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Business

NEC launches Ease of Doing Business report

The NEC launched the long-awaited sub-national Ease of Doing Business report at a virtual meeting.

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The National Economic Council (NEC) launched the sub-national Ease of Doing Business report at a virtual meeting chaired by Vice President Yemi Osinbajo on Thursday in Abuja.

Mrs Jumoke Oduwole, Special Adviser to the President on Ease of Doing Business, briefed State House correspondents after the virtual NEC anchored from the Presidential Villa.

“It is a pleasure to be briefing you today on the launch of the sub-national Ease of Doing Business report; it is been long awaited; the report was launched at the NEC today.

READ: FG implements Ease of Doing Business Reforms – Minister of Finance

“And basically, this is a survey and you will recall that PEBEC has been on a nationwide tour since 2019 called iteration; where we met with medium size enterprises and got a lot of anecdotal information.

“So, we decided to carry out an empirical survey; it was carried out by KPMG; the methodology framework had earlier being approved by NEC as far back as 2018.

She added that the FG implemented four homegrown indicator areas on which the survey is based: Infrastructure and security, transparency and access to information, the regulatory environment and skills and labour readiness in each state and the FCT.

READ: Corruption index: Port reforms would help Nigeria’s ratings – Lai Mohammed

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“The governors have unanimously accepted the findings of the report and the reform states’ reform champion; each state has a reform champion and many states have already inaugurated their Ease of Doing Business Councils,” she added.

Mrs Oduwole said the report would serve as an information resource to businesses and investors alike, citing that businesses would have access to data showing available business climate across Nigeria.

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READ: Crypto dollar won’t replace cash – US Federal Reserve Chief

What you should know 

Vice President Yemi Osinbajo said last year said that 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).

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    Business

    CBN includes sugar, wheat on FX restriction list

    The CBN is set to include sugar and wheat in the forex restriction list.

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    CBN forex restrictions on food itemsCBN approves new cheque standard for banks

    The Central Bank of Nigeria has announced plans to place sugar and wheat on its FX restriction list.

    The plan was disclosed by the apex bank via its verified Twitter handle in a statement credited to the CBN governor, Godwin Emefiele.

    The tweet stated: “Sugar and Wheat to go into our FX restriction list. We must work together to produce these items in Nigeria rather than import them. #Emefiele.”

    It would be recalled that over the years, the CBN has been reviewing its list of restricted food items to include more items, with the most recent being the addition of maize, a widely-consumed staple food in the country.

    What you should know

    • The CBN governor, Mr Godwin Emefiele, had earlier (on Thursday) given this hint while on an inspection visit to the proposed $500 million sugar processing facility in Nasarawa state, belonging to Dangote Sugar.
    • In 2015, the CBN listed 41 items that had been placed on its FX restriction list citing that the move was necessary to conserve the nation’s foreign reserve and boost local production of the items on the restriction list.
    • Some of the items which made the 2015 list are margarine, poultry and eggs, rice, and cement.
    • In 2020, the apex bank included maize in its FX restriction list as it directed all authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country.
    • Nairametrics had also earlier explained in its publication following the new policy shift, that the government’s premise for deciding to restrict FOREX on food is faulty, especially since Nigeria has not attained full food security and the agricultural sector is still struggling.

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    Business

    FG signs new Sustainable Development Goals agreement with UN

    The Agreement is for new development cooperation with initiatives towards achieving Sustainable Development Goals set in the UN Agenda 2030.

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    Xenophobia, FG reacts to inclusion of Nigeria on religious freedom blacklist by United States

    The Nigerian Government has signed a deal with the United Nations to develop new cooperation towards achieving Sustainable Development Goals.

    This was disclosed by the Minister of Foreign Affairs, Geoffrey Onyeama, in a statement on Thursday after the agreement was signed with the United Nations Office for Project Services, UNOPS, represented by Ifeoma Charles.

    The Minister said, “On behalf of the Nigerian Government, I signed an agreement with the UNOPS represented by Ifeoma Charles Multi-Country Office Rep. The Agreement is for a new development cooperation with initiatives towards achieving Sustainable Development Goals set in the UN Agenda 2030.”

    What you should know 

    The 17 Sustainable Development Goals are:

    No Poverty; Zero Hunger, Good Health, and Well-being; Quality Education; Gender Equality; Clean Water and Sanitation; Affordable and Clean Energy; Decent Work and Economic Growth; Industry, Innovation and Infrastructure; Reducing Inequality; Sustainable Cities and Communities; Responsible Consumption and Production; Climate Action; Life Below Water; Life on Land; Peace, Justice and Strong Institutions; and Partnership for the Goals.

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