Better economic policies drive the success of businesses. It is in this regard that the Nigeria Employers’ Consultative Association (NECA) has advocated for the right policies that will boost the ease of doing business in Nigeria.
The Details: The Director-General of the body, Timothy Olawale was of the opinion that technology played a role in boosting the country’s ranking on the World Bank 2020 Doing Business report. One of the things done is the establishment of a website by the Corporate Affairs Commission for the registration of businesses.
According to Olawale, the major highlight of the CAC website is the connection it shares with the Federal Inland Revenue Service (FIRS) which allows business owners generate their Tax Identification number instantly without the need to queue at any office or sign any form.
Due to the foregoing, Olawale believes more can be done to take Nigeria up the ranking of the World Bank 2020 Doing Business Report by breaking the bottlenecks involved in land administration; provision of adequate power supply, and better litigation processes for commercial businesses.
Recently, Nigeria moved from 146 to 131 out of 190 countries on the World Bank’s Ease of Doing Business Report. The report showed that Nigeria’s ranking increased by 15 steps from what was recorded in 2018.
Nigeria, one of the two African countries on the list, also made the top 10 most improved economies in the world’s list for the second time in three years.
According to the Presidency, the report acknowledged reforms carried out in some of the World Bank Doing Business indicator areas such as starting a business, registering property, getting construction permits, getting electricity, enforcing contracts, and trading across borders.
Similarly, Vice President, Yemi Osinbajo reaffirmed the commitment of the Federal Government to ensuring ease of business in Nigeria. He asked other states to partner with the Federal Government to ensure businesses run smoothly in Nigeria.