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Nigeria starts new 60-day national action plan in ease of doing business

by Endurance Okafor

February 6, 2018 | 12:15 am
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In a bid to further boost the business environment that will attract foreign investors, the Federal Government of Nigeria commenced a 60-day National Action Plan (NAP 3.0) through its ease of doing business initiative.

The two months plan, which is third in the series started today, January 5th 2018 to end in April 5th of the same year.
It is expected to further reduce the challenges faced by SMEs when, getting credit, paying taxes, or moving goods across the country, amongst others, by removing critical bottlenecks and bureaucratic constraints to doing business in Nigeria.

The Presidential Enabling Business Environment Council (PEBEC) approved the 60-day plan at its first meeting of the year which was held on 30th January, 2018, at the Presidential Villa and was chaired by Yemi Osinbajo, the vice president of Nigeria.

The National Action Plan is an inter-ministerial, inter-Governmental plan, which is driven by Enabling Business Environment Secretariat (EBES) for implementation by various Ministries, Departments and Agencies of government (“MDAs”).
The key stakeholders who are collaborating on this initiative and have clear deliverables include the National Assembly, the Governments of Lagos and Kano States, and the private sector
The new plan reforms also aim to continue Nigeria’s upward progress in the World Bank’s Ease of Doing Business Index in 2019.
Reforms implemented across various sectors of the economy and Ministries, Departments, and Agencies (MDAs) of government had seen Nigeria move up 24 places in the World Bank’s Ease of Doing Business Index in 2018.
As a result of the reforms, Nigeria moved up from 169th position on the 2017 ranking and also 170th position on the 2016 ranking to 145, the same position it attained in 2013.
On the areas that the country had recorded improvements, the World Bank said, Nigeria made starting a business faster by allowing electronic stamping of registration documents. This reform applies to both Kano and Lagos

Some of the reforms to be implemented in this new plan include further enhancing the efficiency in tax remittances- driving the adoption of electronic filing for taxes for all categories of companies, increasing accessibility of affordable credit for SMEs by driving and incentivizing banks to utilize the collateral registry, and also to increase the number of SMEs that can access government contracts by communicating and enforcing the minimum employee requirement for pension contributions as 15 employees through the Bureau of Public Procurement.
The NAP 3.0 will build on reform efforts that started during the beginning of the 2017/2018 reform cycle with NAP 2.0, which aims to deepen the ease of doing business reforms implemented across the various Ministries, Departments, and Agencies (MDAs) in the last 16 months and will in turn increase productivity through industrialization, enhanced exports and foreign exchange earnings, while creating jobs and reducing poverty.

 

Endurance Okafor

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by Endurance Okafor

February 6, 2018 | 12:15 am
12893  |   93   |   0  |   Start Conversation

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