Nigeria targets sub-100 on World Bank doing business ranking

The Federal Government has expressed optimism to double its target this year by moving Nigeria’s ranking to sub-100 in the 2020 World Bank Doing Business Report.It expressed more optimism following last year’s target that was surpassed, where the country moved up 24 places in the last two years, with sub-Sahara at 140, and Nigeria at 169.

The Senior Special Adviser to the President on Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed this over the weekend in Lagos, at a programme organised by the Redeemed Christian Church of God (RCCG), Region 20, where she spoke on the theme, “Economic Outlook and Prospects in Election Year.”

Highlighting other government’s plans on the Presidential Enabling Business Environment Council (PEBEC) initiative in the New Year, Oduwole, said PEBEC will continue to work in collaboration with Ministries, Departments and Agencies (MDAs), and other public and private sector partners to ensure the Council’s high-impact intervention is sustained.

“We aim to move Nigeria’s ranking to sub-100 in the 2020 World Bank Doing Business Report. We say this boldly because we know what was made available to help us achieve this target. When the project was initiated, President Buhari gave us a target of moving up 20 places, as the sub-Sahara was about 140, and Nigeria was at 169, and we surpassed that target; we moved up 24 places and cumulatively 24 places in the last two years. So, when we made bold to say we are going to at least double that this year to top 100, with your support definitely, we will achieve it,” she said.

Oduwole said the Council aims to implement the 2019 national action plan, strengthen strategic communication and engagement framework to drive effective  communication of the completed reforms to key stakeholders and the general public, passage of the CAMA Omnibus Bill, and the sub-national business climate survey (Baseline edition), among others.

“On business intervention, we passed two laws to the National Assembly in 2017, the CAMA Bill was passed in the Senate in 2018, and we are waiting for the second reading at the House of Reps. This is a good time to ask some questions to encourage the National Assembly at large, to consolidate and send to the Presidency for accent and sign the bill; it will encourage the corporate sector for business growth.”

She said over the last three year, PEBEC, with the aim to remove critical bottlenecks in Nigeria, and enable legislation that would help businesses flourish, treated over 140 reforms, while in 2018, it instituted about 53 reforms, with four being recognised by the World Bank report.

As the elections fast approach, she said there would be no break period, as reforms would continue. Among other speakers were the Chairman, Zinox Group, Leo Stan Ekeh, who spoke on, “Leveraging Technology for Business Success,” noting that about 97 per cent startup businesses fail in Nigeria, as they do more of talking than content.

For them to move forward, he advised them to create impact, decide who they want to be, while they anticipate the future to lead in their businesses. He said for Nigeria to avoid rigging in the forthcoming elections, it must allow electronic voting as well as deploy infrastructure, while using satellite technology to tackle insecurity in the country.

Credit: The Guardian