Ease of Doing Business reforms aimed at W’Bank high ranking for Nigeria, says Top Official

*CAMA 2020 replaced Companies and Allied Matters Act 1990 with several corporate legal innovations geared towards enhancing Ease of Doing Business rankings ─Permanent Secretary, Ministry of Industry, Trade and Investment

Isola Moses | ConsumerConnect

As a veritable platform to boost its leadership profile in the international system, the Federal Government says the Presidential Enabling Business Environment Council (PEBEC) reforms are aimed at improving Nigeria’s high ranking in World Bank Ease of Doing Business (EODB) index.

Dr. Nasir Sani-Gwarzo, Permanent Secretary, Ministry of Industry, Trade and Investment, stated this Friday, in Keffi, Nasarawa State, at a two-day workshop on ‘Improvement of Business Enabling Environment and Industrial Policy Growth’, says agency report.

It is recalled that President Muhammadu Buhari established PEBEC July 2016 to remove constraints and bureaucratic bottlenecks to doing business in the country and make the economy progressively easier to start and grow business.

Nigeria currently ranks 131 out of 190 countries on the World Bank EODB index moving up 15 places from 146th position.

Dr. Sani-Gwarzo said that PEBEC organisation had put together reforms geared toward making it more convenient for business owners including local businesses to thrive.

The Permanent Secretary of Ministry of Industry, Trade and Investment stated: “World Bank rank economies according to so many criteria but today the most important set of criteria is the EODB, while high EODB ranking indicates a regulatory climates that is conducive for local businesses.

“PEBEC organisation put together reforms geared toward making it more convenient for business owners to thrive by removing the constraints and bureaucratic bottlenecks to doing business in Nigeria.

“This allows pioneer businesses to enter specific areas with inclusive growth potential, especially in agriculture, health, electricity among others.”

According to him, President Buhari August 7 assented to the Companies and Allied Matters Act 2020 recently passed by the national assembly.

This important piece of legislation repealed and replaced the extant Companies And Allied Matters Act 1990 with several corporate legal innovations geared toward enhancing Ease of Doing Business rankings.

“This Ministry is the focal implementing Agency of government saddled with responsibility of promoting EODB and promotion of Industrial policy growth hence it puts together the sensitisation workshop in the North Central Geo-Political Zone to be replicated in other zones.

“Soon Nigeria will have regulations for businesses and stronger protection of property rights, especially in enforcing contracts, starting a business, registering property, paying taxes with borders taking cue from the World Bank reform activities under EODB,” Sani-Gwarzo said.