The Federal Government has said the Presidential Enabling Business Environment Council (PEBEC) has implemented over 150 ease of doing business reforms, putting the country in the list of top 10 most improved world economies.
The Minister of Information and Culture, Alhaji Lai Mohammed, who disclosed this on Monday, March 21, said the implementation was responsible for moving Nigeria up 39 places on the World Bank Doing Business Index since 2016.
According to him, the implementation made it possible for Nigeria, being twice named as one of the top 10 most improved economies in the world over the last three years, to be one of only two African countries to make this highly-prestigious list in 2019.
Speaking during a visit to the IshK Tolaram Foundation in Lagos, the minister said, “To understand the significance of Nigeria moving up in the World Bank Doing Business Index, we have to recall that between 2007 and 2015, Nigeria lost 64 places in the World Bank ease of doing business ranking.
The 2018 Sub-national Doing Business report on Nigeria recorded unprecedented improvement, the World Economic Forum (WEF) in its 2018 Global Competitive Report, recognised Nigeria’s business environment as one of the most entrepreneurial in the world, and highlighted Nigeria’s improved competitiveness in enabling business environment.”
He also said the Companies and Allied Matters Act 2020 (CAMA 2020) signed by President Muhammadu Buhari, introduced at least 15 new provisions that promote ease of doing business and reduce regulatory hurdles in Nigeria.
“The creation of a National Collateral Registry (NCR) of movable assets by the Central Bank of Nigerian (CBN) with the support of the International Financial Corporation (IFC) in May 2016 ensures that functional equivalents of collaterals can be registered. To date, over N1 trillion assets have been uploaded on the Registry,” he said.