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Economy & Politics

PEBEC reforms to boost foreign direct investments – Osinbajo

Nigeria’s business reforms have received applause from the World Bank, and the country’s ease of doing business improved

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FG to buy only locally assembled vehicles for its use, NEC sets up committee to address unemployment and improve national security, PEBEC, Twitter deactivate Yemi Osinbajo's Twitter account, How Nigeria's LPG sector can create 2 million jobs -Osinbajo, budget support, NEC okays $250 million investment in NSIA , MSMEClinic gets 200,000 capacity yam storage facility in Benue, Accusations of Yemi Osinbajo receiving N4 Billion from recovered loots are baseless- Presidency, FG rolls out N2.3 trillion survival funds for MSMEs; see criteria , Presidential Enabling Business Environment Council (PEBEC) reforms to boost investments – Osinbajo

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.

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

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.

The Backstory

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.

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Business

Buhari suspends NPA MD, Hadiza Usman, approves investigative probe panel

President Buhari has approved the immediate suspension of the MD of the Nigerian Ports Authority, Hadiza Usman.

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Nigerian Ports Authority, NPA, Hadiza Bala-Usman, Maritime, Ports, Badagry deep seaport, NPA, LADOL collision intensifies, as they throw counter-accusation over contract 

President Muhammadu Buhari has approved the immediate suspension of the Managing Director of the Nigerian Ports Authority (NPA), Hadiza Usman.

The suspension of Usman is to allow the panel of inquiry which is to be set up by the Federal Ministry of Transportation, to investigate the management of the agency to effectively carry out the task.

This disclosure is contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, through some tweet posts on his official Twitter handle on Thursday, May 6, 2021.

READ: Terminal closure: BUA clears air on NPA’s claims 

Shehu pointed out that the suspension follows the approval of the recommendation of the Federal Ministry of Transportation by President Muhammadu Buhari.

The statement from Garba Shehu reads, “President Muhammadu Buhari had approved the recommendation of the Ministry of Transportation under Rt. Hon. Rotimi Amaechi for the setting up of an Administrative Panel of Inquiry to investigate the Management of the Nigerian Ports Authority (NPA).

The President also approved that the Managing Director, Hadiza Bala Usman, step aside while the investigation is carried out. Mr Mohammed Koko will act in that position.

READ: Lagos says transport operators, drivers, conductors, others must get accredited

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The panel is to be headed by the Director, Maritime Services of the Ministry while the Deputy Director, Legal of the same ministry will serve as Secretary. Other members of the panel will be appointed by the Minister.”

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Business News

NIN registration: 54 million Nigerians have now enrolled – Buhari

12 million Nigerians were enrolled into the National Identity Database in the past 6 months.

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President Muhammadu Buhari disclosed that the FG has enrolled 54 million Nigerians into the National Identity Database, citing that 12 million were enrolled in the past 6 months alone and that the final aim of the scheme is to secure Nigeria’s security infrastructure.

President Buhari disclosed this in a statement on Thursday evening.

What the President said about NIN enrollment

“I am pleased with the success we are recording in the enrollment of persons into the National Identification Number (NIN) database. 54 million Nigerians have now enrolled; I am told over 12 million of these within the last six months. Our goal is total coverage.

The National Identification Number (NIN) is the foundational digital ID for the country. It will cover one of the weaknesses in our security structure. We will be able to easily identify all Nigerians, including the crooks in our midst.”

The President added that both legal residents and Nigerians are expected to obtain the NIN as it would be beneficial to government agencies to utilise resources efficiently.

In case you missed it

The Federal Government announced a further extension of the ongoing National Identification Number (NIN) registration and linkage with Subscriber Identity Module (SIM) exercises to a new deadline of June 30, 2021.

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