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Business News

Here’s Nigeria’s action plan to improve ease of doing business in the country

Nigeria has a new national action plan 5.0 that is aimed at accelerating the actualisation of the country’s ease of doing business target.

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Here’s Nigeria’s action plan to improve ease of doing business in the country

Nigeria has a new national action plan 5.0 that is aimed at accelerating the actualisation of the country’s ease of doing business target. The action plan will run between February 5th and April 4th of 2020.

The special adviser to President Muhammadu Buhari on ease of doing business, Jumoke Oduwole, recently joined CNBC Africa’s Esther Awoniyi to discuss the action plan.

FG looks to reform ease of doing business, plans regional tour 

According to Oduwole, the new action plan is not completely different from the previous plans. Instead, it is all about continuously improving on the previous efforts that have already been made.

She further explained that while the indicators are basically the same, the government is prioritising some over the others. She said:

“We prioritise some over the others. But definitely, we keep working in a sort of concentric circle, going deeper and deeper and pushing ourselves more. So, the low-hanging fruits that we’ve taken from 1.0, 2.0 to now 5.0 is getting deeper. Some of them are now more technical, they are back-end. But the impact of it…Nigerian businesses will just notice that things are more seamless and automated. We are really pushing automation in different areas.

“You know it’s all about continuous improvement. So, we continue peeling the layers of the onions. For instance, we are looking at FIRS and CAC merging payment so that it’s even more seamless. Dealing with construction permits and registration of properties, the state governments are looking at going to a risk-based system, making sure that the system is more robust, looking at the construction, insurance, and things that can make the construction phases safer and more reliable for the public and the transparency of the requirements.”

[READ MORE: Ease of doing Business: NECA seeks more reforms)

Oduwole also disclosed that prior to setting the new action plan 5.0, there was a holistic assessment of Nigeria’s processes. The intention was to ensure a more realistic approach is towards actualising the action plan, she said. During the assessment, they took note of the complaints that were made by the private sector and intend to work together with Ministries, Departments, and Agencies towards solving addressing those. They also examined global best practices in the ease of doing business, with the intention of replicating the ones that are best fit for Nigeria.

Recall that Nigeria moved up fifteen places to number 131 in the latest ease of doing business index as earlier reported by Nairametrics.

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You may watch Oduwole’s full interview with CNBC Africa by clicking here.

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Appointments

Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.

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Stanbic IBTC declares N10.4 billion interim dividend

The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

What you should know

  • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
  • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
  • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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Corporate Press Releases

P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

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Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”

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According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

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Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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