Stakeholders Welcome Nigeria’s Ranking on W’Bank Ease of Doing Business

Stakeholders have continued to react to the country’s recent improvement in the World Bank’s ease of doing business report.

The report had indicated that Nigeria moved up by15 places from the 146th position to 131st position.

It further indicated that the country implemented reforms which impacted six indicators, including making the enforcement of contracts easier, which placed the 200-million-person economy among the world’s top improvers.

Owing to this development, the acting Registrar-General, Corporate Affairs Commission (CAC), Lady Azuka Azinge, expressed satisfaction with the progress.

She attributed the feat to the faithful implementation of the ease of doing business reform initiatives by the Presidential Enabling Business Environment Council (PEBEC), under the able leadership of Vice President, Yemi Osibanjo and supported by Ministers of Industry, Trade & Investment, Finance, Interior and other stakeholders.

In a statement, Head, Public Affairs, CAC, Mr. Moses Adaguusu, Azinge said the commission was proud to be part of historic achievement and congratulate other sister agencies which had collaborated to ensure success.

Also Minister of Industry, Trade and Investment, Mr Richard Adebayo, said the ranking affirmed the PEBEC’s commitment to remove the bureaucratic constraints to doing business in the country.

He also revealed that the PEBEC had been working towards fulfilling projections of the Recovery and Growth Plan (ERGP 2017-2020) to take 100 million Nigerians out of poverty.

In a statement by his Special Assistant (Media), Mr. Julius Toba-Jegede, the Minister said:”The steady improvement in Nigeria’s ease of doing business score and rank is a testament to the reforms implemented by this administration over the past four years in line with the reforms agenda being implemented at the national and subnational levels across the country since the establishment of the Presidential Enabling Business Environment Council (PEBEC) by President Mohammadu Buhari in July, 2016.

“The 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 by restoring growth, investing in our people, and building a competitive economy as we work towards delivering Mr President’s mandate of bringing 100 million people out of poverty.”

Meanwhile, despite the improvement in the ease of doing business ranking, analysts believed the country could surpass the current levels if the government is able to address concerns over corruption and insecurity as well as issues around property rights.

They also harped on the need to reduce bureaucracy in the conclusion of business transactions, especially tax clearance as well as improve transparency in the entire contractual system.

However, the report had indicated that Nigeria implemented reforms which impacted six indicators, including making the enforcement of contracts easier, which placed the 200-millionperson economy among the world’s top improvers.