Vice President Yemi Osinbajo has said Nigeria is now expected to boost its foreign direct investment, following the various reforms that have been carried out by the Presidential Enabling Business Environment Council (PEBEC).
This was revealed by the Vice President’s media aide, Laolu Akande, who announced that the Vice President held a meeting, yesterday, with the Presidential Enabling Business Council team, to review the state of reforms in Nigeria and to see what else needs to be done.
During the meeting, the Vice President acknowledged that Nigeria’s business reforms have received applause from the World Bank, even as the country’s ease of doing business rankings have been improving due to policies implemented by PEBEC.
Osinbajo also stated that Nigeria has so much potential, thanks to its numerous resources and the Buhari-led administration’s determination to work with the opportunities on ground.
For some years now, PEBEC has been making various reforms aimed at improving Nigeria’s ease of doing business perception. In 2017, PEBEC released a 60- Day National Action Plan on its Ease of Doing Business which it implemented from February to April. In total, PEBEC completed 31 reforms in 60 days across the Economic Council’s eight priority indicators. All these were aimed at improving Nigeria’s business rankings.
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What it means
These efforts to improve Nigeria’s ease of doing business are indicative of the government’s commitment to attracting more foreign direct investment into the country. Foreign investors typically consider a number of factors before investing in a country, one of which is the ease of doing business.