Federal Government implements new ease of doing business action plan

diamond hope

February 8, 2018 4:32 PM

The Federal Government has begun the implementation of an action plan that will improve business for SMEs.

The Federal Government has commenced a 60-day National Action Plan (NAP 3.0) on February 5, 2018, and end on April 5, 2018, in order to drive the ease of doing business initiative of the present administration.

The Presidential Enabling Business Environment Council approved the plan at its first meeting of the year which held on January 30, 2018, at the Presidential Villa and was chaired by Vice President Yemi Osinbajo.

The plan, which is third in the series, is expected to further reduce the challenges faced by Small and Medium Scale Enterprises (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 the country.

Reforms implemented across various sectors of the economy and Ministries, Departments and Agencies (MDAs) of government had seen Nigeria move up 24 places in the World Bank’s Ease of Doing Business Index 2018.

Nigeria moved from the 169th position on the 2017 ranking and also the 170th position on the 2016 ranking to 145 in the World Bank’s 2018 report.

Some of the reforms to be implemented include further enhancing the efficiency in tax remittances include driving the adoption of electronic filing for taxes for all categories of companies and increase accessibility of affordable credit for SMEs by driving and incentivizing banks to utilize the collateral registry.

diamond hope

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