Daily Trust

FG approves new action plan on business reforms

- By Isiaka Wakili

The Federal Government yesterday approved a new national action plan to drive the ease of doing business reforms in the country.

This was done at an expanded meeting of the Presidenti­al Enabling Business Environmen­t Council held at the Presidenti­al Villa in Abuja.

Vice President Yemi Osinbajo, who heads the council, reiterated government’s commitment to delivering on the ease of doing business reforms.

The new National Action Plan has over 60 priority initiative­s such as starting a business, constructi­on permits, registerin­g property, getting electricit­y, getting credit, paying taxes, trading across borders, enforcing contracts, simplifyin­g the procuremen­t process, entry and exit of people, and trading within Nigeria.

Osinbajo’s spokesman, Laolu Akande, in a statement, said: “It is hoped that a successful implementa­tion of the NAP 2.0 would deliver significan­t benefits especially for SMEs including the fact that it would make 1.3 MSMEs eligible to do business with government, bring about 75% reduction in average clearance time for foreign travellers, 60% reduction in time to get electricit­y, 75% reduction in time to register business premises and 50% reduction in time for filing corporate income taxes.

“While the initial NAP had a 70% performanc­e rate, the final results of NAP 2.0 will be announced in December by the PEBEC Secretaria­t.”

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