Presdent Muhammadu Buhari has in the 2018 budget presentation, said there is no going back on the Federal Government’s efforts in improving the ease of doing business in Nigeria, in order to attract the right kind of capital investments for the country’s economy.
Addressing a joint session of the National Assembly in Tuesday in Abuja, while presenting the N8.612 trillion appropriation bill, he expressed confidence that the Federal Government’s reforms are working to attract the right kind of capital investments from Dee pocket investors with Nigeria’s improved ranking on ease of doing business by the World Bank.
“One of the targets we set for gauging our progress in creating an enabling environment for business was to achieve a positive movement in the World’s Ease of Doing Business Index.”Buhari said at the budget presentation on Tuesday afternoon.
The President recalled that Nigeria experienced a decade-long decline in this ranking; adding that, “In 2008,Nigeria was ranked 120th.By 2015,our situation had deteriorated to 169th out of 189th countries surveyed”
He further pointed out that reforms by the present administration will see Nigeria record improve even better in the global ranking on ease of doing business, while also attracting the right kind of investment capital from deep pocket investors.
“Our very simple, logical and user-friendly reforms are revising this trend. A recently released World Bank business ranking report announced that Nigeria had moved 24 places to 145th Position in 2017. I am delighted that we have met and even surpassed our target of moving at least 20 paces up this global ranking, “The President said.
Remarkably, the President pointed out that the World Bank report also stated that Nigeria is among the top reforming countries in the World.
He noted further that, “To ensure these reforms are institutionalised, Executive Order Number #1 on the promotion of Transparency and Efficinency in the Business environment, was issued in May 2017.The order contained measures that eases the process of business registration, approval of permits, visas and streamlining port operations.
“We are committed to continuing and accelerating the Ease of doing Business reforms, which are critical to attracting new investments, growing the economy and creating jobs for our people.
Also, as investor confidence grows in Nigeria’s economy, and in a bid to attract the right kind of private capital from deep pocket investors, the Federal Government has dangled incentives to attract more investments into the economy and improve the rebounding economy.
The compendium investment incentives which is based on 2016 Fiscal Policy are brought under six sectors and are broadly divided into four sections which include: Investment Polices and Protections; Tax-based incentives; Tariff-based incentives and Special Economic Zones.
It is also aimed at raising awareness of investment incentives in Nigeria, the relevant administering agencies, and to serve as a useful guide in making informed investment decisions for investors seeking to invest in Nigeria, as part of ease of doing business drive of the present administrations.