Garba Shehu, Nairobi: Nigeria will be one of the most attractive and easiest places of doing business in the world by 2019, President Muhammadu Buhari said on Sunday in Nairobi, Kenya.
Speaking at a plenary session on “Dialogue with the Private Sector” at the sixth Tokyo International Conference for African Development (TICAD VI), President Buhari said his administration is implementing policies and measures to create right and enabling environment for business and investors in Nigeria.
Nigeria is currently ranked 169 out of 189 countries by the World Bank, according to the Bank’s 2016 Ease of Doing Business report.
President Buhari told the session attended by several African leaders, Japan Prime Minister Shinzo Abe and international business executives that his administration’s vision and objective is to make Nigeria one of the top investment destinations in the world, within the shortest possible time.
‘‘We believe government has a particular responsibility to create right and attractive environment for businesses and economic activities to thrive.
‘‘In furtherance of this vision, we have launched the Presidential Enabling Environment Council, PEEC and Inter-Ministerial Council to oversee the efforts of government to remove various bottlenecks that stifle businesses and economic activities and thereby create economic activities and the right enabling environment and investment climate in Nigeria.
‘‘The secretariat will include strong private sector representation that would be led by experienced business professionals from the private sector.
‘‘We are committed to moving up the ranking of the World Bank’s ease of doing business index 20 places in first year and be in the top 100 within the next 3 years,’’ the President said.
Doing Business Report is a series of annual reports investigating the regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulation and the protection of property rights that can be compared across 189 economies—from Afghanistan to Zimbabwe—and over time. Doing Business measures aspects of regulation affecting 11 areas of the life of a business.
Ten of these areas are included the annual ranking on the ease of doing business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Doing Business also measures features of labor market regulation, which is not included in this year’s ranking.
Data in Doing Business 2016 are current as of June 1, 2015. The indicators are used to analyze economic outcomes and identify what reforms of business regulation have worked,where and why.