The Corporate Affairs Commission of Nigeria CAC has forecast better ranking for Nigeria in the ease of doing business global ranking due to ongoing reforms in the investment sector.
Registrar General of the Commission Bello Mahmud while briefing the media on reforms in the sector said the compliance threshold of companies would be entitled to incentives as a means to ensuring more compliance to set rules of doing business.
Nigeria currently ranks 170 out of 189 countries in the ease of doing business despite being ranked the biggest economy in Africa.
The annual World Bank group doing business report, analyses business regulations that apply to countries, including start up operations, trading across borders, paying taxes and resolving insolvency.
The Corporate Affairs Commission says it is partnering with relevant bodies and Agencies in ensuring Nigerian businesses do not fall short of compliance ratings.The Agency intends to take a step further to improve Nigeria’s business sphere, by Awarding outstanding organizations, as an incentive to boosting productivity in the country.
The initiative seeks to Award companies for excellence in financial management, work place environment, management of stakeholders’ relations, innovation, corporate social responsibility, industry leadership as well as corporate governance.
By Leah Katung Babatunde