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IOD Nigeria Roundtable,Diagnoses Ease Of Doing Business In Nigeria

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Thursday, May 04, 2017 6.00pm/Proshare WebTV

The Institute of Directors of Nigeria as part of its advocacy role, hosted a roundtable with the theme “Ease of Doing Business in Nigeria”. The aim of the roundtable was to afford stakeholders the opportunity to address critical issues affecting the Nigerian Business Environment. The Chairman, Advocacy Committee, Prince Adedapo Adelegan, F.loD, in his remarks highlighted the fact that Nigeria ranks very low on the 2017 World Bank index on the Ease of Doing Business, maintaining the 169th position out of 190. 

Speaking on behalf of the President/Chairman of Council, IoD Nigeria, Mr. Samuel Yemi Akeju, F.loD, past President Ms. Bennedikter Molokwu, DF.loD, shared the fact that with over 30% of the population falling below 35 years, Nigeria remains a vibrant market for investors. According to her, the immediate effect of the drop in the price of crude oil on the economy is indicative of the need for diversification with special focus on SMEs. 

At the panel session, the Executive Secretary/CEO, Nigeria Investment Promotion Commission, Ms. Yewande Sadiku, pointed out that the Presidential Enabling Business Environment Council, PEBEC was established by the government to remove bottlenecks and deliver tangible reforms on the business environment. She stated that the concerns of the private sector were noted and the World Bank ranking had been taken into consideration, as the government is fully committed to promoting economic prosperity and investments in the country.  

Ms Sadiku said that the government was doing more to minimize the bureaucracy involved in entry and exit in Nigeria to attract more investors.

Mazi Sami Ohuabunwa OFR, Former Chairman, Nigerian Economic Summit Group, in his intervention harped on the need for a pro-business attitude from government. He made a strong case for sustainable policies that are well thought through in Nigeria, insisting that the policies implemented are usually inconsistent and unstable.

He admonished the private sector to actively engage in corporate social responsibility as well as advocacy towards building a better business environment.

For Her Excellency, Laure Beaufils, Deputy British High Commissioner to Nigeria, the Forex policy in Nigeria remained a source of worry to British investors. The Nigerian investment climate must be positioned to attract investments and as such, she posited that the State governments need to align with the Ease of Doing Business goals of the Federal government to ensure seamless implementation. She emphasized the need for the Nigerian government to continue to engage the private sector in order to improve the business environment.

Prince Adedapo Adelegan made a strong case for increased efforts in promoting Nigeria in the global stage. Adelegan called on the NIPC to coordinate strategic investment roadshows, across key nations in the globe that could serve as a vehicle to attract participation from Nigeria’s rich and talented diaspora group.

The Panel Discussion featured Ms Yewande Sadiku, Laure Beaufils, Mazi Samuel Ohuabunwa OFR, and the Chairman, Advocacy Committee, IOD Nigeria Prince Adedapo Adelegan.

 

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