Nigeria joined the list of the world’s top ten most improved economies under Buhari’s – FG

By: Naijamedialog / March 22nd, 2022 / 49 views

Petrol shortages and power outrages in Nigeria

 

The Federal Government announced on Monday that the Presidential Enabling Business Environment Council (PEBEC) has undertaken over 150 reforms to improve the ease of doing business in the country, placing it among the world’s top ten most improved countries in the process.

Following the implementation, Nigeria has risen 39 places on the World Bank’s Doing Business Index since 2016, according to Lai Mohammed, the Minister of Information and Culture.

He went on to add that the implementation made it possible for Nigeria, which has been honored twice as one of the world’s top ten most improved economies in the last three years, to be one of only two African countries to make this extremely coveted list in 2019.

“To comprehend the significance of Nigeria rising up in the World Bank Doing Business Index, we must first realize that between 2007 and 2015, Nigeria lost 64 places in the World Bank’s ease of doing business ranking.” The minister was speaking during a visit to the IshK Tolaram Foundation in Lagos.

According to the 2018 Subnational Doing Business Report on Nigeria, the country has experienced unprecedented improvement. The World Economic Forum (WEF) recognized Nigeria’s business environment as one of the most entrepreneurial in the world in its 2018 Global Competitive Report, and highlighted Nigeria’s improved competitiveness in the enabling business environment.”

Mohammed further stated that the Companies and Allied Matters Act 2020 (CAMA 2020), which was signed by President Muhammadu Buhari, included at least 15 new sections that improve the ease of doing business in Nigeria and eliminate regulatory obstacles.

It is possible to register functional equivalents of collaterals thanks to the establishment of the National Collateral Registry (NCR) of movable assets by the Central Bank of Nigeria (CBN) with the assistance of the International Financial Corporation (IFC) in May 2016.” He went on to say that more than N1 trillion worth of assets had been uploaded to the Registry to far.



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