The Presidential Enabling Business Environment Council, PEBEC, has emphasized that its reform development tools will bolster Nigeria’s ease of doing business, thereby contributing to the Federal Government’s achievements in economic growth and development.
Dr. Jumoke Oduwole, Special Adviser to President Bola Tinubu on PEBEC and Investment, conveyed this message during a Stakeholders’ Engagement Session on Ease of Doing Business organized by the Lagos Chamber of Commerce and Industry, LCCI, in Lagos on Thursday.
Oduwole said the council was driving five major workstreams in 2024 which were Regulatory, Legislative and Judicial, Subnational, strategic communications reforms and a business champion programme to increase the country’s ease of doing business score.
She called for submission to the Omnibus Bill 2.0 aimed at reviewing existing business legislations to pinpoint hindering provisions that affected the business environment.
“The underlying key objectives remain constant and we would continue to build and strengthen the capacities of agencies to deliver.
“We would also continue to foster cooperation between the ministries, agencies and also across states, National Assembly and private sector.
“PEBEC would ensure effective coordination between all the relevant agencies to provide a unified view of implications and improvements while eliminating the critical binding constraints,” she said.
Mr Gabriel Idahosa, President, LCCI, acknowledged the unflinching efforts of the Federal Government through PEBEC and other agencies taking responsibility for a better business environment.
Idahosa stated that while Nigeria was endowed with abundant resources, a vibrant populace, and an undeniable potential, the ease of doing business remained a crucial determinant of the country’s ability to harness this potential fully.
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The speaker emphasized the need for a comprehensive approach to improving the ease of doing business in Nigeria, which includes addressing regulatory frameworks, infrastructure challenges, bureaucratic hurdles, and promoting entrepreneurship. He also highlighted the importance of ensuring clarity and predictability in the policy interventions of monetary and fiscal agencies to foster a conducive business environment.
“Investors need to have clear outlook and direction about our policies and how these affect their investment decision making.
“We expect transparent efforts to streamline processes, eliminate redundant regulations, and foster an environment where businesses can thrive with clarity and certainty,” he said.
He urged PEBEC to consider opportunities of low hanging fruits in optimising the use of rail tracks and Bilateral Air Services Agreements assets in the ongoing 90-day Regulatory Reform Accelerator Action Plan.
Dr Oliver Stolpe, Country Representative, United Nations Office on Drugs and Crime, emphasised the need to address insecurity and corruption as factors that affect ease of doing business and foreign direct investments.
Stolpe said, businesses consider crime, insecurity and corruption as major obstacles hindering their interests in doing business in Nigeria.
This, he said, was because issues of crime, corruption and security related cost considerations from a business perspective was an additional burden of cost.
“Already, half a billion dollars has been spent as additional cost due to insecurity and if you factor the damage done to infrastructure due to oil theft runs into millions of dollars.
“Nigeria needs to be more strategic on ease of doing business by being sector specific and not just doing generic interventions.
“We are committed to engaging on what could be done by ways of proffering solutions to improve the country’s ease of doing business agenda.
“It is important to partner with government, international development partners with common interests on ease of doing business,” he stated.
