also noted that 32 States were reported by the World Bank to have improved their Ease of Doing Business (EoDB) environment in 2018.

He stated: “In the past three years, Nigeria has implemented more than 140 reforms to make doing business in Nigeria easier.

“Some of the successful reforms 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 48 hours; File and pay taxes online and; Access specialised small claims commercial courts in Lagos and Kano states.

“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.” Osinbajo further remarked that the target of the federal government is to move Nigeria into the top-100 on the 2020 World Bank Doing Business Index (DBI).

“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 National Agency for Food and Drug Administration and Control (NAFDAC) and National Insurance Commission (NAICOM); and now to include other regulators; the establishment of a National Trading Platform for ports; and the concession of our major international airports,” he added.

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The vice president noted that PEBEC has commenced the fourth 60-day National Action Plan (NAP 4.0) on EoDB, from March 1 to April 29, 2019. According to him, the aim is to deepen the reforms delivered over the past three years and drive institutionalization of the whole reform process.

“We have highlighted key action items in all of the focus areas to ensure that they do not unravel, and to ensure we drive sustainability,” he said.

Source: Yinka Kolawole

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