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Appraising Nigeria’s Business Climate Since 2016

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7 years ago

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The Federal Government in 2016 established the Presidential Enabling Business Environment Council (PEBEC), to boost Nigeria’s Ease of Doing Business (EoDB) reforms.
To give teeth to EoDB chaired by Vice President Yemi Osinbajo; in 2017, as acting President, Osinbajo signed the Executive Order (E001).
E001 was aimed at giving the desired zing to the implementation of the Voluntary Assets and Income Declaration Scheme (VAIDS).
PEBEC’s model colligates with global best practice and includes a strong performance tracking element that is measured by the World Bank Ease of Doing Business Index (DBI), which is reported annually.
The DBI is an annual ranking that objectively assesses prevailing business climate conditions across 190 countries based on EoDB indicators.
Speaking at the 2nd PEBEC Awards, held recently in Abuja, Osinbajo said that the Federal Government had implemented no fewer than 140 reforms on ease of doing business in the past three years.
He said he was delighted to celebrate the phenomenal successes of the PEBEC reforms and recognition of those who made it possible.
“Our incredibly selfless and committed private sector partners and the sterling performance of many in the  public sector; in the past three years, Nigeria has implemented more than 140 reforms to make doing business in Nigeria easier.
“Some of the successful reforms include the ability to reserve a business name within four hours.
“Complete the registration of a company within 24 hours online.
“Apply for and receive approval of a visa-on-arrival electronically within 48 hours.
“File and pay taxes online; and access specialised small claims commercial courts in Lagos and Kano States.
“The World Bank also reported in 2018 that 32 states of Nigeria improved their ease of doing business environment, led by Kaduna, Enugu, Abia, Lagos and Anambra States.”
He said that in 2019, PEBEC set a goal to move Nigeria into the top 100 on the 2020 World Bank Doing Business Index (DBI).
Osinbajo said that to achieve that, Nigeria would continue to pursue the implementation of reforms across all indicators.
He said that the indicators included implementation of legislative reforms, specifically the passage of the new Companies and Allied Matters Act and the Omnibus Bills.
The vice president listed others as the expansion of the regulatory reform programme started with NAFDAC and NAICOM, to include other regulators; the establishment of a National Trading Platform for ports and concession of major international airports.
“PEBEC has now commenced the fourth 60-day National Action Plan (NAP 4.0) on the Ease of Doing Business.
“NAP 4.0 is running from March 1 to April 29, 2019. It aims to deepen the reforms delivered over the past three years and drive institutionalisation.
“We have highlighted key action items in all of the focus areas to ensure we drive sustainability
“Some of the targets achieved in the last NAP 3.0 include driving registration for utilisation of the National Collateral Registry to facilitate access to credit for SMEs.
“Clearance of all pending NAFDAC registration applications to improve efficiency; and creation of a strengthened single joint cargo examination interface in all airports and seaports for import and export to reduce the time spent at the ports.
“NAP 4.0 will focus on initiatives such as enforcing compliance with Service Level Agreements (SLAs) across all indicators/focus areas, driving the passage of the Companies Allied Matters Bill 2018 for improved effectiveness of company law in Nigeria,” he said.
He said that other areas of reforms were enhancing efficiency in the small claims court, and enhancing the application and approval system for visas on arrival, among others.
According to him, the council will continue to work with all MDAs, the National Assembly and other key stakeholders.
In her address, Coordinator of PEBEC and Senior Special Assistant to the President on Industry, Trade and Investment, Dr Jumoke Oduwole, said the award was to appreciate MDAs which had contributed in the implementation of PEBEC mandate.
She said that the reforms were aimed at reducing bureaucratic bottlenecks and improve perceptions about Nigeria’s business environment.
Oduwole said that NAP 4.0 would enable the federal, state governments and the private sector to deliver impacts to Nigerians.
“The award is to give pat on the back of agencies and private sectors carrying out these reforms to ensure sustainability of the reforms,” she said.
On his part, Mr Okechukwu Enelamah, the Minister of Industry, Trade and Investment, said the award was a landmark in the journey of creating an enabling business environment in Nigeria.
He said that PEBEC was a foundation for creating a Nigeria that the citizens deserved.
The awards which came under various categories were presented to various government agencies and private establishments.
The awardees were: Corporate Affairs Commission, National Assembly Business Environment Roundtable, Nigeria Economic Summit Group, Nigerian Bar Association, Department for International Development, World Bank Group, Federal Inland Revenue Service, KPMG, Nigerian Ports Authority, Nigerian Stock Exchange,  among others.
Notable among the awards was the World Bank’s sub-National Award for Reformed States in 2018, which went to Anambra, Abia, Lagos, Enugu and Kaduna States.
Governor. Okezie Ikpeazu of Abia State, said he was excited over the award and was dedicating it to God and Abia people.
“But I must acknowledge the dark room team–the various ministries and departments and agencies that reformed and reformed quickly.’’
Ikpeazu said that the award was in line with the promotion for the Enyimba Economic City.
He said that his ambition was to make Abia investment destination, not only in Nigeria but in Africa, adding that the only way to do it was to ensure that the ease of doing business was enhanced.
“We become a sub-national leader in this sector and by the grace of God, we will achieve this.
“Abia is an investors’ haven and I think by NBS statistics, we are number three in terms of investment in Nigeria. And we want to be number one and we can do it.
“The Enyimba Economic City is alluring; it is compelling; it is irresistible; this is the place to go,’’ he said.
The governor appealed to investors to come to Aba and invest, as the city would soon enjoy uninterrupted power supply.
Without doubt, the Ease of Doing Business  in Nigeria has improved, concerted effort should be made to sustain it, to enable the country achieve its target of moving into the top 100 on the 2020 World Bank DBI.
Okoronkwo writes for News Agency of Nigeria.

 

Chijioke Okoronkwo

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Boat Mishap Kills Pastor, Wife And Church Members  In Brass Water

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1 week ago

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May 18, 2026

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A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways
The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and  members of his church were in a programme.
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?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet  to be recovered
as search party are still ongoing.
Although the real cause of the boat Mishap is not yet known as at the time of this report,  our Correspondent gathered  that the identities of the Pastor, wife and church members were not disclosed to the public.
The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit
The Bayelsa State government and the state police command are yet to issue official statement’s  on the sad accident
By: CHINEDU WOSU
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Rivers Workers Seek Scrapping Of Contributory Pension Scheme

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1 week ago

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May 18, 2026

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The Rivers State Council of  Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.
Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt,  recently.
Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.
He noted that  the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.
According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.
He also  informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.
“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.
Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.
The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.
He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.
Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.
The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.
He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.
Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.
By: King Onunwor
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FG Begins South-West Tour To Promote New Cooperative Bank

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2 weeks ago

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May 13, 2026

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The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.
 Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.
According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.
Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.
“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.
The minister noted  the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.
According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.
Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.
He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.
“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.
He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.
“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.
Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.
“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.
“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.
Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.
She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.
Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).
“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.
“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.
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