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Home Business News Business

FG implements Ease of Doing Business Reforms – Minister of Finance

Johnson Uche by Johnson Uche
February 13, 2021
in Business
Nigeria bonds declines ahead of S&P credit rating review

Nigerian Finance Minister Zainab Ahmed

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The Federal Government is consciously improving the ease of doing business in Nigeria through several strategic reforms that would foster rapid economic recovery.

This disclosure was made by the Minister of Finance, Dr. Mrs. Zainab Shamsuna Ahmed in her presentation at the recently concluded Deloitte Nigeria 2021 Economic Dialogue.

Ease of doing business is an indicator of how flexible the regulations and other bureaucracies are to encourage new businesses ie. MSMEs to set up and run without encumbrances.

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According to her, MSMEs contribute 48% of the national GDP and 96% of businesses as well as 84% of employment and thus require the necessary reforms to make it contribute more to the economy.

Dr. Ahmed stated that the Finance Act 2020 has provided the impetus and the required business-friendly environment for the MSMEs to thrive as follows:

  • Mitigating double taxation risk
  • Limiting the deductible interests paid by Nigerian companies on loans from foreign lenders
  • Providing tax-free period for the agric. Sector incorporates thin capitalization
  • Exempting small companies from CIT and VAT

What you should know

  • All economies in the world are ranked on their ease of doing business, from 1–190. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.
  • According to The World Bank‘s report on Ease of Doing Business 2020 Nigeria’s ranking jumped from 146 to 131, representing its second-highest annual progress of 11.45% in a decade.

Why this matters

  • Doing business in Nigeria has been quite difficult and a serious disincentive to aspiring and budding entrepreneurs in the MSME space.
  • Therefore implementing reforms that would make it easier for entrepreneurs to do business in Nigeria would go a long way in creating the required critical mass effect for the faster economic recovery.

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Tags: ease of doing businessFinance Act 2020
Johnson Uche

Johnson Uche

Johnson is a risk management professional and banker with unbridled passion for research and writing. He graduated top of the class with B.sc Statistics from the University of Nigeria and an MBA degree with specialization in Finance from Ambrose Alli University Ekpoma, with fellowships from the Association of Enterprise Risk management Professionals(FERP) and Institute of Credit and Collections management of Nigeria (FICCM). He is currently pursuing his PhD in Risk management in one of the top-rated universities in the UK.

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