Osinbanjo Thrilled As World Bank Rates Nigeria High On “Doing Business”

Yemi_Osinbajo

Wonwu Onyinyechi

 

 

Vice-President  Yemi Osinbanjo has congratulated all stakeholders who worked with the Federal Government to achieve what he described as “significant result.”

Osinbajo on Tuesday voiced out his satisfaction over the World Bank’s latest “Doing Business” report that saw Nigeria moving up 24 places to 145th and recognizing the country as one of the top 10 most improved economies in the world.

Osinbajo said, “I welcome Nigeria’s improved performance. We are one of the top 10 reforming economies in the world in 2017. After a decade-long decline in Nigeria’s rankings, last year the Government recorded a modest increase.

This year, Mr. President set us an ambitious target of moving up twenty places in the rankings – I am delighted that we have exceeded his goal.

Improving the business environment is at the heart of the Buhari Administration’s reform agenda. We are reinforcing our economic turnaround by a vigorous and active implementation of the Economic Recovery and Growth Plan so businesses operating in Nigeria can thrive and be competitive globally.

For the first time, coordinated efforts across various levels of governments have been undertaken to make it easier to do business in Nigeria.

I commend all stakeholders who worked with us to achieve this significant result, particularly the National Assembly, Lagos and Kano State Governments, and the private sector.”

Osinbajo said the present administration would continue to ensure that SMEs operating in Nigeria find it easier to do business.

He said the government’s ultimate success would be the testimonials received from businesses all across the country.

He also noted, that although the government has started getting positive feedback, there are still a lot of work to be done before the full impact of the reforms are felt by all Nigerians.

He added, “Some of our critical ongoing reforms include a new sub-national ‘ease of doing business’ project being implemented in conjunction with all the States and the FCT to replicate similar reforms across the country.

We are again collaborating with the National Assembly to deliver an Omnibus Bill to jointly furnish a more business-friendly legal framework for Nigerian businesses in the future.

Furthermore, the Federal Executive Council has approved the concession of our major international airports, which will be fast-tracked to enable easier movement of persons.

We are also nearing the implementation stage of our National Trading Platform to ensure our cross-border trading is more efficient while collaborating with other countries to safeguard our security.

This policy will also be supported by ongoing reform efforts to simplify trading within Nigeria, whether that be the ease of trade in goods, regulatory approvals or the protection of intellectual property.

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