Business

Nigeria On World Bank Top-20 ‘Improvers In Doing Business’



 

The World Bank Doing Business team has announced Nigeria as one of the
top-20 improvers in doing business out of 190 countries.

Dr. Jumoke Oduwole, Special Adviser to the President, Ease of Doing
Business, disclosed this a statement in Abuja.

She said that the announcement came ahead of the Oct. 24 release of
the 2020 World Bank Doing Business rankings.

Oduwole said that the World Bank Doing Business Report was an
objective assessment of prevailing business environments based on a
number of ease of doing business indicators.

According to her, in Nigeria, the report assesses doing business
conditions in the two largest commercial cities of Lagos and Kano.

Oduwole said, “The World Bank’s announcement acknowledges reforms
spearheaded by the Presidential Enabling Business Environment
Council(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.”

She added, “In Lagos, land administration was made more transparent
following the digitization 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.”

She said that over the past three years, Nigeria’s score had steadily
improved in the World Bank Doing Business Report, after years of
decline in both score and ranking in the years preceding 2016.

Oduwole, who is also PEBEC Secretary, said that in 2017, Nigeria moved
up by an unprecedented 24 places on the Doing Business rankings.

The presidential aide said that for the first-ever, Nigeria was also
recognized as one of the top 10 reformers in the area of doing
business that year.

Oduwole, said that the recognition being given to Nigeria was one of
the top 20 most improved countries, who had implemented the most
reforms in 2019 was significant.

According to her, the validation confirms that PEBEC’s strategy is
working and it will continue to push even harder.

She explained, “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 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.

“PEBEC, 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 indicates that our goal of moving into the top 70
doing business destinations by 2023 remains achievable.”


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