Ease of Doing Business: Association urges collaboration between executive, legislature to remove obstacles
NAN-HE-12
Obstacles
By Cecilia ologunagba
Abuja, July 10, 2017 (NAN) The National Association of Nigerian Traders has called for collaboration between the executive and legislature to remove obstacles to doing business in the country.
The President of the association, Mr Ken Ukaoha, made the call in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja.
The World Bank in its latest “Ease of Doing Business Report’’ showed that Nigeria moved from 170th position to 169th out of 189 economies.
According to the report, there is improvement in protecting minority investors and registering property compared to the previous year.
Ukaoha said that the country could further improve on the ranking by removing impediments in doing business in the country.
“There are lots of impediment, obstacles along both the border corridors and at the domestic economy in terms of moving goods and services.
“This area is critical to the economy and both executive and legislature should work together to remove such obstacles to ease doing business.
“Fundamentally, the law that the National Assembly is looking at now will also help in terms of reviewing those obsolete laws that have kept us where we are today.
“ I know that the laws currently reviewed by the National Assembly will help the country to fast-track business and investment,’’ he said.
The National Assembly has started a holistic review of laws and business agreements as part of efforts to ease doing business in Nigeria and promote Made in Nigeria products.
In addition, he said that the Executive Orders the Acting President had signed would also go a long way to ease business transactions in the country.
Acting President Yemi Osinbajo had in May, signed three Executive Orders, one of which was on business environment and promoting Made in Nigeria products.
The official said that beyond the country, the government should recognise an entity called ECOWAS, with over 350 million people as a large scope to do business.
“ So, easing business and removing everything that frustrate transaction along this corridor is very critical to the bouncing of Nigeria from recession,’’ he said.
Meanwhile, the Federal Government has prioritised ease of doing business as captured in the Nigeria Economic Recovery and Growth Plan 2017-2020 (ERGP).
The ERGP projects that Nigeria will make significant progress to achieve structural economic change with a more diversified and inclusive economy in five key areas by 2020.
According to ERGP, Nigeria’s difficult and often opaque business environment adds to the cost of doing business and is a disincentive to domestic and foreign investors alike.
Regulatory requirement must be more transparent, processing times must be faster, and the overall economy must be more business friendly,
Therefore, the EGRP will build on the efforts of the Presidential Enabling Business Environment Council (PEBCEC) and track progress, using the metrics of the World Bank’s Doing Business Report.
The target is to achieve a top 100 ranking in the World Bank’s Doing Business index by 2020, up from the current ranking of 169. (NAN)
CIA/IA
(Edited by Idris Abdulrahman)