World Bank Ranks Nigeria Among Top 20 Improvers In Doing Business

Hamilton Nwosa
Writer

Ad

AFC, ASSA to power Africa’s growth through infrastructure with $1.17trn savings drive

By Obinna Uballa The Africa Finance Corporation (AFC) and the Africa Social Security Association (ASSA) say they are hoping to drive content wide growth with the launch of an initiative designed to channel Africa’s vast pool of institutional savings into long-term infrastructure. The programme, Africa Saving for Growth, was unveiled on Tuesday under the Global…

TotalEnergies’ Nigeria’s exit plans hit roadblock as NUPRC revokes $860m asset sale to Chappal

By Obinna Uballa TotalEnergies’ plan to scale back its presence in Nigeria’s troubled onshore oil sector has hit a major roadblock after the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revoked approval for the sale of its 10 per cent stake in the Shell Petroleum Development Company (SPDC) joint venture to Chappal Energies. The $860 million…

Peter Obi Denies Fake Photos with Trump, MC Oluomo, Warns Against Disinformation

By Obinna Uballa Former Anambra State governor and 2023 Labour Party presidential candidate, Mr Peter Obi, has disowned images circulating on social media that claim he met with United States President Donald Trump and Lagos transport union leader, Musiliu Akinsanya (MC Oluomo), respectively. Obi, in a statement on Wednesday, said the photographs were ā€œfake and…

Ad

The World Bank Doing Business (DB) teamĀ has announced Nigeria as one of the top-20 improvers in doing business out of 190 countries.

Dr Jumoke Oduwole, Special Adviser to the President, Ease of Doing Business, disclosed this a statementĀ  in Abuja.

She said that the announcement came ahead of the Oct. 24 release of the 2020 World Bank Doing Business rankings.

Oduwole said that the World Bank Doing Business Report was an objective assessment of prevailing business environments based on a number of ease of doing business indicators.

According to her, in Nigeria, the report assesses doing business conditions in the two largest commercial cities of Lagos and Kano.

ā€œThe World Bank’s announcement acknowledges reforms spearheaded by the Presidential Enabling Business Environment Council(PEBEC) in the areas of operationalising a new electronic platform that integrates the tax authority and the Corporate Affairs Commission (CAC).

ā€œIt also acknowledges reforms carried out in some of the World Bank Doing Business indicator areas such as starting a business, registering property, getting construction permits, getting electricity, enforcing contracts, and trading across borders.

ā€œThe CAC also upgraded its name reservation platform and, in Kano, there is now an electronic platform for registering business premises online, eliminating the need to appear in person.

ā€œIn Lagos, land administration was made more transparent following the digitisation of cadastral plans in a geographic information system; digital copies of cadastral plans are now easily obtainable.

ā€ Nigeria also made getting electricity easier by allowing certified engineers to conduct inspections for new connections. Initiatives also made commercial litigation of smaller cases more efficient.

ā€œThe Chief Judges in Lagos and Kano issued practice directions for small claims courts introducing pre-trial conferences and limit adjournments.

ā€œ Finally, customs integrated more agencies into its electronic data interchange system, and port authorities launched an e-payment system, speeding up both exports and imports.ā€

She said that over the past three years, Nigeria’s score had steadily improved in the World Bank Doing Business Report, after years of decline in both score and ranking in the years preceding 2016.

Oduwole, who is also PEBEC Secretary, said that in 2017, Nigeria moved up by an unprecedented 24 places on the Doing Business rankings.

The presidential aide said that for the first ever, Nigeria was also recognised as one of the top 10 reformers in the area of doing business that year.

Oduwole, said that the recognition being given to Nigeria was one of the top 20 most improved countries, who had implemented the most reforms in 2019 was significant.

According to her, the validation confirms that PEBEC’s strategy is working and it will continue to push even harder.

ā€œThese improvements in the standing of Nigeria trail the reform agenda being implemented at national and sub-national levels across the country since the establishment of PEBEC by President Muhammadu Buhari in July, 2016.

ā€œThe PEBEC works towards the fulfilment of the projections of the Economic Recovery and Growth Plan (ERGP 2017-2020), which is striving to deliver sustainable economic growth in Nigeria byĀ restoring growth, investing in our people, and building a competitive economy.

ā€œPEBEC, through the Enabling Business Environment Secretariat, has carried out over 140 reforms so far in a bid to remove bureaucratic constraints to doing business in Nigeria and make the country a progressively easier place to start and grow a business.

ā€œWith the impending ratification of the Companies and Allied Matters Bill and the introduction of the Business Facilitation (Omnibus) Bill, 2019 in view, along with other pending regulatory, judicial and sub-national reforms, Nigeria is poised to meet its goal of being a top 100 ranked economy by 2020.

ā€œThe announcement indicates that our goal of moving into the top 70 doing business destinations by 2023 remains achievable,ā€ she said.(NAN)

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp