Vice President Yemi Osinbajo has received the 2019 Compliance Report on Executive Order 001 on promotion of efficiency in Nigeria’s business environment.
The report was presented by the Minister of State on Industry, Trade and Investment Mariam Katagum and the Special Adviser to the President on Ease of Doing Business, Dr. Jumoke Oduwole during the meeting of the Presidential Enabling Business Environment Council, PEBEC.
The meeting was also attended by a representative of the Speaker of the Federal House of Representatives, Honourable Dolapo Badru, who is the House Committee Chairman on Industry, nine federal ministers, the Ag. Head of Service, Mrs. Folasade Yemi-Esan, and several heads of government agencies.
Speaking after receiving the report, Vice President Osinbajo said that the Buhari administration would continue its determined pursuit of reforming Nigeria’s business environment until the full attainment of the objectives, which would bring dramatic changes in the country’s economy.
The Presidential Executive Order 001 was on the promotion of transparency and efficiency in the business environment.
“We will keep updating ourselves on the progress of the ease of doing business reforms,” Osinbabjo said.
He noted some of the progress already recorded in the last three years since the commencement of the ease of doing business reforms, including Nigeria’s move up to 24 places in the 2017 World Bank Doing Business Ranking and the country’s listing among 10 reforming economies in the world.
“This year the World Bank also named Nigeria one of the top-20 improvers in doing business out of 190 countries,” Presidential Spokesman, Laolu Akande, stated in a release on Tuesday.
“Among the notable results of the reforms, besides the better ranking by the World Bank Doing Business Rankings and commendations include that the Federal Inland Revenue Service, FIRS, launched a centralized e-payment channels contributing to a 20% reduction in time businesses spent on documentation and payment of taxes, the launching by the Immigration authorities of a fully digitized e-visa process guaranteeing visa approvals in 48 hours, how the National Agency for Food and Drug Administration and Control, NAFDAC, re-engineered registration processes and reduced processing time from 12 to less than 3 months, and how the Federal Airports Authority of Nigeria, FAAN, improved user experience at airports by eliminating passenger service charge stickers and manual check-in bag searches.
Some of the other results recorded include how the Corporate Affairs Commission, CAC, simplified company registration processes, resulting in 50% reduction in processing time and the passage by the National Assembly of the Credit Reporting Act 2017.”
The vice president commended the collaboration with the National Assembly on driving the reforms and called for the eventual attainment of all the other outstanding reform objectives of the reforms.
“If we can clean up our business environment, the difference would be dramatic,” the vice president stated.