Ease of doing business: Nigeria must do more- Elumelu
by Tony Ailemen, Abuja
November 6, 2017 | 7:36 pm| | | Start Conversation
Recent gains recorded by the country on the “Ease of Doing Business” rating not withstanding, the country need to do more if it must continue to attract both local and foreign investors.
Chairman, Heirs Holdings, Tony Elumelu, while assessing the recent World Bank rating that put Nigeria as top 10 most improved nations on the ease of doing business scale, commended the giant strides recorded by the country.
The business mogul, said Nigeria need to enter into tax treaties with other countries so that Nigerian investors who go out to invest in other countries are not subjected to double taxation, and the need to pay attention to the rule of law.
Speaking after a private meeting with the Chief of Staff to the President at the Presidential Villa, Abuja also said the country must streamline tax policies, avoid double taxation and guarantee rule of law, as well as pay more attention to infrastructure development if the country must move further up on the ease of doing business rating.
“Everything that is done is good, but I think we need to streamline our taxes; avoid multiple taxation. We need to have double taxation treaties with other countries so that Nigerian investors who go out to invest don’t pay double taxes and those who come here to invest don’t pay multiple taxes”
“I think it’s good to make sure that our infrastructure works. I think the rule of law is extremely important, strong governance, contract accessibility, sanctity of contracts, property rights. These are things that drive where investors go to to invest”
He commended the Central Bank of Nigeria for addressing the foreign exchange challenges adding that ” It was very high but now it’s predictable; it’s available, so to speak for in market is improving”
Nigeria’s recent rating by the World Bank has received commendations from the organized business community, including top government officials and leaders of the National Assembly.
Elumelu who said he was very impressed with what is happening in our country, said the ease of doing business ranking by the World Bank that moved Nigeria up in 24 places was very impressive, ” not just that and as top ten reforming country in the world”
“Counting Nigeria as one of the top ten reforming countries in the world is very impressive. So, I think things are getting better. I think we’re turning corners and things are getting better”
The rating has been seen as a major plus in the country’s efforts to create employment, while attracting global investors to Nigeria, especially as investors see the country as a safe place to invest.
” Global investors are looking for a place where the rule of law is strong; a place where there is sanctity of contracts; a place where tax reforms regime is good will come to invest in Nigeria.” he said
“As we have seen on the World Bank report on ease of doing business in Nigeria, it shows that Nigeria is ready and open for business”
“As I have always said, there is so much private global captain looking for investment destinations and with this signally is all saying come mad invest in Nigeria. I speak as Nigerian who invest in Nigeria and if course I the African countries, there is where else I get returns on investments as I get in Nigeria and this is time for people to come on board and take the advantage”
“The fact that we moved 24 places it should, significant and it gives us impetus and hope. If you know your child is doing well in school, you’ll say well done guy but we need you to do more. So I see us progressively improving”
“And now as a country we now realize that this kind of rating is good but more importantly we need foreign investors and Nigerian investors to take advantage of this. You know the ordinary man on the street will say what does this mean. What this means is that we can have more investments and as we more investments, we create more employment; as we create more employment, we get to create more jobs; as we create more jobs, we alleviate poverty and we begin to grow our economy and there will be prosperity, peace and happiness in our life”
Tony Ailemen, Abuja
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