Doing Business in Nigeria | |
Doing Business in Nigeria | |
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Monday,
September 30, 2019 / 08.00AM / PEBEC
The World
Bank Doing Business (DB) team has just announced Nigeria as one of the top-20
improvers in doing business out of 190 countries. This announcement comes ahead
of the 24th October release of the 2020 World Bank Doing Business rankings.
The World
Bank Doing Business Report is an objective assessment of prevailing business
environments based on a number of ease of doing business indicators. In
Nigeria, the report assesses doing business conditions in the two largest
commercial cities of Lagos and Kano.
The World
Bank's announcement acknowledges reforms spearheaded by the PEBEC in the areas
of "operationalizing a new electronic platform that integrates the tax
authority and the Corporate Affairs Commission (CAC)". It 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.
"The 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. In 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. 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. The Chief Judges in
Lagos and Kano issued practice directions for small claims courts introducing
pre-trial conferences and limit adjournments. 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."
Over the
past three years, Nigeria's score has steadily improved in the World Bank Doing
Business Report, after years of decline in both score and ranking in the years
preceding 2016. In 2017, Nigeria moved up by an unprecedented 24 places on the
Doing Business rankings. For the first ever, Nigeria was also recognised
as one of the top 10 reformers in the area of doing business that year.
Welcoming
the announcement, the Special Adviser to the President on Ease of Doing
Business, Dr Jumoke Oduwole, said that "the recognition being given to Nigeria
as one of the top 20 most improved countries, who have implemented the most
reforms this year, is significant because we weren't even able to achieve some
of the key reforms we had pursued, but what we have done so far is being
recognised. This validation confirms that our strategy is working and we will
continue to push even harder."
These
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 the Presidential Enabling Business Environment Council (PEBEC)
by President Muhammadu 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.
The
Presidential Enabling Business Environment Council 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.
With 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. The
announcement is indicates that our goal of moving into the top 70 doing
business destinations by 2023 remains achievable.
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