3 things Nigerian government promises to do to improve the economy before December 2017

The Presidential Enabling Business Environment Council (PEBEC) has kicked off the National Action Plan 2.0, which is aimed at increasing the global competitiveness of the Nigerian economy.

The plan, tagged NAP 2.0, is the second round of reforms by the government to make Nigeria a progressively easier place to do business.

The PEBEC is chaired by the Vice President, Professor Yemi Osinbajo.

According to a statement by the Media Assistant to the Vice President, Mr Laolu Akande, this initiative is part of the ERGP implementation.

“As part of the Buhari administration’s medium-term to build a globally competitive economy, the Presidential Enabling Business Environment Council (PEBEC) on Tuesday, October 2, 2017, kicked off the National Action Plan (NAP) 2.0,” Laolu said about the new plan.

“The new action plan, which will run from 3rd October to 1st December 2017, is expected to further reduce the challenges faced by SMEs when getting credit, paying taxes, or moving goods across the country, amongst others, by removing critical bottlenecks and bureaucratic constraints to doing business in Nigeria.”

The following are key areas of reforms that would propel economic activities in Nigeria. Also, it is expected to increase Nigeria’s global competitiveness index.

1. Eliminating the manual registration process at Corporate Affairs Commission in 10 more states

In the first plan, this reform was only limited to Lagos, Kano and Abuja. This is because they are economic hubs of the country.

With the extension to ten other states, it would help in reducing the bottleneck faced by prospective entrepreneurs in having their business registered. Thus, assist in the employment and wealth creation activities of the country.

2. Registering at least 300 micro-finance banks on the collateral registry

The Federal Government also hopes to include 300 micro-finance institutions on the collateral registry. This will make it easier for more SMEs to credit using some of their valuable assets as collateral.

With SMEs being able to use some of their movable assets such as mobile phones, cars, laptops, e.t.c., as collateral for loans, more funds would be released to the economy, thus generating growth and employment.

3. Enforce the elimination of illegal roadblocks on major trading routes across the country

For businessmen in Nigeria, roadblocks are a cost to the business and contribute greatly to their collapse.

With these activities disappearing from the highways, distributions of goods and movement of persons would be made easy.

PEBEC was inaugurated in July 2016 by President Muhammadu Buhari, to remove critical bottlenecks and bureaucratic constraints to doing business in Nigeria.

3 things Nigerian government promises to do to improve the economy before December 2017

The Presidential Enabling Business Environment Council (PEBEC) has kicked off the National Action Plan 2.0, which is aimed at increasing the global competitiveness of the Nigerian economy.

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