FG approves new action plan on business reforms

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.”