Buhari approves new Constitution to improve business in Nigeria in 4 steps
The ease of doing business index is an index created by the World Bank Group. In the index, higher rankings have a lower numerical value, which shows that in that particular country they have simpler, regulations for businesses and stronger protections of property rights.
Nigeria has always ranked significantly lower in the ease of doing business index.
Empirical research funded by the World Bank to justify their work show that the economic growth impact of improving these regulations is strong.
Nigeria has always ranked in the lower end when it comes to the ease of doing business. In 2017, Nigeria was number 169, ranking even below Sudan.
According to the World Bank and other economic experts, the ease of doing business had to be improved for Nigeria to prosper economically.
Therefore, according to the Nigerian Bulletin, President Muhammadu Buhari in August 2016 approved the Constitution of the Presidential Enabling Business Environment Council (PEBEC).
The council is chaired by Acting President Yemi Osinbajo, and Okey Enelamah, the Minister of Industry, Trade and Investment is the vice chairperson.
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According to the council the body will improve ease of doing business in Nigeria, with the following steps:
1. Improving entry and exit of goods
This would mean improving the Nigerian customs service and removing some sanctions of imports needed by the Nigerian people. It will also mean improvng exportation and transport services throughout the couuntry.
2. Improving entry and exit of people
Legal immigration and emigration will be allowed by the Nigerian government and the PEBEC will see to it that the Nigerian Immigration Service (NIS) rund efficiently and without any corrupt practices that would jeopardize international relations.
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3. Government transparency
The war on corruption by the Buhari-led federal government will also spread to businesses, both in the private and public sector, to ensure transparency and a dearth of harmful or fradulent business practices.
4. Improving government procurement process for small businesses
Many believe that Small and Medium scale Enterprises (SMEs) will be the driving force to bring the Nigerian economy out of recession, and so the government aims to make it easier for these businesses to access loans and make the procurement processes easier for them.
The President also approved the establishment of the Enabling Business Environment Secretariat (EBES) as the operational arm of PEBEC. EBES will be domiciled in the Nigeria Investment Promotion Commission (NIPC).
Source: Legit.ng
