Nigeria engages stakeholders on doing business reforms

Nigeria's Enabling Business Environment Secretariat recently held a stakeholder meeting in Lagos to discuss new business reforms following the launch of a new reform cycle by Vice President Yemi Osinbajo. The meeting brought together various stakeholders from different sectors, including government officials and key agencies like SON and ITF. The objective was to address challenges faced by businesses and create a conducive environment for economic growth. Minister of Industry, Trade and Investment, Okechukwu Enelamah, reiterated Nigeria's commitment to improving its business climate, despite a marginal drop in the World Bank's Doing Business Ranking. Enelamah highlighted the progress made in the past years, including a 24-point jump in rankings and being recognized as one of the top 10 reforming countries globally. Nigeria aims to break into the top 100 by 2020, with ongoing efforts to streamline processes and make it easier to do business in the country. The government's focus on partnerships with both the private sector and MDAs is key to driving these reforms. While there may be short-term challenges, the long-term benefits of a more efficient business environment are expected to boost internally generated revenues (IGR) in the states. Lagos and Kano states have been identified as key hotspots for business reforms, with efforts underway to replicate these initiatives in other states. The Ministry is confident that the Ease of Doing Business reforms will yield positive results in the long run, despite potential disruptions from upcoming events like the elections. The strategic preparedness of the PEPEC team to navigate through these challenges and maintain continuity in reform efforts is crucial for sustaining economic growth and stability in Nigeria.